1 CONSULATE GENERAL OF THE REPUBLIC OF KOREA IN DUBAI
Dubai and Northern Emirates Economy
Weekly Report ≠ 20/2017
Trends covered: 11-Mai-2017 to 18-Mai 2017
2 Contents
I. PROJECTS & Infrastructure ... 4
Dubai ... 4
Marsa Al Arab project ... 4
Palm Gateway project in Palm Jumeirah ... 5
DUBAI EXPO 2020 ... 5
Bellevue Towers ... 6
Dubai International and Al Maktoum International airports expansion ... 6
New residences in Dubai Healthcare City ... 7
Nad Al Sheba Mall ... 7
Ajman ... 8
Replacement of old water pipelines in ... 8
Ras Al Khaimah ... 8
New Power Station ... 8
II. NON OIL SECTOR ... 9
Real estate and Construction ... 9
DAMAC profit in Q1 ... 9
Nasma Residences Phase 1, Sharjah ... 9
Manufacturing ... 10
Al-Maha Factory in Dubai South ... 10
Tourism ... 10
Dubai online initiative ... 10
Hilton Garden Inn hotel opens in RAK ... 11
Trade & Commerce ... 11
Emirates airline profits ... 11
Lufthansa Technik Middle East new facility at Dubai South ... 12
Trade in beauty segment ... 12
‘Digital Protection’ initiative ... 12
Dubai's trade with Qatar between 2011 and 2016 ... 13
Education & Employment ... 13
Finances ... 13
III. MARKET TRENDS ... 15
3
1) Oil prices: ... 15
End of day Commodity Futures Price Quotes for Crude Oil WTI (NYMEX) ($US/bbl) ... 15
End of day Commodity Futures Price Quotes for Crude Oil Brent ($US/bbl) ... 15
1) Gold Price Chart in Dubai in United Arab Emirates Dirham (AED) ... 15
... 16
2) Market General Index (DFMGI) ... 16
IV. REFERENCES ... 18
4
I. PROJECTS & Infrastructure Dubai
Marsa Al Arab project
Dubai Holding on Sunday revealed the new Dh6.3 billion Marsa Al Arab project, including two new islands either side of the Burj Al Arab hotel.
The project, comprising hotels, theatres, retail space, a marina, a business district, residences and luxury villas, is aimed at supporting Expo2020 and Dubai’s tourism sector.
It will break ground next month and is expected to be complete in late 2020.
Marsa Al Arab will be spread across 4 million square feet of land, including two islands.
One of the islands aims to be a family-friendly tourist destination, while the other is to include luxury villas and a private marina. The designs include 2.2 kilometres of beach.
"As part of strengthening local capabilities, Marsa Al Arab will support Emiratisation in the tourism sector by providing new job opportunities," said Abdulla Al Habbai, the chairman of Dubai Holding.
Wild Wadi Waterpark will be relocated to the entertainment-focused island to support visitor numbers to the new resort, which will be managed by Jumeirah Group.
With the relocation, the water park will double its size and feature new rides.
Dubai Holding will also develop a Marine Park – a marine life edutainment centre – that will include a theatre with a capacity of 1,000 people. Visitors will be able to interact with exotic aquatic animals and fish at the park. The expanded Wild Wadi and Marine Park will together cover 2.5 million square feet.
Marsa Al Arab is also set to feature a theatre with a capacity for 1,700 people that will be the home to Cirque du Soleil.
"We look forward to raising the curtain for new fans in this new facility with new shows designed specifically for Dubai," said Daniel LaMarre, the president and chief executive of Cirque du Soleil.
The new destination will also feature the Dubai Pearl Museum to showcase rare and ancient pearls from the region and worldwide, besides telling the stories of UAE’s pearl divers. The museum will also have a functioning pearl farm and a pearl-inspired boutique hotel.
Marsa Al Arab will also include serviced commercial space besides a mixed-use convention centre and an adjoining hotel on the mainland.
Marsa Al Arab will cover 20,000 square metres, built on the current Wild Wadi Water Park site.
About 300 seafront residential apartments are also included in the plans.
