Par La Rando

Four Kuwait banks reviewed for possible rating downgrade

International ratings agency Moody’s Investors Service has placed on review for possible downgrade the long-term deposit rating and bank financial strength rating (BFSR) of four Kuwaiti banks due to their exposure to property sector. The banks are National Bank of Kuwait at Aa2/B-, Commercial Bank of Kuwait at Aa3/C, Al Ahli Bank at A1/C- and Bank of Kuwait and the Middle East at A1/C-. Moody’s said the key factors prompting concerns about the health of Kuwaiti banks are their exposures to real estate (particularly commercial property) and lending for purchasing securities. In addition to evidence indicating that demand in the Kuwaiti real estate market weakened during the first ten months of 2008, the steep decline of the local stock market between September and November 2008 could weigh further on real estate demand and has also caused significant problems for Kuwaiti investment companies and tensions in the local financial market. Moody’s also cautioned that a stock-market-related loss of wealth by Kuwaiti households and corporates alike could result in rising delinquencies on bank loans extended for securities purchasing purposes, although all banks report that this has not been the case and that loans remain adequately collateralised by a combination of stocks and real estate. Moody’s says the situation is further complicated by new central bank instructions which reportedly limit bank’s flexibility to sell securities held as collateral. On the one hand, Moody’s acknowledged the central bank’s reported action may have restrained an even steeper decline in stock market prices. However, such action could potentially hinder banks’ capacity to exit their positions in the event of growing customer delinquencies. « Moody’s is also concerned that the recently announced support mechanism for Kuwait’s investment companies, which among others calls on the country’s banks to extend long-term secured funding to such companies, could have a material impact on the composition of banks’ balance sheets and divert resources to activities that do not contribute to their franchise evolution, » said Stathis Kyriakides, lead analyst at Moody’s for Kuwaiti banks. Finally, recent events have highlighted the long-identified need for institutional reform in Kuwait (particularly with regard to the operations of the Kuwait Stock Exchange), while political unrest culminating in the recent resignation of the government is unlikely to contribute to the restoration of calm in the financial markets. Moody’s has put National Bank of Kuwait’s B BFSR, (which maps to a baseline credit assessment (BCA) of A1), Aa2 long-term global local currency deposit rating and Aa2 long-term foreign currency deposit rating on review for possible downgrade. The bank’s short-term local and foreign currency ratings as well as the rating assigned to its commercial paper programme were affirmed at Prime-1. Commercial Bank of Kuwait’s C BFSR, Aa3 long-term global local currency deposit rating and Aa3 long-term foreign currency deposit rating were all placed on review for possible downgrade. The bank’s short-term and foreign currency deposit ratings were affirmed at Prime-1. Al Ahli Bank’s BFSR, A1 long-term global local currency deposit rating and A1 long-term foreign currency deposit rating were all placed on review for possible downgrade. The bank’s short-term and foreign currency deposit ratings were affirmed at Prime-1. Bank of Kuwait and the Middle East’s BFSR, A1 long-term global local currency deposit rating and A1 long-term foreign currency deposit rating were all placed on review for possible downgrade. The bank’s short-term and foreign currency deposit ratings were affirmed at Prime-1. Moody’s upgraded National Bank of Kuwait’s long-term local- and foreign-currency deposit ratings to Aa2 from Aa3 on July 26, 2007. Last year, Commercial Bank of Kuwait’s BFSR was changed to C form C-, the bank was assigned Aa3/P-1 GLC deposit ratings and its foreign currency deposit ratings were unchanged at Aa3/P-1. Al Ahli Bank’s BFSR was changed to C- from D+ and the bank’s global local currency and foreign currency deposit ratings were unchanged at A1/P-1. Bank of Kuwait and the Middle East’s BFSR was changed to C- from D+, the bank was assigned A1/P-1 global local currency deposit ratings and its foreign currency deposit ratings were unchanged at A1-P1. At the end of September 2008, National Bank of Kuwait had total assets of KWD12.4bn (Dh169bn); Commercial Bank of Kuwait had total assets of KWD4.3bn; Al Ahli Bank had assets of KWD3bn; Bank of Kuwait and the Middle East had assets of KWD2.2bn. business24-7.ae

