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News update
>> MSCI to cut weights of some Qatar, UAE stocks -document
>> Dubai says new sukuk to open door for long-term issues by state firms
>> Private equity revives as regional markets reopen
>> Gold industry shifts east as Dubai plans huge refinery, spot contract
>> FNC passes anti-money laundering bill
>> Booming Dubai boosts lender ENBD’s Q1 profit
>> Middle East funds become more cautious on UAE -survey
>> Global economic rebound to boost Middle East growth
>> Emaar may list malls unit on Dubai Financial Market
>> Troubled Arab states struggle to deliver on jobs
The UAE’s most exclusive apartments
Profiting through good etiquette
Demand For Dubai Office Space Surges
>> Read more >> Read more>> Read more >> Read more >> Read more
MAY 2014 Vol. 3 - No. 6
Regional Markets Feel MSCI Love C
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The UAE’s most exclusive apartmentsBy Rob Green
A jet-setting business population means top dollar luxury is no bar in the UAE. With an established freehold market, Dubai leads the way in eye-catching penthouses and expansive top-floor living spaces that epitomize high living.
Up first on the list of exclusive apartments is a penthouse that claims to be the largest in the Dubai Marina area. With 12,000 square feet of internal area joined to an 8,000 square foot terrace offering superb views of the Marina, that probably isn’t far off the mark.
Four parquet-floored bedrooms come with their own en suites, with an additional bathroom lurking in the living area. There are not one but two kitchens – the back one is presumably for maid duty if the occupants don’t want their living space disturbed by the floating smells of
culinary preparation.
The living room is large enough to be divided into three sections: a TV room, a reception area, and a formal dining area. Add in a maid’s quarter, storage room, study room and four parking spaces thrown in. The apartment is in the market for an eye-watering AED22 million, but you get what you pay for.
For the lap of truly exorbitant exclusivity, look no further than the multi-level penthouses planned for the Al Habtoor City development near Business Bay. First, there’s the location – the penthouses will be situated in three towers next to an aqua theatre and three international hotels. The elite presidential style penthouses will clamber over four storeys and 32,000 square feet, each featuring a private sky garden and swimming pool. A sky lounge will offer 360-degree panoramas of Dubai.
If that weren’t enough, Al Habtoor insists that exclusivity will be the watchword for all design elements, with finishing materials sourced only from the world’s top brands.
The only catch: Al Habtoor isn’t sure whether it’d actually want to part with the penthouses. But if they do hit the market, the developer says the price won’t be less than an absolutely staggering AED918 million each.
For those looking at luxury within reason, Dubai’s financial district offers a bankers’ pad at a relatively tame AED35 million. The floor plan is a geometry lover’s dream, all straight lines and angular planes across two storeys. Five
a half bedrooms look out onto the burnished aluminum of the Burj Khalifa, as do two balconies. Situated in the Index Tower, it’s at the very heart of high finance. The location has no doubt something to do with the asking price.
Floor space is highly generous at close to 8,000 square feet. That would merit several trips to the local furniture store – if the magnate inhabiting these quarters would deign to bother with the local furniture store.
All that space needs to be put to use. So the penthouse has formal and informal dining rooms, and formal and informal sitting rooms. And there’s a separate TV room when you’re tired of making trades in one of your two studies.
For those in the know, Le Reve is the place to go. The tower in Dubai Marina is considered one of the city’s most exclusively luxurious. And AED22 million in spare change can net you a penthouse there with 6,100 square feet of luxurious space. For that, you get your own reception area, floor to ceiling windows, and four en suite bedrooms.
There’s obviously a maid’s room, and a large sky terrace looks majestically overall all the Marina activity. Luxury finishing materials are the norm. Not for the faint-pocketed, but practically a bargain compared to Al Habtoor’s asking price.
Not everyone wants the hassle of mortgages and outright purchase. For well-heeled individuals looking to rent, there is the Sky Tower penthouse in the heart of the Dubai
Marina. It would help to have a predilection for bedrooms – this 7,500 square foot apartment has eight of them. There are also four balconies for you to view the city from all possible angles.
Spending responsibly is essential. But for those who can genuinely afford it, the UAE offers exclusivity and luxury with a panache few destinations can match. © Zawya
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Profiting through good etiquetteBy Hisham Wyne
Of the three things that make a business pitch successful – preparation, intelligence and presentation – the latter is also the most important.
