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Staff Report
Published: May 05, 2009, 22:58

Dubai: In a special report published by the Financial Times on Foreign Direct Investment (FDI) Dubai has for the first time been classified as the top destination city in the world surpassing the likes of London and Shanghai.

The UAE continues to lead the way in the Middle East and Africa accounting for 50 per cent of total projects in the region.

In its position as the top destination city for FDI for 2008, Dubai attracted a total of 342 projects, had $21 billion (Dh77.3 billion) of capital investment and created over 58,000 new jobs.

The UAE was the leading destination for FDI in the region with 480 projects, capital expenditure of $35 billion and the creation of over 87,000 new jobs in 2008.

For the Middle East as a whole, sources show that the total number of FDI projects amounted to 969, with capital expenditure of $154 billion, creating over 237,000 jobs.

"The number of projects initiated, the capital investment and jobs created... are proof of the economic strength of the country.

"It is a remarkable achievement by Dubai to become the leading city in the world for foreign direct investment and we are committed to continuing to demonstrate the benefit of investing in Dubai and the UAE," said Dr Omar Bin Sulaiman, governor of the Dubai International Financial Centre and vice chairman of the Central Bank of the UAE.

http://archive.gulfnews.com/business/In ... 11028.html

robbyg, what do you think will be the effect of GCC union economically ? they are about to launch the GCC currency and central bank in KSA.

Hey Robby so u figured out the meaning of FDI....... eh? Now search for FII.......
The figures though seem a lil overdone. One would have to investigate further to see if such numbers are actually viable.

uaekid wrote:robbyg, what do you think will be the effect of GCC union economically ? they are about to launch the GCC currency and central bank in KSA.

Well, one of the good things of this GCC economic block of oil exporters will be a strong currency when oil prices get back around $80 dollars a barrel. It will be the worlds second currency union effort after the Euro, so The GCC will keep an eye out on how Europe is responding to the financial crisis before introducing it. (ps: the Euro is the model for the single GCC currency). At this point a lot of Euro nations have difficulty following the monetary policies of the ECB (deficit greater than threshold as a percentage of GDP) and those problems are visible in the GCC region also. There is a convergance of economic performance going on.

For example:
Since the crisis began, GCC nations have followed their own individual interest rate policies. The focus on self sustainability is larger than the combined effort of a single currency interest rate policy. So in times of crisis they prefer their own way, so it appears. The GCC is not entirely ready for intrucing the single currency in 2010. It will probably be a few years later when political will has increased.

Saoudi Arabia has lowered its interest rates for greater interbank lending, while Qatar has inflation worries and left interest rates unchanged. They seek other efforts of domestic financial banking support. These different approaches are not possible under a single currency union. For now, its merely identifying the problems that Europe faces and learn from the process in the coming years. Eventually the GCC currency will benefit from a single currency as it becomes easier for foreign investors to put money into the GCC region.

thanks for the respond, but if they want to be like Europe, they should start with mentality otherwise it will be a useless meeting after another.

why did the UK refused a couple of laws like the union currency ? Was it not in their interest?

uaekid wrote:thanks for the respond, but if they want to be like Europe, they should start with mentality otherwise it will be a useless meeting after another.

why did the UK refused a couple of laws like the union currency ? Was it not in their interest?

Pride can be a bugger sometimes.
The UK wasn't really willing to see the 'mighty' pound go under in a Euro effort. They don't even belong to the European continent. They think they are America, or better they behave like it...

Bunch of wankers if you ask me. Stuck in the proud days of the English Empire.

uaekid wrote:thanks for the respond, but if they want to be like Europe, they should start with mentality otherwise it will be a useless meeting after another.

why did the UK refused a couple of laws like the union currency ? Was it not in their interest?

There are very diversified countries in the EU. It looks more and more like former SU.

Red Chief wrote:

uaekid wrote:thanks for the respond, but if they want to be like Europe, they should start with mentality otherwise it will be a useless meeting after another.

why did the UK refused a couple of laws like the union currency ? Was it not in their interest?