The private luxury island, located to the left of the Jumeirah-operated Burj Al Arab will have 140 luxury villas and a private marina for its residents.
The villas will also be operated by Jumeirah. The island will also have a boutique hotel.
5 Marsa Al Arab’s hotels are expected to add 2,400 hotel rooms to Jumeirah Group’s portfolio, bringing its total offering to 8,428 rooms. There will be 400 new food-and-beverage outlets throughout the destination.
Palm Gateway project in Palm Jumeirah
Dubai master developer Nakheel has awarded construction contracts worth nearly Dh1.5 billion ($408 million) for The Palm Gateway, a new, three-tower residential, retail and beach club complex at the foot of the Palm Jumeirah.
Shapoorji Pallonji Mideast LLC, the regional arm of the Indian business conglomerate Shapoorji Pallonji Group, has been signed up to carry out the work, which will begin in the second quarter of 2017.
The Palm Gateway includes 1,265 luxury apartments across three high-rise buildings – the tallest topping 285m – to be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces. Units range from one to three bedrooms and will be available on lease, said a statement from Nakheel.
The waterfront living and leisure complex, set in extensively-landscaped grounds, will also have an abundance of retail, dining and health and fitness facilities, including parks, pools, and sports courts.
The Palm Gateway will boast convenient transport links to other parts of the island and to the rest of Dubai. The Palm Monorail, which will remain operational throughout the construction of the project, is already connected to the Dubai Tram and the Dubai Metro, giving residents and visitors easy access to alternatives to the car.
With panoramic views of Palm Jumeirah, the Arabian Gulf and some of Dubai’s most famous landmarks, The Palm Gateway will also have its own beach club and park – a shaded, landscaped complex with a diverse range of waterfront dining and shopping options, pool, barbecue areas and fitness facilities, including a jogging track.
The project will take two and a half years for completion.
The Palm Gateway is one of three high rise developments by Nakheel on Palm Jumeirah. The Palm Tower, a 52-storey luxury hotel and residential complex at the centre of the island is under construction, while Palm 360, a 220-m twin-tower penthouse, apartment and hotel complex, is currently being designed.
DUBAI EXPO 2020
The Republic of Kazakhstan has confirmed it will be participating in Expo 2020 Dubai. The announcement comes just weeks before the Central Asian nation hosts its own Expo in the capital city, Astana.
Kazakhstan is the latest country to publically confirm it will have a pavilion at the first World Expo in the Middle East, Africa and South Asia region. In total, 180 countries are expected to take part.
Khairat Lama Sharif, Ambassador of The Republic of Kazakhstan to the UAE, delivered a letter from Bakytzhan Sagintayev, Prime Minister of The Republic of Kazakhstan, confirming the nation’s official participation in Expo 2020 Dubai, to His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Expo 2020 Dubai Higher Committee.
6 Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General of the Dubai Expo 2020 Bureau, said, "Kazakhstan’s participation in Expo 2020 Dubai builds on the strong relations between our two countries that date back more than 25 years and also witnesses yet another important window opening for Expo 2020 Dubai.
"Kazakhstan is a thriving country with a lot of successful institutions, both in the public and private sectors, that are drawn to the opportunities Expo 2020 will present in terms of innovation and culture.
"We would like to welcome Kazakhstan as it joins us on our journey to 2020 and beyond."
The theme of Astana echoes that of Expo 2020 Dubai and also reflects the ongoing co-operation between the countries in fields such as electric power, renewable energy and green economy.
Prime Minister Sagintayev said, "The UAE and Kazakhstan share strong relations that are founded on a spirit of mutual understanding and respect, and a common willingness to promote these relations. We also share a vision for a cleaner future, powered by renewable energy, as demonstrated by the themes of our respective Expos.
"The experience we will gain from hosting a global event of the scale of Astana EXPO-2017 will be invaluable for our participation in 2020. "We look forward to both Expos being inspirational and unforgettable experiences for people around the world."
Bellevue Towers
Dubai Properties has announced the appointment of SEIDCO General Contracting as the main contractor for its Bellevue Towers residential development in Burj Khalifa district.