As Kaveeta Punjabi, founder of KGPiee Etiquette Enhancers in Dubai noted: “It’s essential to realize that presentation and communication is as important, if not more so, than your capability and experience. I would say that 60% of the impact actually comes from how you say something, not what you say.”
Etiquette in business is becoming big business, particularly in fields that require aggressive deal closings and pitches to impress clients. Sales, business development and hospitality are three areas where etiquette and deportment rule the roost.
“My theory is that if education is what defines you, you need something to refine you as well. There’s no point in being educated, and knowing your craft, but not being able to choose the right cutlery at a business lunch,” Kaveeta explained.
And she should know, having served as GM for a leading Dubai hotel before deciding to start an etiquette school where she teaches finishing courses. Etiquette is a complex system, where behaviour, body language and presentation all come together. It helps create confidence and trust, improving the business bottom line by helping close deals and finalize contracts.
“This is a competitive world, where every edge counts. In etiquette, we also talk about body language for sales people, and how you come across. For instance, the right way of shaking hands, the right of presenting a visiting card, your stance, how you might talk to your client effectively. And ways to help read body language so you know if your client is interested in what you do.”
Business lunches can be hazardous affairs for the underprepared because of the number of things to pay heed to: how to eat, how to order, eating politely, making conversation. But Punjabi says a strict rule is to forgo staring longingly at the meal to pay attention to the person sitting opposite you.
“If you’re going out for a business lunch, make sure your attention is on your client, not
on your plate. You’re really there to close a business deal, not to eat to your heart’s fill.”
Etiquette can be a complicated world. Fortunately, Punjabi has few general pointers that will hold people in good stead in the business world.
First: handshakes are important, as they’re the first physical contact people have with one another. And physical contact can be useful trust builder if done correctly. “Handshakes shouldn’t be limp. They should be web of the hand to web of the hand, and should involve the entire elbow, not just the hand. It shows you mean business and know where you’re heading. Limp handshakes are associated with indecisiveness,” Punjabi explained.
Then there are the norms surrounding one of the most common sights in the business world – giving and receiving business cards. “When you present a visiting card, do so with your name facing the receiver – it shows respect for who you are. And if you’re receiving a card, always study it for a minute and comment on it if you can, to show you care,” Punjabi recommended.
Understanding etiquette is realizing that people have different norms and cultural influences guiding them. “Know who you’re meeting, and what code of dress they subscribe to. Some nationalities dress more formally than others. You can get away with a lounge suit with some people; with others you might need to go more formal,” Punjabi
added.
Comportment involves multicultural acceptance and understanding – realizing that people have different norms for greeting one another. “I remember, many years ago, my hotel staff being perplexed at the Emirati greeting of touching noses. That’s just down to not being aware, or trained,” Punjabi recalled.
And finally, dress well if you can. “It’s human nature. Well-dressed people gain more attention. If you walk into a mall boutique in a suit, and then repeat that experiment in a t-shirt and pair of jeans, you’ll see there’s a difference in speed of service and attentiveness,” Punjabi added.
It might not be fair, but etiquette and presentation is what wins the business world. “Being presentable is just as important as hard work and intelligence. In fact, in some cases it might be more so,” she concluded. © Zawya
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MARKETS UPDATE
Regional Markets Feel MSCI LoveThe Chinese economy is alive and well. Investors rejoiced as Beijing announced its first quarter GDP stood at 7.4%, marginally better than analyst estimates. The continued growth in the Chinese economy eases concerns about a much sharper slowdown. But the growth may also reduce expectations of a major stimulus package, interest cut rates or more aggressive monetary easing from Beijing.
Analysts fear though, that the Chinese economy is not out of the woods yet. Weaker-than-expected March data releases, such as lower industrial production, property investment and weaker imports and exports, point to continued soft demand, which warrant more supportive measures to stabilise growth.
Meanwhile, U.S. Federal Reserve Chair Janet Yellen continued to soothe markets, affirming that the bank would continue to keep interest rates low.
Elsewhere geopolitical events continue to dictate commodity prices, especially crude oil. Ukraine continues to unravel, bringing Russia and Western nations closer to a showdown which would only hurt the global economy. Oil prices are at an elevated level as the market fears the West may look to punish Russia with possible sanctions on its oil and natural gas exports. It will be a double-edged sword as many EU nations are heavily dependent on
Russian energy exports.
But European markets are taking their queue from their counterparts across the Atlantic, with the Euro Stoxx 500 index and France’s CAC 40 both up nearly 5% in one month.
