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IFP News
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Jun 28 2010 12:00AM
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Following a substantial slowdown in 2009, the automotive market in the Gulf Co-operation Council (GCC) region is expected to drive higher this year – thanks to recovery in economies, improvement in confidence and ease of credit, according to studies by Business Monitor International.
The UAE automotive market is showing strong signs of recovery in 2010, after a substantial dip in sales in 2009. A previously burgeoning market was trimmed by the global economic crisis.
Vehicle sales fell to 325,274 units in 2009 from 255,177 the previous year as financing was tightened and the economy tipped into recession. However, a rebound in the oil price to a high of around $75-$80 per barrel has helped haul the economy back into growth, with BMI forecasting a 2.8 per cent expansion in GDP.
Nonetheless, credit remains somewhat tight, and caution is the watchword for many investors. BMI projected vehicle sales grow by 8.5 per cent to reach 352,913 units in 2010, slightly below 2008 levels, but representing a good recovery from 2009.
Automotive finance in the UAE is easing after the financial crisis, but is not flowing as freely as the positive economic outlook and banking results might suggest.
Many banks have tightened their lending terms to avoid non-performing loans, which means the auto market’s recovery is not as strong as it might have been.
The UAE market as a whole sees increasing competition. Toyota Motor has traditionally been a market leader in the Middle East, even in the more affluent Gulf countries, where it makes around 6.5 per cent of its global sales. However, the firm has apparently been losing its competitive edge in recent years, with rivals gaining on its world-leading market position.
Arabian Automobiles Company, which is the exclusive dealer for Nissan Motor, Infiniti and Renault, sold 25,204 units, up 18 per cent year-on-year, and generated record turnover of Dh2.5bn. By 2010, the distributor is aiming to claim a 25 per cent share of the UAE vehicle market, which would put its annual sales at over 80,000 units per annum.
BMI said the rebounding Bahraini economy is likely to drive new vehicle sales growth by about 2.5 per cent to 45,724 units this year.
“The solid performance we are forecasting comes on the heels of the auto market’s resilience in 2009, when sales only posted a marginal decline. A range of factors, including tighter lending, inventory shortage and lower consumer demand contributed to last year’s slight decline. But vehicle sales have been in recovery mode since they bottomed out in Q2 2009, and economic conditions have been steadily improving since then,” BMI added.
Car ownership in Bahrain has been steadily rising. Currently at 56 per cent, it is expected to reach about 61 per cent over the next few years as the vehicle sales are expected to show a 15 per cent rise from 2009 levels.
Kuwait’s auto market is growing slowly but steadily in 2010, as economic recovery and renewed confidence gain momentum. Sales took a small dip in 2009 as the impact of the global financial crisis was felt, particularly in lower crude oil prices. With incomes and banking liquidity tightening, sales fell slightly to 119,133 units, from 122,632 in 2008.
While growth has returned to the economy, there are still factors holding back the auto sector, which remains, fundamentally, a small market. Recovery will therefore be gradual. BMI forecasts vehicle sales rising to 121,861, still below 2008 levels. By 2014, annual sales in Kuwait should reach 140,361 units.
BMI forecasts real economic growth of 1.7 per cent for 2010, accelerating to 4.2 per cent by 2014. This assessment balances both the upside factors and the downside risk associated with the Kuwaiti economy, which apply more or less directly to the auto sector.
Given its geography and wealth, Kuwait will continue to be an appealing destination for many automakers, particularly in niche businesses.
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Dec 21 2009 12:00AM
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The Dubai Health Authority (DHA) will be part of the global platform welcoming the international healthcare industry to Arab Health 2010, the world-leading healthcare exhibition in Dubai held at the International Convention & Exhibition Centre. R
unning from 25 to 28 January, Arab Health 2010 is set to be even bigger with four new halls adding an extra 20,000 square meters of floor space allowing more exhibitors and visitors to attend than ever before. The UAE healthcare sector has proven robust against the global downward economic trend and the DHA is confident that the UAE’s healthcare sector will continue its growth.
The healthcare market in the GCC is expected to grow at about 9 per cent annually to reach US$47 billion to US$55 billion (around Dh172 billion to Dh202 billion) by 2020, said a recent report by Alpen Capital. More than 200 hospital projects have been announced or are under construction with cumulative capacity of up to 27,000 beds, most of which are due to be delivered by 2015. It is estimated that an additional 25,000 beds will be required by 2010.