MIDDLE EAST
Par La Rando

Dubai awards Dh4.9bn Concourse 3 contract

The Al Habtoor–Murray & Roberts–Takenaka (HMRT) Joint Venture has been awarded a Dh4.9 billion contract to construct Dubai Airport’s new Concourse 3 for Dubai’s Department of Civil Aviation (DCA). Concourse 3 will be connected to the two major public levels of Terminal 3 via an automated people mover in addition to the vehicular and baggage handling system utility tunnels. The building, which follows the characteristic shape of Concourse 2, will be 645 metres long, 90 metres wide and 42 metres high in the centre from the apron level, and will accommodate 20 aircraft stands, 18 of which will accommodate Airbus’ new A380. The concourse will include one four-star and one five-star hotel, first- and business-class lounges, and duty-free areas. The total built-up area will be 528,000 square metres. Work will commence immediately, with completion scheduled for the end of April 2011. The consortium’s successful delivery of the recently opened Terminal 3 and adjoining Concourse 2 at the same airport was instrumental in HMRT securing this new project. business24-7.ae

MIDDLE EAST
Par La Rando

Aïd Al Adha aux Emirats Arabes Unis

L’Aïd Al-Adha ou la fête du sacrifice est la deuxième fête annuelle du calendrier hégirien après celle de l’Aïd Al-Fitr. Le sacrifice du mouton le jour de l’Aïd est ce qu’on appelle « sunna ». C’est à dire que c’est un acte recommandé par Allah à toute les familles musulmanes qui en ont les moyens bien entendu. Allah a dit dans le Coran: « Prie ton seigneur et sacrifie. » Sourate 108, verset 2. Le premier jour de l’Aïd Al Adha tombera le 8 décembre, conformément au Islamic Crescents Monitoring Projet. Selon les calculs astronomiques, ces derniers ont prédit que le 29 novembre sera le premier jour de « Zil Hijja». L’Islamic Crescents Monitoring Projet a été mis en place en 1998 et comprend 400 chercheurs et experts pour l’observation de la lune. L’équipe DAF vous souhaite un Happy Aïd al-Adha.

Dubai au Féminin
Par La Rando

Débuter sa journée à Dubaï

A Dubaï, le moment du réveil nous donne chaque jour l’opportunité de revenir sur notre existence et sur les points essentiels que nous souhaitons améliorer, transformer ou faire évoluer… Avoir conscience que chaque réveil est une invite à développer le meilleur de soi-même donne à chaque journée une importance capitale. Savoir sourire à Dubaï Le sourire intérieur est idéal pour chasser toute pensée négative et déclencher la bonne humeur. Il vous suffit de de fermer les yeux et d’esquisser un large sourire en pensant à une situation agréable, un souvenir, une histoire drôle… Essayer de respirer calmement tout en gardant le sourire de façon à chasser toutes les pensés négatives. Programmer sa journée Lorsqu’on se réveille, toutes les idées sont claires et c’est le moment propice à la réflexion personnelle. Si possible, dés le réveil, essayez de déterminer le programme de la journée dans tous ses détails. Le plus important est de définir les objectifs de toutes les actions que vous comptez entreprendre dans votre programme. La famille et les proches Rien ne vaut une journée qui commence avec un sentiment d’être aimé et d’aimer bien naturellement. Pensez à remercier et à saluer vos proches. Focaliser votre regard vers quelque chose de beau Si vous disposez d’un beau jardin, ou d’une magnifique vue de chez vous.N’hésitez pas à rester quelques minutes pour le ou la fixer. Un beau tableau ou une photo de famille peut aussi faire l’affaire. Toujours dire « Hamdoulillah » La vie peut être parfois triste ou magnifique, regretter son passé, se plaindre d’une situation difficile, se focaliser sur un futur incertain entame notre capital énergétique et, par-dessus tout, nous fait oublier que la vie est infiniment fragile et précieuse. Concentrez-vous surtout sur ce que vous avez, un métier, un talent, des ami(e)s fidèles, une maison agréable etc. C’est en travaillant sur vous même et en s’exerçant à voir les choses du bon côté que vous pourrez mieux affronter les tracas du quotidien. Fuyez le stress au réveil Evitez la tv , la radio et surtout le téléphone dés le matin! Favorisez une musique douce ou le silence total. Quelle tenue prendre pour la journée La couleur est essentielle,surtout en hiver, cette dernière vous permet d’avoir une bonne mine et un moral au top pour toute la journée. Optez pour quelques touches colorées! Pour beaucoup de personnes, le noir, le blanc, le gris , la marron et le beige sont des couleurs honnêtes. Le rouge, c’est le feu, le sang, la violence. Jadis, c’était la couleur des guerriers, aujourd’hui c’est une couleur que les femmes apprécient beaucoup.Le rouge , pour certaines femmes, donnent plus de confiance. Et le parfum dans tout ça ? C’est sans doute un élément très important et fondamental pour la femme.Mais il faut savoir l’utiliser avec subtilité, en mettant deux gouttes derrière le lobe des oreilles, sur les épaules, dans les cheveux et aussi dans une poche… Durant la journée, chanter une chanson vous maintient en bonne santé et vous donne de la joie!