A stronger euro, however, could cap gains as it is eating into EU corporate profits. Sixty percent of European companies that reported results in the first quarter have missed expectations, Thomson Reuters data shows, and that means the European Central Bank will likely keep all its monetary options on the table.
Emerging markets are also getting another look after being battered for much of the first quarter. Mutual fund flows to emerging equities were positive for the week ended April 2 —at USD2.4 billion, the first net inflow this year.
“Flows to emerging market ETFs—bonds and equities—have been rising at their fastest pace in 7 months… EM currencies have been tracking higher as well, despite
continued weakness in the RMB (off 2.8% from its January highs) following the widening of its trading band,” said the Institute of International Finance.
Gulf markets are enjoying a nice bump as the MSCI index is set to raise the UAE and Qatar to emerging market from frontier market status. S&P Dow Jones Indices will also upgrade the markets in September.
Analysts expect AED600-million to flow in regional markets after the MSCI upgrade.
Qatar and Abu Dhabi markets have both hit 8-year highs in recent days, while Saudi Tadawul also scaled highs last seen five years ago.
Dubai has also been bolstered by news that its financial market may merge with the Abu Dhabi stock exchange.
Oil
Brent crude hit a six-week high to reach $110.36 as the market feared disruption of Russian supplies. The potential return of Libyan
crude oil is a welcome development, but rising demand for the crude will likely keep oil prices at high levels.
Currency
The trade-weighted USD index weakened as other major currencies gained ground on the greenback. The EUR is among the outperformers despite data that showed German producer prices fell a more-than-expected 0.3% in March and have remained below year-ago levels for the past 8 months.
Gold
Gold is hovering around the USD1,300 per ounce range on a lower dollar, despite worries over physical demand from China and India – the precious metal’s two largest markets. But these concerns were counterbalanced by the Fed’s recent remark that it would keep its monetary policy loose. © Zawya
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Demand For Dubai Office Space SurgesDubai’s office real estate sector seems poised to catch up with the residential real estate sector, and in many ways it’s an even more meaningful indicator of the emirate’s strong economic recovery.
“Dubai’s office sector made a strong start to the year, with the number of leasing transactions up significantly in both annual and quarterly terms in Q1 2014,” said Knight Frank research. “However, the value of transactions were down markedly on the previous quarter – not surprising given that a flurry of high-value leasing contracts were signed by corporates before year-end.”
The emirate has been enjoying a renaissance with business confidence rising and an upbeat mood as the emirate’s debt worries fade. The Department of Economic Development (DED) registered more than 18,000 businesses last year, an 11.4% improvement over the previous year, with professional services leading the way.
Dubai Internet City announced registration of 181 new companies last year, while World Expo 2020 is also expected to bring in a fresh wave of companies.
The DED Consumer Confidence Index was at its highest level since its inception in 2011. The survey showed 95% of participants believed the Dubai economy will improve over the next 12 months, while 79% believe job prospects
were excellent or good.
“The growing confidence is further reflected in the decrease in the percentage of people who believe that Dubai economy is under the impact of recession, from 24 per cent in Q4 2013 to 14 per cent in Q1 2014,” the DED said.
Jones Lang La Salle expects to see 1.6 million square meters of commercial real estate enter Dubai markets over the next three years, which should keep prices in check.
“Business Bay remains the fastest growing area, accounting for 42% of total new supply over the next three years. Other areas tipped to witness major completions between 2014-2016 include Dubai International Financial Centre, Jumeirah Lake Towers, Silicon Oasis and Dubai Investment Park,” JLL noted.
Vacancy rates remain steady at 50%, but key areas have seen considerable demand.
“Consistent with that, rental values in locations such as Emaar Square/Downtown, Tecom C and Business Bay have seen double-digit increases over the past year,” Knight
Frank noted. “However, this has largely been limited to prime office buildings under sole ownership.”
Asteco, another Dubai-based real estate consultancy, notes that office rental rates in places such as Jumeirah Lake Towers (up 79%) and Business Bay (up 50%) soared in the first quarter of 2014, compared to the same period last year.
A recurrent trend in first quarter was extension of lease terms, often beyond five years, as tenants anticipate future growth and are keen to secure a lease agreement and initial capital expenditure, Asteco said in its latest report on the emirate’s real estate sector.
“Significant growth was witnessed in Dubai Internet and Dubai Media City due to existing companies expanding and new DMC licensed companies taking up office space. Consequently this has led to a limited availability in the area.”
Most crucially, companies are also looking to acquire freehold accommodations suggesting greater confidence in the emirate’s business real estate sector.