According the report, the growth will be driven by both an increase in demand in number of treatments and the cost of health care provision per treatment.
His Excellency, Qadhi Saeed Al Murooshid, Director General of the DHA, said: “Governments are faced with an increasing number of issues and demands for better healthcare from our growing populations continue within an increasingly changing economic environment. The UAE healthcare sector has proven robust against the global downward economic trend and with 200 hospital projects and 27,000 additional hospital beds expected to be delivered by 2015 the UAE’s healthcare sector will continue its growth.
“As a strategic heath authority, it has always been our endeavor to provide the population of Dubai with the very best quality of healthcare services and we shall adhere to our commitment to develop additional facilities, improve the available services and to developing new focused educational events to support and expand the future of the healthcare in the UAE.”
While debt management problems have plagued some of Dubai’s largest real estate developers in recent months, many experts feel that these financial problems are something that can be overcome.
“Because of the nervousness in financial markets, the events in Dubai caused everybody to take a second and third look at fragilities,” Robert Zoellick, President of the World Bank has said, Reuters has reported. “I personally think that the Dubai financial problems will be contained and manageable.”
UAE’s ability and willingness to overcome these short-term challenges will pave the way for sustainable growth in all sectors. The healthcare industry continues to lead the way with a desire to improve healthcare availability, quality and education throughout the region and the DHA continues to support investment and progress in Dubai’s burgeoning healthcare sector.
Press release
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Dec 3 2009 12:00AM
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Middle East governments have committed investment in excess of $147 billion to address the region’s transportation needs, having recognized that sustained long-term economic growth is heavily dependent on their transport infrastructures, said a top industry expert.
“The number of transport and infrastructure projects actioned by Middle East countries continues to grow at a rapid pace due to the pressing need to deliver world-class transportation systems,” said Sarah Woodbridge, group director - Exhibitions, IIR Middle East - organizers of the Gulf Traffic Exhibition, which takes place in Dubai this December.
“The Gulf’s 36 million residents are currently restricted to travel either by car, bus or air, and a rail network would accelerate cross-border travel, trade and tourism - infrastructure development that is dependent on road and rail, including the essential industrial, logistics and manufacturing sectors, will not be possible without the implementation of effective solutions designed to meet the demands of today and the future.”
Among the many projects underway, Dubai’s Roads and Transport Authority (RTA) has initiated projects with a total investment in excess of $4 billion. Saudi Arabia’s first phase of bridge and railway network construction saw an investment of $5.6 billion, while Bahrain has invested $1.8 billion in the causeway project that will link Bahrain and Qatar, which has also committed a budget of some $3.4 billion over the next 7 years for road projects.
Following the successful launch of Dubai’s metro system, attention has now turned to the many other metro and heavy rail projects across the Gulf, including a Pan-Gulf network to connect the major cities of the region.
“Work on the rail network that will link all six members of the GCC is expected to start in late 2010 or 2011, according to the UAE’s Union Railway Company,” said Woodbridge.
“It is estimated that the rail network will cost more than $60 billion and will boost cross-border trade considerably, cutting freight costs and resulting in faster movement of cargo and passengers – this will help reinforce the region’s position as a major global energy and trading hub.”
Abu Dhabi Executive Council is reviewing bids for a 131km metro system that is projected to partially start in 2015. The completed transport system will include a network of underground metro lines, trams and high-speed rail - the country’s plans to connect the emirates with their respective railway projects are also reaching their final stages, according to the National Transport Authority.
Saudi Arabia, the largest of the Gulf countries, has already begun work on four different railway projects that are unparalleled in size in the region. Of these, the Landbridge, a 1,000km East-West railway project, will effectively bridge the gap between the Red Sea and Arabian Gulf, creating the potential to move goods between the Red Sea and the Gulf in under 48 hours.
When the individual projects being undertaken throughout the GCC are completed, the next step is to connect the numerous rail systems to create a true GCC-wide network, which will include one rail line of 1,970 km connecting the GCC countries and Qatar via a bridge, while a second of 1,984 km will stretch between Kuwait, Saudi Arabia and the UAE, ending in Oman.