The contract, worth more than AED200 million ($54 million), will be completed by the second quarter of 2019, the developer said in a statement.
The Bellevue Towers residential apartment buildings will offer 319 units including 159 one-bedroom apartments, 105 two-bedroom apartments, 42 three-bedroom apartments, 10 penthouses and 3 loft apartments.
The 717,156.57 sq ft two-tower development, located close to the waterfront of Marasi Business Bay, includes amenities such as a gym, pool and children’s pool and playground.
Dubai International and Al Maktoum International airports expansion
The Dubai government announced it has secured $3 billion (Dh11 billion) in credit facilities to finance the expansion of the Dubai’s two airports.
The deal comprises a $1.6 billion, seven-year conventional loan, and a $1.48 billion equivalent, seven-year ijara dominated in dirhams. Ijara is a common lease-based structure used in Islamic finance.
HSBC acted as the financial adviser on the deal.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, in his capacity as chairman of Dubai’s Supreme Fiscal Committee, stated that Dubai remains committed to the development of DWC and the growth of the aviation sector.
Joint mandated lead arrangers
7 The financing was raised by Department of Finance for the Government of Dubai, the Investment Corporation of Dubai, and Dubai Aviation City Corporation.
Twelve international and local banks acted as joint mandated lead arrangers and joint bookrunners including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China, Citibank, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China Limited, Intesa Sanpaolo, JP Morgan, Noor Bank and Standard Chartered.
The facilities were oversubscribed by more than 50 per cent.
The expansion of Dubai’s Al Maktoum International Airport has been delayed by a year until 2018, the airport’s operator said on Wednesday.
New residences in Dubai Healthcare City
Dubai Healthcare City (DHCC) said it has signed a partnership agreement with Swiss Property, a boutique real estate developer, to increase wellness residential capacity in the free zone’s Phase Two expansion at Al Jaddaf in Dubai, UAE.
As per the agreement, La Reserve Residences, will be jointly developed by both parties in DHCC’s Phase Two, which overlooks the widest stretch of the Dubai Water Canal, Dubai Creek and Ras Al Khor Wildlife Sanctuary.
In line with its strategy to become a global health and wellness destination, DHCC aims to strengthen key drivers in the wellness industry such as wellness-oriented real estate, thus meeting the demand for living spaces designed to optimise wellbeing, said a top official.
The masterplan for Phase Two incorporates specialized health and wellness facilities, residences, retail, hospitality and leisure components. Till date, committed projects make up about 40 per cent of the Phase Two masterplan, he stated.
The new project with Swiss Property will complement the residential cluster in Phase Two, estimated to have more than 25,000 people living and working - once various projects are completed, he added.
Nad Al Sheba Mall
Nakheel began leasing at Nad Al Sheba Mall, a new, 1.2 million square foot shopping, dining and entertainment destination at Dubai’s increasingly-popular residential area of Nad Al Sheba.
Nad Al Sheba Mall, part of Nakheel Malls’ Dh16 billion expansion, will have 200 shops, restaurants and entertainment outlets including a supermarket, department stores, multi-screen cinema, medical clinic and fitness centre spread across 500,000 sq ft of shop space. Construction is due to begin in Q4 2017, with completion mid-2020.
Located just off Sheikh Mohammed Bin Zayed Road, the mall be the vibrant centrepiece of Nad Al Sheba, a well-populated community with around 11,500 high end villas, mostly occupied by UAE nationals.
8 The area includes Nakheel’s upcoming Nad Al Sheba community, set in lush grounds spanning 2.5 million sq ft, and featuring 1,500 four and five bedroom homes plus a club house, swimming pool and sports courts.
The community also features a 5 km cycling track – the first in Nakheel’s recently-announced Dh150 million scheme to bring a 105 km network of bike routes to Dubai.
Ajman
Replacement of old water pipelines in
The Board of Directors of the Federal Electricity and Water Authority has approved AED42 million project to replace the old water pipelines in Al-Nakheel, Al-Nuaimiya and Rashidiya in Ajman.
Mohammed Saleh, Director-General of the Authority said that the project is expected to be completed within a period of 90 weeks.