Dubai au Féminin
Par La Rando

L’Espagne à Dubaï: Paëlla de poulet aux épinards

Rien ne vaut une bonne paella pour vous faire voyager en Espagne. Les ingrédients: – Safran – 2 oignons – 4 blancs de poulet – huile d’olive – Du beurre – 300 g. de riz long – 300G. de tomates concassées en boîte – 200 G. d’épinards équeutés. Dilluez 1 dose de safran dans 50 cl d’eau bouillante salée.PElez et hachez 2 oignons. Faites dorer 4 blancs de poulet coupés en morceaux dans une cocotte avec 2 cuillère à soupe d’huile d’olive et 20G. de beurre chaud. Baissez le feu, ajoutez les oignons et faites suer 2 minutes. Versez 300G de riz long avec 300g de tomates concassées en boîte. Mélangez 2 minutes sur feu doux. Mouillez de l’eau safranée, faites cuire 15 à 17 minutes. Ajoutez 200G. d’épinards équeutés et lavés. Cuisez 5 minutes sur feux vif en remuant. Vous n’avez plus qu’à rectifier l’assaisonnement, mélangez avec 20 G. de beurre puis servez chaud. LA préparation dure: 25 minutes et la cuisson 35 minutes.

Dubai au Féminin
Par La Rando

Strong economy boosts Qatari population

A massive influx of foreign workers triggered by unprecedented economic performance boosted Qatar’s population by more than half a million in just four years to record one of the world’s highest growth rates. Official figures showed the population of the world’s third-largest gas producer leaped by nearly 18.1 per cent at the end of June compared with the same period of last year and around 17.7 per cent in the previous year. Growth was also as high as 17.2 per cent during 2005-2008 and 16.8 per cent during 2004-2005, showed the figures by Qatar Statistics Authority (QSA). The rates are nearly four times the average annual population increase of between 2.1 and 5.2 per cent in the previous four years. At the end of June, Qatar’s population was estimated at 1.448 million compared with 1.226m at the end of June 2007 and 1.041m at the end of June 2006. It was put at nearly 888,000 at the end of June 2005 and about 616,000 at the end of the first half of 2000. QSA’s monthly figures showed the population continued its rapid rise to gain nearly 100,000 to reach around 1.541m at the end of October, an increase of about 6.4 per cent in four months. In 1997, Qatar’s population stood at around 522,000, more than one million below the 2008 population. According to the government-controlled Qatar National Bank (QNB), the annual population growth during 1997-2004 stood at only 5.3 per cent. « The rapid increase in population over the last few years is attributed to the strong performance of the economy, which has resulted in a large number of projects coming online, thereby leading to the influx of professionals, service and contracting sector staff and others, » QNB said. Despite the surge, Qatar has maintained its position as one of the wealthiest nations in terms of GDP per capita, which was estimated at $57,936 in 2007. As the population is projected to average around 1.5 million by the end of 2008, due to the departure of many foreigners for seasonal holidays, the GDP will record one of its highest growth rates this year and the Gulf country’s per capita income is set to continue its climb. QSA’s figures showed the population at the end of October included 1,185,575 males and 355,555 females, adding that its estimates included those who were present inside Qatar during the month of October. It gave no nationality breakdown but independent estimates put the native population at around 20 per cent of the total, while most of the rest are other Arabs, south-east Asians and Westerners. Qatar, a small Organisation of Petroleum Exporting Countries member, has recorded the highest per capita income and economic growth rate in the Arab world over the past 10 years because of strong crude prices and a rapid increase in its exports of liquefied natural gas (LNG), which exceeded 30 million tonnes in 2007. The exports are projected to climb to around 77 million tonnes within three years as the gas-rich country is pushing ahead with mega LNG projects to tap its gigantic offshore North Field, the world’s largest single reservoir of non-associated gas, with an estimated 900 trillion cubic feet. The surge in LNG sales has allied with a sharp rise in oil prices over the past few years to catapult Qatar’s economy by more than four times during 2003-2007 to reach QR258,000 in 2007. It is projected by QNB to soar to QR327,000 in 2008 and nearly QR387,000 in 2009, an average annual growth of between 21 and 35 per cent during 2003-2008. Qatar has in the recent past recorded extraordinary economic growth. Nadim Kawach business24-7.ae