Against this backdrop of high activity, Gulf Traffic has immediately established itself as one of the world’s most important traffic and infrastructure events and a must attend event for the Middle East’s road, rail and public transport sectors.
The 2009 show will be officially opened by Major General Mohammed Saif Al Zafeen, director, General Department of Traffic - Dubai Police.
Sponsored by 3M, it will feature over 200 exhibitors from more than 30 countries, including major global innovators such as Siemens, Quixote, Carrier Sutrak and Transpo and regional involvement in the form of Dubai’s RTA and Emirates Driving Institute.
A program of free to attend seminars will also run during the exhibition, while the Gulf Traffic Conference, will cover a range of vital transportation related topics, with invaluable key learnings and practical case studies presented by acknowledged international experts.
“Another new feature this year is the Gulf Traffic Awards, an independent and prestigious recognition of the outstanding achievements of individuals, departments, teams and organizations within the road, rail and public transport sectors,” added Woodbridge.
Gulf Traffic 2009 exhibition will be held from December 6 to 8, at Dubai International Exhibition Centre.
Press release
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Dec 3 2009 12:00AM
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Middle East governments have committed investment in excess of $147 billion to address the region’s transportation needs, having recognized that sustained long-term economic growth is heavily dependent on their transport infrastructures, said a top industry expert.
“The number of transport and infrastructure projects actioned by Middle East countries continues to grow at a rapid pace due to the pressing need to deliver world-class transportation systems,” said Sarah Woodbridge, group director - Exhibitions, IIR Middle East - organizers of the Gulf Traffic Exhibition, which takes place in Dubai this December.
“The Gulf’s 36 million residents are currently restricted to travel either by car, bus or air, and a rail network would accelerate cross-border travel, trade and tourism - infrastructure development that is dependent on road and rail, including the essential industrial, logistics and manufacturing sectors, will not be possible without the implementation of effective solutions designed to meet the demands of today and the future.”
Among the many projects underway, Dubai’s Roads and Transport Authority (RTA) has initiated projects with a total investment in excess of $4 billion. Saudi Arabia’s first phase of bridge and railway network construction saw an investment of $5.6 billion, while Bahrain has invested $1.8 billion in the causeway project that will link Bahrain and Qatar, which has also committed a budget of some $3.4 billion over the next 7 years for road projects.
Following the successful launch of Dubai’s metro system, attention has now turned to the many other metro and heavy rail projects across the Gulf, including a Pan-Gulf network to connect the major cities of the region.
“Work on the rail network that will link all six members of the GCC is expected to start in late 2010 or 2011, according to the UAE’s Union Railway Company,” said Woodbridge.
“It is estimated that the rail network will cost more than $60 billion and will boost cross-border trade considerably, cutting freight costs and resulting in faster movement of cargo and passengers – this will help reinforce the region’s position as a major global energy and trading hub.”
Abu Dhabi Executive Council is reviewing bids for a 131km metro system that is projected to partially start in 2015. The completed transport system will include a network of underground metro lines, trams and high-speed rail - the country’s plans to connect the emirates with their respective railway projects are also reaching their final stages, according to the National Transport Authority.
Saudi Arabia, the largest of the Gulf countries, has already begun work on four different railway projects that are unparalleled in size in the region. Of these, the Landbridge, a 1,000km East-West railway project, will effectively bridge the gap between the Red Sea and Arabian Gulf, creating the potential to move goods between the Red Sea and the Gulf in under 48 hours.
When the individual projects being undertaken throughout the GCC are completed, the next step is to connect the numerous rail systems to create a true GCC-wide network, which will include one rail line of 1,970 km connecting the GCC countries and Qatar via a bridge, while a second of 1,984 km will stretch between Kuwait, Saudi Arabia and the UAE, ending in Oman.
Against this backdrop of high activity, Gulf Traffic has immediately established itself as one of the world’s most important traffic and infrastructure events and a must attend event for the Middle East’s road, rail and public transport sectors.
The 2009 show will be officially opened by Major General Mohammed Saif Al Zafeen, director, General Department of Traffic - Dubai Police.
Sponsored by 3M, it will feature over 200 exhibitors from more than 30 countries, including major global innovators such as Siemens, Quixote, Carrier Sutrak and Transpo and regional involvement in the form of Dubai’s RTA and Emirates Driving Institute.