"The scope of the project includes the design, manufacturing, supply, installation, inspection, operation and civil works associated with these lines, as well as the replacement of old connections of these lines to the new network," he added.
Saleh noted that the execution of these projects comes within the strategic plan of the Authority to rehabilitate the old networks to reduce water losses and meet the growing demand for water.
Ras Al Khaimah New Power Station
Ras Al Khaimah is set to have a massive power station, worth Dh500-Dh700 million for the benefit of the Northern Emirates, according to a senior official here.
The new station is to produce electric energy by treating recycled wastes. The project is in line with the 2021 national agenda of the UAE government, "whereby 70 per cent of the wastes collected are to be recycled and treated".
As per a study conducted by the department in collaboration with the waste management authority in the emirate, up to 40 per cent of the food served to hotel guests are dumped, he added.
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II. NON OIL SECTOR
Real estate and Construction DAMAC profit in Q1
DAMAC Properties reported AED 880 million ($217.84 million) in net profits for the first three months of 2017, down 16.2% year-on-year from AED 1.05 billion ($285.8 million).
Revenues for the period rose to AED 1.95 billion, while total assets increased 6.3% reaching AED 26.17 billion up from AED 24.63 billion by the end of 2016, according to a filing to the Dubai Financial Market (DFM).
Earnings per share (EPS) amounted to AED 0.15 for Q1-17.
Booked sales reached AED 2.2 billion in Q1-17, up from AED 2 billion in the year-ago period. This demonstrates "a sequential increase and a stable market in general and is consistent with earlier guidance of AED 7 billion for the year 2017,” DAMAC stated.
Commenting on the company’s results, DAMAC chairman Hussain Sajwani noted that the Dubai property market “has stabilised”, which was visible in the last few months of 2016, adding that there were “no major fluctuations in prices” but that the market has seen a rise in terms of volumes and transactions in general.
“We can say Q1-17 has been strong,” he said, highlighting the “continued demand for quality real estate projects.”
The top official stated that DAMAC’s long-term outlook “remains positive” and that the company will remain “dynamic and continue providing the right products that suit the changing market needs.”
Nasma Residences Phase 1, Sharjah
Nasma Residences Phase 1 has sold out less than a month after launch, confirming investor-demand for mid-market residential properties in Sharjah. Advertised by the developer, ARADA, as offering
‘aspirational yet accessible living in an urban setting’, the new master-planned residential community was announced in mid-March with residential units starting at AED 995,000 (US$ 271,000). Nasma Residences is scheduled for completion in late 2018.
Sharjah’s real estate market has experienced strong growth and an increasing demand for residential and commercial properties, which has been further invigorated by new property laws for the Emirate of Sharjah. in 2014, the emirate introduced updated laws allowing foreign expatriates living in the United Arab Emirates to purchase property in designated zones via 100 year leasehold agreements. Previously, property could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with a valid UAE resident visa, but not to the many other nationalities living in the Emirates.
ARADA has now launched Phase 2 of property sales for the 5 million square foot development, including the availability of five-bedroom ‘Signature Villas’ for the first time. Two and three bedroom townhouses, plus four bedroom semi-detached villas are also on offer. The developer also confirmed that construction of the community’s 6,500 sq. ft. shopping center, Nasma Square, will begin in July. According to ARADA,
10 more than 50 percent of Nasma Residences will be dedicated to community facilities, including a park, sports and recreation facilities and an international school.
Adjacent to the Tilal City residential development, Tilal Mall (opening 2019) and the upcoming new Sharjah Convention Centre (opening 2017), Nasma Residences is located ten minutes from Sharjah city centre and ten minutes from Sharjah International Airport.
KBW Investments (KBW) and Sharjah’s Basma Group (Basma) announced the formation of ARADA in February with an immediate focus on developing urban communities in the emirate of Sharjah.
Manufacturing
Al-Maha Factory in Dubai South
Nestle Middle East’s 18th factory in the region has been inaugurated in Dubai South.
The new factory employs 340 men and women stemming from 20 different nationalities. Sixty percent of the team is under 30 years old. Nestle already operates two other factories in Dubai Investment Park, one for Nestle Waters, and another for Nestle Dubai Manufacturing.