MIDDLE EAST
Par La Rando

Saudi banks start feeling tremors of global meltdown

Saudi Arabia’s banking sector, one of the largest in the Middle East, has started to feel the pinch of the global financial crisis with a decline in its performance in the third quarter for the first time in 2008. After surging by 29.1 and 8.3 per cent in the second and first quarters of this year, the combined net profits of the kingdom’s listed banks plunged by nearly 22.2 per cent in the third quarter, banking data showed yesterday. The decline was partly due to growing loan loss provisions that reached nearly SR1.2 billion (Dh1.17bn) at the end of September, according to the National Commercial Bank (NCB), the country’s largest bank. « Since the beginning of the global financial crisis in August 2007, it was apparent that no country, industry or individual will escape the unfolding negative repercussions, whether they emanate from the mere psychological fear or the weak macroeconomic fundamentals or both, » NCB said in its weekly economic bulletin, sent to Emirates Business. « As a result, the kingdom was no exception in being relatively impacted despite the fact that the economy continued to achieve healthy twin surpluses in the fiscal and current account balances. Accordingly, it is appropriate to view the Saudi banking performance in this current context especially that the first decline in profitability this year by 22.2 per cent Q/Q in 3Q08 came in after positive growth rates of 29.1 per cent and 8.3 per cent in 1Q08 and 2Q08, respectively. » But NCB stressed it remains implausible to largely attribute such performance to the delayed impact of the financial crisis on Saudi banks. It said this is because most global banks had reported losses for the past four quarters, with most asking for liquidity injections or capital contributions. « In addition, the current mark-to-market accounting standards do not give banks ample room to manoeuvre when it comes to hiding huge losses on their trading and available for sale investments, which would have been apparent along the 15-month period of the ensuing crisis, » it said. « Finally, although the SR1.21bn in loan loss and investment provisions had clearly weighed heavily on the banking sector’s Q3 profitability, it does represent an efficient way of managing profitability in times of stress rather than an implicit declaration of future losses. » In another report, a key Gulf investment bank said the global financial crisis has impacted Saudi banks despite what it termed as their limited exposure. « The Saudi banking sector, with its limited exposure to the global financial markets, was somewhat able to escape the severe implications of the global financial distress. However, being an important part of the intertwined global markets, some of the dampening effects were directly or indirectly translated into the kingdom’s banking sector performance, » said the report by the Kuwait-based Global Investment House (GIH). But the report presented a good outlook for those banks given the kingdom’s strong macroeconomic fundamentals, a surge in investment, reforms in some sectors and the government pledge to support the banking sector. « Saudi Arabia’s strong macroeconomic outlook, favourable demographics, increased infrastructure investments along with sectoral reforms will provide various economic sectors, especially banking, with enormous future business opportunities. The increased economic activity will enhance both the financing appetite and customer deposit base, » it said. Nadim Kawach business24-7.ae