There are very diversified countries in the EU. It looks more and more like former SU.

Europe has its own problems, but not even close in comparison with the Sovjets back then.

What indicators are you using?

We know those guys from Eastern Block very well. Thanks God we transferred this burden to the more healthy shoulders.

They always wanted to have the same standards of living as Western countries doing next to nothing.

You connected them for anti-Russian reason, but are you strong enough to feed so many people. The crisis will show.

Indicators? No problem. Hungary and Baltic countries are about bankrupts. Who fed them? Austria and Sweden.

RobbyG wrote:

Red Chief wrote:

uaekid wrote:thanks for the respond, but if they want to be like Europe, they should start with mentality otherwise it will be a useless meeting after another.

why did the UK refused a couple of laws like the union currency ? Was it not in their interest?

There are very diversified countries in the EU. It looks more and more like former SU.

Europe has its own problems, but not even close in comparison with the Sovjets back then.

What indicators are you using?

Well said!

Red Chief wrote:We know those guys from Eastern Block very well. Thanks God we transferred this burden to the more healthy shoulders.

They always wanted to have the same standards of living as Western countries doing next to nothing.

You connected them for anti-Russian reason, but are you strong enough to feed so many people. The crisis will show.

Indicators? No problem. Hungary and Baltic countries are about bankrupts. Who fed them? Austria and Sweden.

I didn't connect anything for anti-Russian reasons, neither did Europe. Its about giving countries the opportunity to get out of the mess from the rule of the Russians back then. Giving them a reason to live.

I'm getting a tad tired of you and your divides being a grumpy Russian. Don't you think it is time to look at your own country? There is a reason why Russia has the most suicides in the world. Not even mentionioning in times of crisis like today.

And what you think as 'no problem' in giving me some indicators doesn't hold any ground. You mights wanna inform yourself about ecnonomic indicators and perhaps a rescue body called the IMF and Worldbank, which are funded by the richest nations worldwide to keep the upcomers some credit in succeeding.

They don't expect any from Russia. Thats for sure.
Russian's are only interested in personal wealth and commodities gathering. The more billions the merrier, right?

The icecaps are not even melted around Alaska yet while the Russians are already sending out an army with flag poles to claim land what is 'theirs'. Common dude. You guys have an inferiority complex.

It's a childish point, Rob. We are not on the play-ground.

EU used to be a very healthy organisation but now they themselves don't want to expand anymore because they can't melt previous expansion.

Really you didn't give the countries from former Eastern Block a lot of opportunites. EU wanted to open their markets for goods and financial service only.

Now they don't ask opportinities, but only beg about financial help.

Those countries are European sub-prime, the cause of most finacial problems.

Do you know how much the bodies have transfered to Latvia, a country with 2 million inhabitance?

Red Chief wrote:It's a childish point, Rob. We are not on the play-ground.

EU used to be a very healthy organisation but now they themselves don't want to expand anymore because they can't melt previous expansion.

Really you didn't give the countries from former Eastern Block a lot of opportunites. EU wanted to open their markets for goods and financial service only.

Now they don't ask opportinities, but only beg about financial help.

Those countries are European sub-prime, the cause of most finacial problems.

You are being Childish and the oldest here. Lets keep that centered. I just respond on an even keel as you wished.

Being serious:
Like I said, Europe has its own problems. The expansion to Eastern Europe did go too fast in my opinion also. But the fact remains that easy credit was the cause of that. Things will definately change now.

The thing you seem to forget is that there are people living in those nations you mentioned. Subprime huh? Inferior quality huh? There you go again... for fuk sake Chief !! They're people, not a bunch of mortgage papers that evaporate in a shredder....

And yes, Europe lends money to these countries for a reason called trade. Its nothing new that a lender wants something back in return from the borrower. Its capitalism Chief, not Communism (for you with a capital C)

RobbyG wrote:
The thing you seem to forget is that there are people living in those nations you mentioned. Subprime huh? Inferior quality huh? There you go again... for fuk sake Chief !! They're people, not a bunch of mortgage papers that evaporate in a shredder....