The new factory has already achieved outstanding results with regards to safety, with zero accidents during the construction period. It also met the stringent Nestl? quality standards from the very first production run.
The Factory also includes a permanent exhibit, showcasing the role Nestle plays in society. Some examples in the Middle East are the Nestle Healthy Kids Programme – Ajyal Salima, now in five countries in the region where it has reached over 40,000 children to date; and United for Healthier Kids that has mobilized so far over 580,000 joiners to nurture healthier generations.
The exhibit also features high-tech tools; including iPads and Oculi, allowing 360-degree virtual visits of farms around the world from which raw material is sourced for products. It also provides special presentations for students on site, and offers digital guides for career development and enhancement for Youth.
Tourism
Dubai online initiative
Dubai unveiled a new website to enhance awareness of the city as a top global destination for golf tourism.
Launched at the Asia Golf Tourism Convention (AGTC) in Danang, Vietnam, golfindubai.com provides information on courses designed by legends including Ernie Els, Sir Nick Faldo, Colin Montgomerie and Greg Norman, as well as details on leisure and practice facilities and wider hospitality offers.
A video of Masters and Omega Dubai Desert Classic champion Sergio Garcia facing India’s Anirban Lahiri in a battle of the big hitters – filmed at Skydive Dubai with the backdrop of the city’s iconic skyline - is also included.
11 golfindubai.com was launched by Falcon Golf, an entity announced in February, to optimise the benefits golf brings to Dubai working closely with key local stakeholders such as its golf clubs and tournament sponsors, as well as Dubai Sports Council, Dubai’s Department of Tourism and Commerce Marketing (DTCM) and Emirates Golf Federation.
Hilton Garden Inn hotel opens in RAK
US hotel company Hilton has confirmed the opening of its latest UAE property in the emirate of Ras Al Khaimah.
The four-star Hilton Garden Inn is located on the Al Nakheel site of the former Hilton Ras Al Khaimah, which closed in January 2015 to allow for a multi-million-dirham refurbishment project.
It features 240 rooms, with 10 family rooms and eight suites, an outdoor pool, two tennis courts, a gym and access to beach facilities at the Hilton Ras Al Khaimah Resort and Spa.
The Garden Grille, Pavilion Pantry, Garden Bar & Lounge and Pool Bar are among the dining venues at the property, which also includes a 380 square metre ballroom, two large pre function areas and two outdoor garden venues for meetings and events.
“We have seen a shift in recent years towards the mid-market segment, which goes in hand with the growing importance of the emerging modern traveller,” said HH Sheikh Ahmed bin Saud bin Saqr Al Qasimi, chairman of hotel owner RAK National Hotels and its parent company RAK Hospitality Holding.
“The hotel therefore, is the right choice for us and for Ras Al Khaimah. We look forward to seeing it grow and succeed.”
The hotel joins five other Hilton properties in the emirate and 22 across the UAE.
Figures from RAK Tourism Development Authority suggest 13 new hotels will open in the emirate by 2020, totalling some 4,445 rooms.
The emirate is aiming to receive one million visitors by the end of 2018.
Trade & Commerce Emirates airline profits
Emirates airline has blamed fierce competition, currency devaluations and US travel restrictions as it reported an 82.5 percent plunge in annual profits for the last fiscal year.
The Dubai-based company said net profit at its airline business dropped to $340m in the year to March 31, down from $1.9bn in the previous 12 months - its first decline in annual profit for five years.
The fall was the result of the US dollar's "relentless rise" against currencies in its key markets and pressure on ticket prices due to stiff competition, the airline said in a statement.
Company chief Sheikh Ahmed bin Saeed al-Maktoum also pointed to "destabilising events which have impacted travel demand during the year".
These included Britain's vote to leave the European Union, several attacks in Europe and restrictions on travel to the United States from the Middle East.
12 In April, Emirates began slashing 20 percent of its 126 weekly flights to the US, one of the airline's biggest growth potential markets, because of a drop in demand caused by tougher security measures and the Trump administration's attempts to ban travellers from some Muslim-majority nations.
