If all goes according to the transport authorities’ plan, by 2030 30% of trips taken in the emirate will be handled by public transit – more than triple the 9.5% for recorded in mid-2011. Owned and operated by the Roads and Transport Authority (RTA), Dubai’s public transit system includes local buses, inter-city buses, marine transport and a two-...
Since the global financial crisis struck Dubai in 2008/09, successive waves of new regulation have been brought in for banking and the financial sector in general. These have been both local and global, as Dubai and the UAE have sought to meet new international best practices and requirements while taking account of their own unique characteristics...
The high levels of reinsurance activity in the Dubai market follow a regional pattern which saw GCC insurers cede an aggregate 46% of their non-life premium income in 2011, according to the Qatar Financial Centre’s (QFC) “GCC Reinsurance Barometer”. While some of this business is directed towards local firms, the majority is placed with foreign...
The sukuk (Islamic bond) market in Dubai saw some spectacular surges in 2012, with yields diving on high demand. This has echoed global trends that have thrust sukuks more into the international investment spotlight in recent times, with the global market hitting $20.5bn of issuance in the first half of 2012, up 36.7% on June 2011, according...
Total government revenues for Dubai have quadrupled from Dh10bn ($2.7bn) in 2003 to an estimated Dh42bn ($11.4bn) in 2011, according to the IMF. The 2011 figures include an estimated Dh10bn ($2.7bn) in cash transfers from Abu Dhabi. Expenditures have been traditionally balanced to control the budget deficit, but the financial crisis in 2008 prompted...
Just over three decades ago in 1979, construction wrapped up on what was at that point an unprecedented project in the Middle East. About 40 km south of Dubai’s historical centre – in what had been a vacant sandy lot – construction teams were working to dredge what would become Jebel Ali Port. Now complete, it has become the largest man-made port in...
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