Dubai Financial News In Brief

UAE LAND IN WORLD TOP FIVE
All on a sudden the UAE specially Dubai & Abu Dhabi jupmed to 23rd position to notch the fourth position among the most active land markets in the world during the first half of 2008. The global sales reached to USD64 Billion.China topped the list with 44% of global land sales valued at USD28.2 billion,India=USD4.5 billion while USA with USD3.8 Bliion.
Developmental sites & construction in UAE reached to UAS3.7 billion increasing at 1349 percent.
The total value of land transaction in Dubai has crossed Dh144.3 billion during the first 6 month of 2008 compared with Dh175 billion during 2007. There were cash sales worth Dh53.79 billion,mortgage =Dh48.19 billion and property worth Dh6.29 billion.

BEAR EFFECT on DFM (Dubai Financial Market):
From its 6200 points in January 2008 th DFM stocks plunged to less than 5000 points. Emaar droped to Dh9.60. Also affected DIB (Dubai Islamic Bank. The losses dragged the DFM's General Index down to 4944 points with a mjor sell-off. An dinvestors are not willing to hold the stock due to American recession fear that may affect the Middle East soon. As ex-Federal Reserve Chairman - Freenspan forcasted closer of more banks in USA th world economy may get worse in the day yet to come. Let us see what happens.