Demand for Dubai office real estate was broad-based. Professional services sector accounted for nearly 40% of demand, while technology (14%) and general trading (12%) sectors were the next biggest sources of demand. © Zawya
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Development Min MaxQ4 2013-Q1 2014
Q1 2013-Q1 2014
Bur Dubai 65 130 3 15Business Bay 75 150 13 50DIFC 150 300 2 0Dubai Internet City 140 200 10 31Dubai Investment Park 45 70 5 28Jumeirah Lakes Towers 65 150 19 79Sheikh Zayed Road 90 270 3 29Tecom C 65 120 9 23
Average Rental Rates
(AED/ft2/pa) % Change
Dubai Office Rental Rates (Q1 2014)
Source: Asteco
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Major currencies strengthen as outlook improves
Federal Reserve Chair Janet Yellen’s pronouncement that the U.S. will maintain its monetary stimulus did little to weaken the American dollar. Indeed the greenback cut its losses of recent weeks against other major currencies and rallied.
The Fed Chair reported that America’s unemployment rate was down to 6.3% while GDP growth rates was expected to clock 3.25% in the second half of the year, a faster pace than in the first half and during the preceding two years.
Most notably she maintained that “a high degree of monetary accommodation remains warranted.”
But the Yellen does not believe the U.S. economy is out of the woods yet.
“Many Americans who want a job are still unemployed, inflation continues to run below the FOMC’s [federal open market committee] longer-run objective, and work remains to further strengthen our financial system,” she said in a testimony on the U.S. economic outlook on May 7.
Almost in defiance, the dollar rose against the euro to reach $1.3918, after falling to a seven-week high. The American dollar was little changed at 101.65 yen, after touching three-week low.
Across the Atlantic, European policymakers are also worried about a strong euro, which is not aiding the continent’s fragile recovery. Even the threat of a Ukraine-Russia crisis has not cooled the currency.
While the European Central Bank is responsible for monetary policy, European politician are pushing for a weaker currency to help exports.
Citing a French Finance Ministry report,
Economy Minister Arnaud Montebourg estimated that a 10% drop in the euro could boost France’s GDP by 0.6% in a year and twice as much in three.
The ECB has promised to act if the currency overheats but has remained on the sidelines so far as other economic indicators are improving.
The British pound is trending even higher against the dollar at $1.6964, amidst a vastly improving economy. The Organization for Economic Cooperation and Development increased its 2014 economic growth forecast for the U.K. to 3.2% from the 2.4% projected last year, and also bumped up estimates for 2015 to 2.7% from 2.5%.
The Japanese yen has benefited from its traditional status as a safe-haven amid geopolitical threats. The currency has been trading in a narrow range over the past few months against the American dollar but analysts expect the Bank of Japan to eventually turn towards further stimulus, driving the dollar to 109 yen by year-end, from its current level of 101.7.
Among emerging markets, the declining value of the Chinese yuan has prompted market observers to take a deeper look at the country’s exchange rate policy and outlook for the currency.
The yuan has depreciated nearly 3.5% against the American dollar by April, and as the Chinese economy remains frail, most observers are not ruling out a further decline.
Meanwhile, the normally calm Kiwi dollar fell by more than half a cent after its central bank warned it may intervene against a currency boosted by rises in interest rates.
It’s an indication that central banks are keen to weaken their currency and stimulate growth amid an uncertain recovery.© Zawya
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NEWS UPDATES
MSCI to cut weights of some Qatar, UAE stocks -documentInternational equity index compiler MSCI will cut the weightings of eight major Qatar and United Arab Emirates stocks when it upgrades those countries to emerging market status, according to a document seen by Reuters.
The document, sent by MSCI to financial firms, said the weightings of those stocks - four in Qatar and four in the UAE - would be reduced “as they may pose accessibility issues to international institutional investors”. – Reuters
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Dubai says new sukuk to open door for long-term issues by state firmsDubai’s government hopes its first 15-year sukuk issue - an unusually long tenor for an Islamic bond - will pave the way for long-term debt sales by its state companies, the Department of Finance said.
Dubai drew $2.3 billion of investor demand for the $750 million issue, pricing it at 5.0 percent, the tight end of initial guidance. – Reuters
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Private equity revives as regional markets reopenAs Dubai freight-forwarding firm Able Logistics Group began preparing early this year to go public, it conducted a leveraged recapitalisation, taking on fresh bank debt so it could pay a cash dividend to shareholders.
