Posts Tagged ‘Abu Dhabi’

London Is the World’s Most Expensive City to Park a Car

Monday, August 30th, 2010

London is the most expensive city to park a car. London remains the most expensive place to park a car, according to the 2010 Global Parking Rate Survey by Colliers International.   The City and West End scored number one and two in terms of monthly parking rates with The City topping out at $933 USD per month (£643), followed by the West End at $874 USD (£602).  Hong Kong came in third at $745 USD per month ($5,800 HKD).  Two Australian cities again made the top 10 list:  Sydney ranked number six and Perth number seven.

The highest daily parking costs were found in European cities, with Oslo occupying the number two spot at $54.52 (352.00 NOK).  Amsterdam, Vienna, Athens and Copenhagen all made the top 10 list.  In the 2010 survey, Abu Dhabi won the dubious honor as the world’s most expense place to park for the day at $55 USD.  The cheapest city to park is Chennai, India - a bargain at 96 cents for the day.

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Dubai World Building Boom Leaves It Owing Billions to Banks

Wednesday, June 16th, 2010

Dubai World is in talks to renegotiate $26 billion of debt, asking its banks for approval to defer loan payments. State-owned holding company Dubai World is in talks to renegotiate $26 billion of debt and asking its banks for approval to defer loan payments.  The banks are hoping to avoid a haircut - taking less money than they are owed.  Dubai’s government also might provide a guarantee to the banks that are owned money.  Dubai World and its Nakheel PJSC and Limitless LLC property units used the loans to finance development of palm tree-shaped islands off the emirate’s coast.  When the financial crisis hit in 2008, Dubai World ran into difficulty refinancing its real estate loans.

Saud Masud, Dubai-based head of Middle Eastern research at UBS AG, said “The proposal will be a meaningful one.  I would highly doubt that what they come out with will be accepted and everyone moves on.”  Meanwhile, Dubai World advisors Deloitte LLP and Moelis & Co. have asked the Dubai Financial Support Fund for help funding their interest payments on the loans.  Dubai World is relying heavily on asset sales to finance the payments.

Dubai World plans to consult with the government of Abu Dhabi and the United Arab Emirate’s central bank, which was one of three institutions that lent Dubai $20 billion last year to support the state-owned firms during the credit crisis.  The once ambitious Dubai World’s development plans leave the holding company owing money to more than 90 banks.

To hear Rochdi Younsi’s recent podcast about real estate in Dubai, click here.

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Posted in Development, Economics, Financing | No Comments »

Middle East Investors See Good Deals Globally

Thursday, February 4th, 2010

Middle East investors shopping in Europe and the Far East.Capital is flowing out of the Middle East and being invested in real estate across the globe, according to Nicholas Maclean, Managing Director, CB Richard Ellis, Middle East. “The outflow of capital from the Middle East to be invested into real estate properties worldwide has been higher than the influx of global capital into real estate properties in the Middle East.  The UAE, in particular, has been looking to diversify its investments and part of the reason has been the lack of transparency within this region.”

Europe and the Far East have received the lion’s share of Middle East investment, with India and China perceived as strong growth markets.  Additionally, United Arab Emirates capital is being infused into Abu Dhabi’s office and hospitality sectors.  “Capital spent as FDI into real estate within the Gulf Cooperation Council represents only 11 percent of the total.  Cross-border activity in the world has exceeded 50 percent and so we have a great opportunity to be the recipient of more investment,” Maclean said.

In terms of where the Middle East is placing its investment dollars globally, “London, Paris and Germany have been the largest recipients in Europe while Hong Kong, Singapore and Australia saw the largest inflows in the regions in the Far East.  Knowledge and liquidity have been the key driving forces for the Middle East investors transferring capital to these areas.  Institutional investors from the Middle East are investing in commercial developments in these markets while individual investors are looking at residential properties in the UK,” Maclean said.

To learn more about the Middle East and its real estate market, listen to Rochdi Younsi, director in the Middle East and Africa practice of Eurasia Group, analyze the major players in real estate and the new investment opportunities in the Middle East.

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Posted in Development, Economics, Office, Residential | No Comments »