MIDDLE EAST
Par La Rando

Wealth reserves to shield UAE from global credit crisis

The UAE has accumulated huge wealth during the recent record surge in oil prices which would shield it from the ongoing financial crisis. A report released by Abu Dhabi Commercial Bank said the severity of crisis in UAE is far less than in the West. It said the UAE will continue to record fiscal surpluses in 2008 and 2009 as it has the lowest break-even oil price in the GCC region of $23 per barrel against the IMF’s baseline petroleum price projection of $68 per barrel for 2009. The report said the returns on accumulated wealth relative to the country’s GDP are substantial and can be used to mitigate the effect of oil price cyclicality and support investments in infrastructure and diversification. The rising population and expatriate community will support domestic demand to stimulate growth in non-oil GDP. The report claimed the Asian and emerging economies are beginning to replace Western countries as the UAE’s main trading partners, providing some protection against the worst affects of the downturn. Assuaging fears about Dubai’s debt, it said the emirate’s debt has been backed by foreign asset reserves which leaves the emirate’s capacity unimpaired. The bank also said the recent central bank’s move to inject liquidity in the financial market were precautionary and that the underlying financial system was sound. Waheed Abbas business24-7.ae

MIDDLE EAST
Par La Rando

Ajman plans Rera-like body

The Ajman Government will establish a real estate regulatory body, which will be similar to Dubai’s Real Estate Regulatory Authority (Rera), in the first quarter of 2009 to streamline the sector in the emirate, a top government official said. « The new real estate regulatory body will be similar to that of Dubai’s Rera and will be established in the first quarter of next year. The government agency will be a separate entity and will not be a part of the Ajman’s Department of Land and Property, » Mohammed bin Ahmed bin Omeir, Director of Planning and Survey Department of the Ajman Municipality, told Emirates Business. In June this year, the Ajman Government issued Emiri Decree No7 and No8 to regulate the emirate’s land and properties sector. The government will, however, enforce the escrow account law by first quarter of next year with the new agency ensuring implementation of the law. « The escrow account law is on similar line of the trust account law in Dubai. It is currently being drafted, » said Bin Omeir. Rera CEO Marwan bin Ghalita told this newspaper earlier that other emirates in the UAE and the Gulf Co-operation Council (GCC) countries were looking to create a body similar to Rera in order to regulate their property markets. « Many GCC country officials have come to us to discuss the blueprint of Dubai’s Rera and understand how they can establish a body similar to Rera in their respective countries, » said Bin Ghalita. Rera, which is part of the Dubai Lands Department, is a nodal agency established in July 2007 that formulates, regulates, manages and licenses various real estates related activities in the emirate. Ajman opened up its freehold property sector to foreign nationals in 2004. The law allows non-GCC developers and buyers to own freehold land and property in designated areas determined and approved by the emirate’s ruler. Robert McKinnon, Managing Director of Research at Al Mal Capital, said: « It is a good time for Ajman to enforce regulations in the emirate. The success of the new body will depend on the type of regulations it will bring into force. » Anjana Kumar business24-7.ae

MIDDLE EAST
Par La Rando

Le climat à Dubaï (températures, précipitations et ensoleillement)

Chaleur et humidité : Le climat, chaud et sec en hiver, est extrêmement chaud et humide en été. Les températures les plus élevées s’échelonnent entre juillet et août, le mercure pouvant frôler les 50° à l’ombre même en pleine ville.dans de pareilles conditions météorologiques, la climatisation s’avère être d’une efficacité redoutable et presque absolument nécessaire, notamment dans les voitures qui peuvent devenir de vraies fournaises.

Moyenne mensuelle des températures minimales et maximales quotidiennes.

Vents et précipitations : L’une des causes expliquant ce fort différentiel de température entre les 2 saisons de l’année (pas de printemps et d’automne sous ses latitudes !) repose sur les vents balayants les UAE. La sécheresse et les vents peuvent provoquer des tempêtes de sable à l’ouest du pays et des tempêtes de poussières à l’est, réduisant la visibilité de façon drastique et réduisant dangereuses certaines activités comme la conduite ou l’aviation.

Moyenne mensuelle des précipitations minimales et maximales en mm.

Nombre de jours de précipitations ≥ 1 mm

Moyenne mensuelle du nombre d’heures de soleil par jour.

Dubai au Féminin