I told you exactly the same in my initial post. It looks like the same hospice as SU was in the end, more like SOCIALISM than capitalism, Rob.

Red Chief wrote:

RobbyG wrote:
The thing you seem to forget is that there are people living in those nations you mentioned. Subprime huh? Inferior quality huh? There you go again... for fuk sake Chief !! They're people, not a bunch of mortgage papers that evaporate in a shredder....

I told you exactly the same in my initial post. It looks like the same hospice as SU was in the end, more like SOCIALISM than capitalism, Rob.

I disagree with intentional socialism. It's malinvestment.

Does hold alot of comparison with socialism. You're right about that

RobbyG wrote:

uaekid wrote:robbyg, what do you think will be the effect of GCC union economically ? they are about to launch the GCC currency and central bank in KSA.

Well, one of the good things of this GCC economic block of oil exporters will be a strong currency when oil prices get back around $80 dollars a barrel. It will be the worlds second currency union effort after the Euro, so The GCC will keep an eye out on how Europe is responding to the financial crisis before introducing it. (ps: the Euro is the model for the single GCC currency). At this point a lot of Euro nations have difficulty following the monetary policies of the ECB (deficit greater than threshold as a percentage of GDP) and those problems are visible in the GCC region also. There is a convergance of economic performance going on.

For example:
Since the crisis began, GCC nations have followed their own individual interest rate policies. The focus on self sustainability is larger than the combined effort of a single currency interest rate policy. So in times of crisis they prefer their own way, so it appears. The GCC is not entirely ready for intrucing the single currency in 2010. It will probably be a few years later when political will has increased.

Saoudi Arabia has lowered its interest rates for greater interbank lending, while Qatar has inflation worries and left interest rates unchanged. They seek other efforts of domestic financial banking support. These different approaches are not possible under a single currency union. For now, its merely identifying the problems that Europe faces and learn from the process in the coming years. Eventually the GCC currency will benefit from a single currency as it becomes easier for foreign investors to put money into the GCC region.

Gulf States will Stick to 2010 Deadline for Currency Union

(Bloomberg)
8 May 2009

DUBAI — Five Gulf Arab countries seeking to adopt a euro-style single currency are sticking to next year’s deadline for monetary union, Qatar’s central bank governor said.
“We will still continue with 2010 and we’ll be working hard to achieve our goals and objectives,” Governor Abdullah Saud Al Thani said in an interview in Singapore today. Gulf Cooperation Council members in March abandoned the 2010 target and GCC Secretary-General Abdul Rahman Al Attiyah yesterday said a new deadline hadn’t 
been set.

Qatar, one of the Gulf states that was vying to host a united Gulf central bank, was also happy with the selection of the Saudi Arabian capital of Riyadh for the institution’s headquarters, 
Al Thani said. “We will be working hard to accomplish the GCC union,” the governor said.

Five countries planning to launch a single currency decided on May 5 to locate the monetary council, what will later become the unified central bank, in Saudi Arabia, the Arab world’s largest economy. The United Arab Emirates, which had also been competing to host the bank, said they expressed ‘reservation’ at the selection, according to state-run WAM news agency.

A GCC official said in March that the 2010 deadline for reaching monetary union would have to be extended as too many technical issues remained.

The drive to create one currency and drop pegs to the dollar has waned in recent months as Gulf central banks increasingly acted independently of each other to solve liquidity problems caused by the global financial crisis. Little progress had been made since September when the central banks approved the agreement for 
monetary union. The original 2001 agreement to set up the new currency included Saudi Arabia, the UAE, Qatar, Oman, Bahrain and Kuwait. Oman pulled out in 2007.

http://www.khaleejtimes.com/biz/inside. ... n=business

Maybe I should put that information about Qatar on visit-qatar.com?
What do you think Robby?

By the way!! VERY NICE boats on nauticdreams.blogspot.com now!!!