By the standards of developed Western markets, the transaction was routine. But for the Middle East it was an unusually creative deal, a sign that the region’s private equity industry is finally building momentum as capital markets unfreeze after the global financial crisis. – Reuters
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Gold industry shifts east as Dubai plans huge refinery, spot contractIn the desert on the outskirts of Dubai, one of the world’s biggest gold refineries is under construction. When completed next year, it will help to alter the balance of power in the global gold industry.
Growth in demand for the precious metal is shifting east, to Asia’s fast-growing economies. But key industry activities such as refining and clearing - matching investors’ buy and sell orders - remain dominated by Europe and the United States. – Reuters
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FNC passes anti-money laundering billThe Federal National Council passed a draft law to fight money laundering and terrorist financing.
The bill strengthens the integrity of the country’s financial strengths in line with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation — the FATF Recommendations, according to members of the House. - Gulf News
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Booming Dubai boosts lender ENBD’s Q1 profitEmirates NBD expects the buoyant local economy to keep boosting its profits and allow the bank to build up its bad loan coverage ratio without the kind of severe provisioning which stymied recent earnings, its CEO said.
Dubai’s largest lender beat analysts’ forecasts with a 25 percent jump in first-quarter net profit to 1.04 billion dirhams ($283.7 million) as higher interest and fee income outstripped a jump in provisions. - Reuters
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Middle East funds become more cautious on UAE -surveyMiddle East fund managers have become more cautious about stock markets in the United Arab Emirates because of concern that Dubai may be overheating, a monthly Reuters survey shows.
The survey of 15 leading investment managers, conducted over the past 10 days, found they are still bullish about the region’s stock markets in general: 33 percent expect to increase their Middle East equity allocations in the next three months, and only 13 percent to decrease them. – Reuters
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Global economic rebound to boost Middle East growthThe return of world’s leading economies such as US, UK, Germany and Japan will drive the global recovery in 2014 and it will have a very positive impact on the Middle East, especially the Gulf countries, said Nariman Behravesh, Chief Economist at IHS, on the sidelines of IHS Forum in Dubai.
“We are seeing positive economic growth signs in the Middle East, primarily driven by the Gulf countries. The UAE and Saudi Arabia are growing in excess of 4.5 per cent,” he said. “Regional consumer spending is on the rise, the regional unemployment rate will be below that of France, Germany and Italy for the next three years and compound annual growth rates are forecast to be above-average through 2035.” - Gulf News
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Emaar may list malls unit on Dubai Financial MarketEmaar Properties is talking to regulators about the possibility of listing its shopping malls unit on Dubai Financial Market (DFM), the emirate’s main bourse, instead of Nasdaq Dubai, sources aware of the matter said.
Last month, Dubai’s biggest property firm hired Morgan Stanley to manage an 8-9 billion dirham ($2.2-2.5 billion) listing of the unit, which would be one of the biggest equity deals in the region for years.
Company officials previously said there might be a dual listing on Nasdaq Dubai, the smaller of the emirate’s two exchanges, and London. – Reuters
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Troubled Arab states struggle to deliver on jobsOil-importing Arab countries need to create seven million jobs through 2018 to cut soaring unemployment levels, but are unlikely to achieve that target with modest GDP growth rates, according to the International Monetary Fund (IMF).
More than three years after a popular uprising in the Arab world mostly by young people demanding social equality and jobs, the regional authorities have struggled to meet the demands of their citizens.- Zawya.com
Read full article. © Zawya
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risk, liquidity risk and credit risk. Emirates NBD may use different models, make valuation adjustments, or use different methodologies when determining prices at which Emirates NBD is willing to trade financial instruments and/or when valuing its own inventory positions for its books and records. In receiving the publication, you acknowledge and agree that there are risks associated with investment activities. Moreover, you acknowledge in receiving the publication that the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in the publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with you. You acknowledge and agree that past investment performance is not indicative of the future performance results of any investment and that the information contained herein is not to be used as an indication for the future performance of any investment activity. You acknowledge that the publication
has been developed, compiled, prepared, revised, selected, and arranged by Emirates NBD and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Emirates NBD and such others. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, shall, as between you and Emirates NBD, at all times be and remain the sole and exclusive property of Emirates NBD and/or other lawful parties. Except as specifically permitted in writing, you acknowledge and agree that you may not copy or make any use of the content of the publication or any portion thereof. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with the publication, or the names of any individual participant in, or contributor to, the content of the publication, or any variations or
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