Dubai was one of 10 cities in Muslim-majority countries affected by a ban on laptops and other electronics in carry-on luggage aboard flights to the US.
Maktoum said the company expected "the year ahead to remain challenging".
Lufthansa Technik Middle East new facility at Dubai South
The new facility of Lufthansa Technik Middle East, LTME, has become fully operational in the Aviation District at Dubai South.
Ziad Al Hazmi, CEO of Lufthansa Technik Middle East, said, "The official inauguration of our new site is a major milestone within our business strategy for this important region. Over the past weeks we have received high interest regarding our new capabilities from different commercial operators based in the Middle East. It makes us very proud to be the first company to run operations at the Aerospace Supply Chain in the Dubai South Aviation District. On this occasion, I would like to thank the local authorities, and especially our partners from Dubai South, for their comprehensive support over the past months. Having a key presence in the Aviation District has put us in a prime position as a leader in the regional maintenance, repair and overhaul business."
Trade in beauty segment
Dubai continues to be the key driver in the region’s trade in fragrances and cosmetics, according to the latest trade figures released by Dubai Customs, at the Beautyworld Middle East 2017, which opened in Dubai on Sunday.
The data from Dubai Customs indicates that the emirate imported Dh12.16 billion ($3.31 billion) worth of fragrances and cosmetics in 2016, while exporting Dh1.83 billion ($498 million) worth and re-exporting Dh6.69 billion ($1.82 billion) of fragrances and cosmetics over the same period.
The total trade of Dh20.68 billion represents a growth of 23 per cent from 2012 to 2016.
Even as the Middle East grows in prominence as a global destination for beauty and wellness products, Dubai remains the epicentre of activity.
Dubai’s key trading partners, according to Dubai Customs, are France, USA, Saudi Arabia, Italy and the UK.
They made up 42 per cent of the total trade in fragrances and cosmetics.
‘Digital Protection’ initiative
Dubai Economy has launched a new initiative to certify e-commerce websites, as part of its efforts to protect consumers, resolve their complaints and ensure best practices in online transactions.
The "Digital Protection" service is aimed at e-commerce companies offering their services in mainland Dubai, as well as the free zones in the emirate.
Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance and Consumer Protection, CCCP, Sector in Dubai Economy, said "We will certify e-commerce websites, in line with our consumer protection policies, and train them on complying with relevant UAE laws and regulations. The certified
13 websites will display the consumer protection logo of Dubai Economy and will co-operate with us in resolving consumer complaints, irrespective of whether they are onshore companies or free zone entities," Lootah explained.
The initiative is the latest in a series of measures adopted by CCCP to promote compliance and global best practices in consumer-friendliness among commercial establishments, both online and offline.
Dubai's trade with Qatar between 2011 and 2016
Dubai's trade with Qatar grew 92 per cent in the period from 2011 to 2016, reaching AED15 billion last year, according to Sultan bin Sulayem, DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, PCFC.
"The GCC customs union is moving steadily towards a full integration between the GCC countries by supporting trade between them and helping them attract more global investment and trade to the region.
This is why we, at Ports, Customs and Free Zone Corporation, develop means of cooperation and coordination with the Qatari authorities. Dubai external trade with Qatar reached AED 15 billion in 2016 compared to AED 7.8 billion in 2011," Bin Sulayem said during a meeting a meeting with a Qatari delegation headed by Ahmed Abdullah Al Jamal, Chairman of Qatar Customs Authority.
The Qatari delegation is in Dubai to learn more about Dubai Customs experience in developing and boosting customs work. They toured the client service centre in Jebel Ali.
Youssef Al Hashemi, Director of Customs Centers Management briefed the visitors on the efforts and steps taken to make clients happier and their transactions done faster. The visit also included the customs passenger operation centres in Dubai airports and the Cargo Village Customs Centre.
Education & Employment
The Government of Sharjah plans to invest half a billion dollars (AED 1.8 billion) in the American University of Sharjah (AUS) over the next five years to fund the university’s goal of becoming the top research university in the Arab world. According to an interview by the Gulf Today with Hussein Al Mahmoudi, Chief Executive Officer of AUS Enterprises, investments will focus on doctoral programmes and the establishment of specialised laboratories for six research fields identified by the university for development.
