Posts Tagged: persian gulf

Dubai home price decline worsens

03 March 2015 - 14:05 pm

A decline in Dubai residential property prices is steepening as foreign interest dries up, according to new research.

The emirate’s yo-yoing real estate market, which collapsed by two-thirds in 2008, recovered strongly after the Arab spring unrest of 2011 drove demand for housing in the region’s business haven.

Apartment sale prices decreased 3.7 per cent, while villas fell by 3 per cent in the first six weeks of 2015, when compared to the last quarter of 2014, according to Phidar Advisory, a real estate consultancy.

It said: 

Dubai residential demand is teetering.

The consultancy added:

Price decline is gradually accelerating

Phidar, which tracks a portfolio of flats and houses across Dubai, said apartment values are down by one per cent and villas are down 8 per cent compared to the first quarter in 2014. >> Read More


Iran’s Revolutionary Guards launched cruise missiles at a life-size copy of the US Nimitz aircraft carrier as they started naval exercises in the Strait of Hormuz, the country’s Tasnim New Agency announced.

The aircraft carrier model was sunk with four life-size Nasr cruise missiles, which have an operational range of 35 kilometers and a 150 kilogram  armor-piercing high-explosive warhead.

In addition, the Revolutionary Guards launched Khalij Fars (Persian Gulf) ballistic missiles from a coastal port. The missiles have a range of 300 kilometers and can reach mach 3 speeds (at least 1020 meters per second).

The drills, dubbed Great Prophet Nine, take place in the Strait of Hormuz, a 39 kilometer-wide waterway which is the sole entrance to the Persian Gulf.

 Iran’s state television said that the war games’ goal is to “demonstrate the power” of the Iranian Navy in protecting the country’s interests in the Persian Gulf.

Dubai Unveils Balanced Budget for 2015

04 January 2015 - 18:09 pm

Dubai’s government is expecting to run a balanced budget in 2015, even as it increases spending by 9% compared with a year earlier, an official statement said.

The no-deficit budget would be Dubai’s first in the six years since the global financial crisis. It reflects strong local economic growth coupled with a boost in expected revenues from taxes and real-estate transaction fees, according to a statement on Saturday carried by the official WAM news agency.

A semiautonomous member of the United Arab Emirates, Dubai’s rise in fortunes comes as the Persian Gulf business hub enjoys an economic resurgence. Real-estate prices have registered double-digit rises in the past two years after plummeting in the aftermath of the crisis in 2009, although the pace of growth has slowed in recent quarters.

Trade and tourism have also provided a lift for Dubai, which unlike its neighbors doesn’t have large oil and gas reserves. The local economy was on track to grow by more than 5% in 2014, according to a forecast by the Institute of International Finance last year. >> Read More


Dubai is launching a project to build an entertainment and hotel district that will include the world’s largest shopping mall, the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, said on Saturday.

Plans for the “Mall of the World” project were originally revealed 18 months ago, helping to trigger a strong rally in Dubai’s real estate and stock markets.

Saturday’s announcement appeared to indicate that substantial work on the project would now begin, though the statement did not say when construction would be completed, how much it would cost or how it would be financed.

“The project will be built in phases in alignment with the gradual growth of family tourism in Dubai,” said Mohammed Abdullah al-Gergawi, chairman of Dubai Holding, which is Sheikh Mohammed’s personal investment vehicle and will develop the project. >> Read More

Dubai Wants Drone Mailmen Within A Year

10 February 2014 - 18:45 pm

Dubai Wants Drone Mailmen Within A YearThe United Arab Emirates (UAE) aims to rollout a drone delivery system for mailing government documents within a year, Sky News reports.

 Dubai plans to use miniature unmanned aircraft that would use fingerprint and retina identification to delivery parcels such as identity cards, driving licenses, and other permits in the country.

“The UAE will try to deliver its government services through drones,” cabinet affairs minister Mohammed al Gergawi told Sky News. “This is the first project of its kind in the world.” >> Read More

Dubai wins bid to host 2020 World Expo

28 November 2013 - 5:46 am

The United Arab Emirates has won the right to host the 2020 World Expo in Dubai, sparking national jubilation as the business and tourism hub secured a fillip to its recovering economy.

Five years after its damaging economic crisis, Dubai on Wednesday became the first Middle Eastern country to host the expo, fending off competition from Ekaterinburg (Russia), Izmir (Turkey), and São Paulo (Brazil) in the international vote held in Paris.