A program of free to attend seminars will also run during the exhibition, while the Gulf Traffic Conference, will cover a range of vital transportation related topics, with invaluable key learnings and practical case studies presented by acknowledged international experts.
“Another new feature this year is the Gulf Traffic Awards, an independent and prestigious recognition of the outstanding achievements of individuals, departments, teams and organizations within the road, rail and public transport sectors,” added Woodbridge.
Gulf Traffic 2009 exhibition will be held from December 6 to 8, at Dubai International Exhibition Centre.
Press release
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Nov 24 2009 12:00AM
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Bloom Properties, a developer based in Abu Dhabi, is in talks with the government of Iraq to build a multibillion-dollar property development in Karbala.
Karbala is one of the holiest cities for Shiite Muslims and it drew two million pilgrims to the Imam Hussein and Hadrat Abbas shrines last year.
Bloom’s proposed investment would be the latest in a series of major developments launched over the past few years by UAE firms in Iraq to take advantage of the country’s economic growth after years of war and civil strife.
Emirati investors were responsible for future spending commitments of US$37.7 billion (Dh138.47bn), or nearly a quarter of all investment pledged to Iraq this year, a report from Dunia Frontier Consultants shows.
“The UAE is leading the pack so far,” said Kyle Stelma, the managing director of emerging markets at Dunia.
Dunia values the Bloom project, called Al Madeena Al Jadeeda City, at $18bn, which would make it one of the largest property developments ever announced in Iraq.
Officials from Bloom declined to comment. The company is the property development arm of National Holding, a conglomerate owned in part by members of the Abu Dhabi Royal Family.
Iraqi authorities had previously announced plans for a project the size of a small city just west of the old city, near the Al Razzaza lake. Karbala is the site of a battle in AD680 that resulted in the death of Hussein Ibn Ali, the grandson of the Prophet Mohammed.
Other multibillion-dollar property projects in Iraq have been launched by Bonyan International Investment Group, Damac Properties and Al Maabar.
But after the global credit crisis, some of these projects have been delayed. Damac’s Dh55bn Tarin Hills project is one, government officials in Iraq say.
Many regional developers have been looking at Iraq for investments. More than six years after the US-led invasion, stability has started to return to sections of the country.
And with oil revenues expected to rise thanks to foreign investment, the government is expected to spend on infrastructure, housing and industrial projects across the country.
“If the Iraq government and major corporate groups are looking for partners to rebuild the country, it is only logical that they look at groups within the UAE, who have experience with large-scale construction and infrastructure work,” said Blair Hagkull, the head of the MENA region for the property consultancy Jones Lang LaSalle.
Other major UAE companies to invest in Iraq include Crescent Petroleum and Dana Gas, which are working on gas projects in the Kurdistan region in the north of the country.
South Korea and the US are ranked as second and third for foreign capital commitments to Iraq, the Dunia report says.
Next year could be even bigger for economic development if the Iraqi elections go smoothly and the government starts to allow deals to go through, Mr Stelma said.
“If elections go well, we expect upwards of $50bn worth of investment in oil and gasfields alone,” he said. “You are going to see two other big things: a massive investment in residential, low-income housing and opportunistic investments in large-scale agriculture projects.”
Much of investment committed this year has been directed towards the south of the country in areas such as Basra and Anbar, which is an important sign that stability is spreading across Iraq, Mr Stelma said.
In previous years, most investments were made in Kurdistan, which enjoyed greater security after the war.
The National
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Nov 24 2009 12:00AM
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Bloom Properties, a developer based in Abu Dhabi, is in talks with the government of Iraq to build a multibillion-dollar property development in Karbala.
Karbala is one of the holiest cities for Shiite Muslims and it drew two million pilgrims to the Imam Hussein and Hadrat Abbas shrines last year.
Bloom’s proposed investment would be the latest in a series of major developments launched over the past few years by UAE firms in Iraq to take advantage of the country’s economic growth after years of war and civil strife.
Emirati investors were responsible for future spending commitments of US$37.7 billion (Dh138.47bn), or nearly a quarter of all investment pledged to Iraq this year, a report from Dunia Frontier Consultants shows.
“The UAE is leading the pack so far,” said Kyle Stelma, the managing director of emerging markets at Dunia.
