Dubai’s index is now down 27 per cent from the multi-year peak hit in mid-May, though it is still up 17 per cent year-to-date.
The recent fiasco surrounding Dubai builder Arabtec calls for urgent corporate change, writes management expert Debbie Nicol.
The test, which has a fee of Dhs700, has to be cleared by all real estate brokers in the emirate.
The Dubai builder’s shares have fallen 59 per cent from May 14’s record close.
Dubai-based Arabtec has not provided any serious explanation for what is happening, says Reuters columnist Una Galani.
Arabtec debacle on the stock market reveals the crack among bourse regulations in the Gulf
The company is looking to grow through a franchising model, says founder and owner, Salina Handa.
Located in Dubai, the Dhs500 million residential project, Dreamz By Danube, includes 171 townhouses.
No purchase price was given by the bourse filing in Dubai.
The introduction of mortgage caps has been instrumental in dampening the buyer activity this year, research has found.
Arabtec slips 2.4 per cent and Dubai’s benchmark is up 0.5 per cent, after rising as much as 1.0 per cent early in the session.
Flights are suspended until further notice and passengers will be rebooked on alternative Emirates flights, the airline said.
The developer will announce new “big” projects later this year, confirmed Ali Rashid Lootah.
The repayments will be funded from Nakheel’s own resources rather than support from the Dubai government.
The appointment comes as the group looks to build six more schools in the region.
Trading is active, suggesting the market’s tumble this week is viewed by some investors as a buying opportunity.
Arabtec’s shares, the most heavily traded in Dubai, plunged 53 per cent this month, dragging down the entire market.
Under the plan, an ultra-luxury 350-room resort will be added to the existing Jumeirah Beach Hotel.
Ismaik said he had left Depa to focus on his personal business.
The villas, which come with a starting price of Dhs36,000,000, will be ready by Q1 2017, the developer said.
ALIF Fund will be managed by the International Airfinance Corporation with Airbus and IDB as investors and partners.
Hasan Ismaik, who resigned as head of the firm last week, said that he has offers from government entities and an international construction firm.
Half a dozen stocks fell their 10 per cent daily limits.
Hotels can actually increase guest spending by up to 24 per cent by targeting guests with individually relevant information.
Arabtec confirmed on Tuesday that it had laid off a “limited number” of staff to improve productivity.
Reports claimed that the Dubai contractor laid off hundreds of staff following the departure of CEO Hasan Ismaik.
The company’s stock fell its daily limit of 10 per cent for a second session in a row.
Large numbers of staff, including at least two senior executives, have departed the company since Ismaik resigned.
Free wifi, food and beverages available to the airline’s premium passengers at Terminal 2
The six month long event is also encouraging business colleges to set up base in the emirate.