 Expos, dating back to the great exhibition of 1851 in London, are held every five years and allow nations to create their own pavilions to showcase national development in science and culture.

Dubai, which has been planning its bid since 2009, will build its expo complex near its new airport in the city’s desert outskirts, where the emirate is set to unveil a massive expansion potentially trebling the city’s passenger capacity by 2020.

After the announcement, a fireworks display lit up the world’s tallest tower, the Burj Khalifa in downtown Dubai.

“Expo 2020 will trigger higher levels of tourism, economic and investment activity in the UAE, further boosting the business environment,” said Khalid Howladar, Dubai-based senior credit officer at Moody’s, the rating agency.

Dubai’s damaging real estate crash in 2008 and sovereign debt crisis a year later ended in a $20bn-plus bailout backed by Abu Dhabi, the oil-rich UAE capital. The city is still burdened by an estimated $120bn debt and faces maturity repayments of about $85bn by 2017, according to the IMF. >> Read More

MIDEAST Indices -Today Zoomed

20 October 2013 - 20:24 pm


* The index climbed 1.9 percent to 8,133 points.


* The index rose 2.8 percent to 2,910 points.


* The index slipped 0.3 percent to 3,830 points.


* The index rose 1.0 percent to 6,049 points.


* The index gained 0.5 percent to 6,705 points.


* The index advanced 1.8 percent to 7,906 points.


* The index edged up 0.3 percent to 9,752 points.


* The index climbed 0.8 percent to 1,204 points.


The U.S. has intercepted an order from Iran to militants in Iraq to attack the U.S. Embassy and other American interests in Baghdad in the event of a strike on Syria, officials said, amid an expanding array of reprisal threats across the region.

Military officials have been trying to predict the range of possible responses from Syria, Iran and their allies. U.S. officials said they are on alert for Iran’s fleet of small, fast boats in the Persian Gulf, where American warships are positioned. U.S. officials also fear Hezbollah could attack the U.S. Embassy in Beirut.

While the U.S. has moved military resources in the region for a possible strike, it has other assets in the area that would be ready to respond to any reprisals by Syria, Iran or its allies.

Those deployments include a strike group of the USS Nimitz aircraft carrier and three destroyers in the Red Sea, and an amphibious ship, the USS San Antonio, in the Eastern Mediterranean, which would help with any evacuations. >> Read More

Indian oil tanker detained in Iran

15 August 2013 - 17:42 pm

An Indian ship carrying Iraqi crude has been detained by Iran in its territorial waters due to pollution concerns, the head of the refiner buying the oil and India’s shipping directorate said today.

The Desh Shanti was carrying 140,000 tonnes of Basrah crude from Iraq to India, a separate source at buyer Hindustan Petroleum Corp Ltd (HPCL) said.

Iraq was India’s biggest supplier of crude in June, pipping Saudi Arabia for the top slot with exports of 606,000 barrels per day (bpd). Exports from Iran, which used to be India’s second-biggest supplier, have dwindled because of western sanctions.

“It was a Shipping Corp of India (SCI) vessel carrying Iraqi crude for us … it was detained by Iran authorities to check pollution,” HPCL Chairman S. Roy Choudhury told Reuters.

The ship was stopped on Tuesday. >> Read More


With Petroleum Minister M Veerappa Moily openly batting for importing oil from sanctions-hit Iran by saying that domestic refiners enjoy greater margins on shipments from there, Government sources have rubbished apprehensions emanating from the Persian Gulf nation that these could be efforts of pressurising it into selling its crude at less than global market price.

 sources told  that there is “absolutely nothing” concrete in fears emanating from Iran that by giving such a statement New Delhi may ask Tehran to sell its oil at cheaper price since that country is hit by sanctions and is not left with much choice.

They added that Iran has been one of the most viable options for oil imports for India and this is the reason why the Government is keen to keep the shipments from the Islamic nation. In fact India has been maintaining the position that the sanctions imposed on Iran by the US and European Union (EU) don’t apply on New Delhi and therefore it won’t be cowed down by the restrictions on that country.

“Our refiners enjoy much better margins as the cost is $2 less and that is why we are seriously engaging with Iran,” Moily had said last Friday. >> Read More

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Technically Yours,
Team ASR,
Baroda, India.