Finances
A set of new Shariah standards for Islamic banking and financing have been launched by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Islamic finance scholars and specialists from across the region attended the launch ceremony, which was organised by the AAOIFI and Minhaj Advisory in Dubai recently.
These standards are deemed important Shariah reference for the industry, including legislative bodies, regulatory authorities and financial institutions. They are also important to other professional entities such as law firms, accounting and consultancy firms, universities, academic institutions and research centres and fatwa-issuing bodies.
14
15
III. MARKET TRENDS 1) Oil prices:
End of day Commodity Futures Price Quotes for Crude Oil WTI (NYMEX) ($US/bbl)
End of day Commodity Futures Price Quotes for Crude Oil Brent ($US/bbl)
1) Gold Price Chart in Dubai in United Arab Emirates Dirham (AED)
16 Date Gold price Change
11-mai 148,25 0,34%
12-mai 148,25 0,00%
13-mai 148,75 0,34%
14-mai 148,75 0,00%
15-mai 148,75 0,00%
16-mai 149,50 0,50%
17-mai 149,50 0,00%
2) Market General Index (DFMGI)
Daily closing value:148,25 148,25
148,75
148,75 148,75
149,50
147,50 148,00 148,50 149,00 149,50 150,00
11-mai 12-mai 13-mai 14-mai 15-mai 16-mai
Gold Price in AED /gm 24K
17
3 420,19 3 415,69
3 377,82
3 376,75
3 395,06
3 340,00 3 360,00 3 380,00 3 400,00 3 420,00 3 440,00
11-mai 12-mai 13-mai 14-mai 15-mai 16-mai 17-mai
DFM Index Chart
18
IV. REFERENCES
1) wam.ae/en/details/1395302613788 2) wam.ae/en/details/1395302614146 3) wam.ae/en/details/1395302614215 4) wam.ae/en/details/1395302614342 5) wam.ae/en/details/1395302614340
6) www.thenational.ae/business/property/marsa-al-arab-project-near-burj-al-arab-to-feature-two- new-luxury-islands
7) www.thenational.ae/business/aviation/dubais-al-maktoum-international-airport-expansion- delayed-until-2018
8) www.arabianbusiness.com/dubai-chases-more-golf-tourists-with-online-initiative-673350.html 9) www.arabianbusiness.com/dubai-properties-awards-54m-deal-for-bellevue-towers-673352.html 10) www.sharjahupdate.com/2017/05/uptake-of-nasma-residences-phase-1-confirms-mid-market-
demand/
11) www.sharjahupdate.com/2017/05/sharjah-to-invest-500m-in-making-aus-top-research- university-in-the-arab-world/
12) www.emirates247.com/business/dubai-s-nakheel-starts-leasing-at-nad-al-sheba-mall-2017-05- 15-1.652989
13) www.emirates247.com/business/kazakhstan-announces-participation-in-expo-2020-2017-05-12- 1.652788
14) gulfnews.com/business/aviation/dubai-government-secures-3b-financing-for-airports-expansion- 1.2027093
1) gulfnews.com/business/sectors/retail/dubai-generates-dh20-68b-trade-in-beauty-segment- 1.2027603
2) gulfbusiness.com/hilton-garden-inn-hotel-opens-rak
3) www.gulfconstructiononline.com/stories/source/?url=CONS_324931.html 4) www.gulfconstructiononline.com/stories/source/?url=CONS_324875.html
5) www.khaleejtimes.com/business/banking-finance/new-shariah-standards-for-islamic-financing- banking-launched-in-dubai
6) www.khaleejtimes.com/business/local/ras-al-khaimah-to-build-massive-dh700m-power-station 7) www.aljazeera.com/news/2017/05/emirates-airline-profits-825-percent-year-
170511152138875.html
8) english.mubasher.info/news/3108595/DAMAC-posts-AED-880m-profit-in-Q1 9) www.nasdaq.com/markets
10) goldpricesdubai.com
11) www.dfm.ae/market-data/historical-data