Dunia values the Bloom project, called Al Madeena Al Jadeeda City, at $18bn, which would make it one of the largest property developments ever announced in Iraq.
Officials from Bloom declined to comment. The company is the property development arm of National Holding, a conglomerate owned in part by members of the Abu Dhabi Royal Family.
Iraqi authorities had previously announced plans for a project the size of a small city just west of the old city, near the Al Razzaza lake. Karbala is the site of a battle in AD680 that resulted in the death of Hussein Ibn Ali, the grandson of the Prophet Mohammed.
Other multibillion-dollar property projects in Iraq have been launched by Bonyan International Investment Group, Damac Properties and Al Maabar.
But after the global credit crisis, some of these projects have been delayed. Damac’s Dh55bn Tarin Hills project is one, government officials in Iraq say.
Many regional developers have been looking at Iraq for investments. More than six years after the US-led invasion, stability has started to return to sections of the country.
And with oil revenues expected to rise thanks to foreign investment, the government is expected to spend on infrastructure, housing and industrial projects across the country.
“If the Iraq government and major corporate groups are looking for partners to rebuild the country, it is only logical that they look at groups within the UAE, who have experience with large-scale construction and infrastructure work,” said Blair Hagkull, the head of the MENA region for the property consultancy Jones Lang LaSalle.
Other major UAE companies to invest in Iraq include Crescent Petroleum and Dana Gas, which are working on gas projects in the Kurdistan region in the north of the country.
South Korea and the US are ranked as second and third for foreign capital commitments to Iraq, the Dunia report says.
Next year could be even bigger for economic development if the Iraqi elections go smoothly and the government starts to allow deals to go through, Mr Stelma said.
“If elections go well, we expect upwards of $50bn worth of investment in oil and gasfields alone,” he said. “You are going to see two other big things: a massive investment in residential, low-income housing and opportunistic investments in large-scale agriculture projects.”
Much of investment committed this year has been directed towards the south of the country in areas such as Basra and Anbar, which is an important sign that stability is spreading across Iraq, Mr Stelma said.
In previous years, most investments were made in Kurdistan, which enjoyed greater security after the war.
The National
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Nov 23 2009 12:00AM
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Figures released by Dubai-based Proleads show that 3,398 civil building projects worth US$1.35 trillion are currently active in the Gulf region and paint a more positive picture of the regional construction industry which has been battling to shrug off the effects of the global economic crisis.
The UAE leads the way, with 1,853 civil building projects worth a total of US$661,443 billion currently under way across four sectors – commercial and retail, education and healthcare, leisure and entertainment, and residential. Saudi Arabia has 847 active projects valued at US$417,859 billion.
Kuwait currently has 160 active projects worth US$142,759 billion, Qatar 186 projects valued at US$48,215 billion, Bahrain 232 projects worth US$40,258 billion, and Oman 116 projects valued at US$38,512 billion.
Overall, the latest market analysis shows that a fraction under 75 per cent of all announced projects in the region are still progressing, representing a much more optimistic outlook at the start of an important week for the regional construction industry.
“While there is no getting away from the fact that a large number of major projects in the region are now on hold, or have been cancelled, as a result of the global downturn, the latest market research underlines the fact that there is still a massive amount of construction going on in the region,” said Emil Rademeyer, director, Proleads.
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Nov 21 2009 12:00AM
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IHS Global Insight indicated that the downturn in the global construction market is slowing and is likely to stabilize.
It predicted that the market will grow by a low 0.01% in 2010, after contractions in 2008 and 2009, as strong upturns in Asia coincide with slowing declines in the United States and Western Europe. It considered that the very modest recovery of global construction in 2010 positions the industry for stronger gains in 2011, as it lags the expected bounce in economic growth around the world next year. It projected the global construction market to grow by a compound annual growth rate of 4.1% during the 2009-14 period and by 4.2% in 2009-19. It forecast the residential market to post a CAGR of 4.4% in 2009-14, and for the commercial and office segments to grow by 3.5% and 2.8%, respectively during the same period. It noted that construction in energy and public health will grow by 6.3% and 6%, respectively, posting the highest growth rates among all segments of the construction market. It added that chemicals and food processing will show significant growth of 5.3% and 4.6%, respectively, over the 2009-14 period. IHS Global Insight considered that the Asian construction market will lead the sector’s global growth with a CAGR of 7.1% over the 2008-13 period for non-Japan Asia. It expected the Middle East & Africa to be the second fastest region in terms of construction growth at 3.5%, followed by South America with 3.2%, Eastern Europe with 2.5% and North America with 2%, while Western Europe will contract by 0.5%.
