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Major brokerages dominate

February 2, 2008

A statistical survey by the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DSM) revealed that the predominating position of the lager firms, has pushed smaller firms into tough struggle for survival, facing a situation of reduced profits or emerging losses. The 20 major firms acquire 61 percent of the market, while the other 83 companies registered in the UAE share the remaining part of the trading market, the figure showed.

Brokerages are representing 50,3 percent of all trading at the DFM (433,7 billion AED) and 65 percent of trading at the ADSM (228 billion AED).

Written by Reinout Ebskamp · Filed Under Real Estate 

Tiger Woods stays ahead

February 2, 2008

Tiger Woods dominated again on day 2 of the Dubai Dessert Classic, maintaining the lead at eight under par. The American golfer struggled with what may be considered to be one of the most challenging conditions, desert shamal winds. Woods came out on top, just ahead of Ireland’s runner up Damien McGrane (seven under par) and Henrik Stensson (six under par).

Tommorow’s forecast is one of continued sand and dusty storms over the Emirates Golf Club.

Written by Reinout Ebskamp · Filed Under Sports 

Dubai plans to take over Colonial

February 1, 2008

ICDThe Dubai-based company Investment Corporation Dubai (ICD) plans a take over bid for the Spanish property firm Colonial, according to the company’s website. The bid might be the start of a bid battle for the indebted firm. ICD wants to buy stakes from the Nozaleda family and former chairman Luis Portillo who together own more than 52 per cent of Colonial. Colonial owns various prime assets in Barcelona, Madrid and (via its holding Societe Fonciere Lyonnaise) Paris.

The bid is ICD’s first major move overseas since the company was established in 2006 to invest profits out of Emirates Airlines.

The Investment Corporation Dubai, an $82 billion investment vehicle, is the third biggest state-run investment company of the United Arab Emirates.

Written by Reinout Ebskamp · Filed Under Business 

First Round Dubai Dessert Classic ends

February 1, 2008

Last thursday, the first round of the Dubai Dessert Classic Golf Tournament ended. Eleven players, among them Tiger Woods, shot 67, one better than Ernie Els, Sergio Garcia and defending champion Henrik Stensson. This morning, the field of players were unable to take advantage of the second round as very strong winds whipped up a sandstorm.

The Dubai Dessert Classic takes place at the Emirates Golf Club.

Written by Reinout Ebskamp · Filed Under Sports 

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