Source: IHS Global Insight
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Nov 20 2009 12:00AM
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The global real estate and investment management firm Jones Lang LaSalle issued its October edition of MENA House View.
According to the publication, tenant and occupier sentiment has significantly improved over the past six months. However, the latter still has to induce increased leasing signatures, which the company expects within the next 6 to 12 months.
Over the past 16 months, commercial leasing markets across the MENA region have been baring the consequences of the global financial crisis. Hence, demand for office space across all sectors of the economy has been going down from mid-2008. Consequently, revenues declined and the majority of occupiers reviewed their approach to real estate. As a result, many firms placed their expansion strategies on hold which led to lack of activity growth, or attempted to renegotiate current leases with landlords. An increase of vacant office space led to a falling demand as landlords were incapable of meeting occupiers’ financial demands.
Currently, the sentiment of tenants and occupiers is improving due to key factors first, business confidence has been advancing reflected by strong performance indicators such as oil prices and equity markets leading to positive economic forecasts. Additionally, the report mentioned the
IMF 2010 growth forecasts for the Middle East region reaching 4.2%, 0.5% higher than July estimations. Second, the availability of competitively priced office space has pushed down general leasing, values which comes in favor of both tenants and occupiers. Dubai witnessed a significant reduction of rentals along with continued confidence which reinforced its position in the region as the most competitive market for office lease.
It was also signaled that a substantial component of real estate demand will come from multinational companies.
Almost 75% of overseas multinationals have representation in the region, mainly concentrated in Cairo, Riyadh, Abu Dhabi, and Dubai. Another additional demand is generated by Small and Medium enterprises (SMEs). In fact, the significant number of SMEs recruiting an average of 20 to 100 employees creates a large employment base, consequently enhancing demand for business establishments.
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Nov 20 2009 12:00AM
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The economies of Gulf oil producers are expected to stage a full recovery in 2010 as they will net more petrodollars from high prices and an increase in their oil output resulting from global recovery, according to report a released by the Institute of International Finance (IIF).
The study noted that oil prices could average nearly US$ 72 a barrel in 2010 compared with nearly US$ 62 in 2009 while the GCC economies could trail recovering global economies. The report showed the improvement in oil export revenues would boost the GCC’s fiscal and current account surpluses.
The IIF’s baseline projection for 2010 for the GCC assumes modest global recovery, growth of 2.6%, average oil prices of US$ 72 per barrel, and that the impact of the troubled family-affiliated conglomerates on banks is contained. But it noted that the recovery of the global economy in 2010 is expected to be sluggish, particularly in advanced economies, as financial systems remain impaired, and households will rebuild savings.
IIF went on to note that despite recent signs of the onset of recovery in many parts of the world, the global economy is still expected to contract by 2.5% in 2009. By later this year, the combination of easing monetary and expansionary fiscal policies should begin to yield some results, and the forecast remains for a return to modest global growth in 2010. The report further stated that if advanced economies move out of recession and global demand for oil recovers, a rebound in oil production of around 3% in Kuwait, Saudi Arabia and the UAE will be reflected in an overall real GDP growth rate of 3.5% in these countries. The report expected Qatar’s nominal growth rate to exceed 30%, driven by a 60% rise in gas production.
As per the report, GCC activity in the non-hydrocarbons sector will continue to be supported by government spending on infrastructure and social sectors. While the private sector will recover modestly, it will grow at a much slower pace compared to recent years. Past experience shows that private investment tends to recover slowly from downturns, especially those that involve financial stress.
Turning to inflation, the IIF expected the rate to decline to two per cent this year before rising slightly to three per cent in 2010. It said cost-push pressures from a more than expected weakening of the dollar against major currencies over the next few months, and a modest recovery in nonfuel commodity prices would add limited inflationary pressures next year. It showed that weak domestic demand, the correction in housing-related prices and the fall in global commodity prices have brought down the 12-month inflation rate from over 13% in July 2008 to only 3% in July 2009. Continued slackening in the GCC economies will dampen domestically driven inflation pressures in 2010.
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