We're not that rich!

Sheikh Khalifa bin Zayed al-Nahyan, president of the United Arab Emirates, has downplayed the size of Abu Dhabi’s sovereign wealth fund, saying that estimates that it has assets of around $800bn are exaggerated.

The Abu Dhabi Investment Authority (Adia) – of which Sheikh Khalifa is chairman of the board – is often described as the world’s largest sovereign wealth fund, with estimates of its size ranging from $450bn to $800bn-plus. The secretive fund has never revealed its size, which has added to the speculation, but pressure has been mounting on sovereign investment vehicles to be more transparent.

Lend us a fiver will ya?

Abu Dhabi downplays size of wealth fund

Source: GrapeShisha

LOCATION : Dubai

Lebanese singer Suzan Tamim was not decapitated - her throat was slit, said Dr Khalid Al Muhairi, the attorney of her husband Adel Al Matouk and managing partner at Emirates Advocates.

Contrary to earlier reports that had said Suzan was decapitated, the death certificate clearly indicates the cause of death as 'cut in the throat's tissues.' All other reports about body mutilation are false, according to him.

Dr Al Muhairi confirmed that Suzan had been married to Lebanese businessman Adel Matouk at the time of her death and that there is no third husband.

Riad Al Azzawi, a Briton of Iraqi origin, had written letters to some Arabic newspapers claiming that he was her third husband.

"Whoever claims to be her husband can come forward with a marriage contract as a proof of marriage," Dr Al Muhairi said.

Official procedures

She had moved to Dubai and bought a flat in Jumeirah Beach Residence, Rimal 1 Tower, around eight months before the murder took place.

According to Dr Al Muhairi, she owns the apartment in which she lived; it is not the property of her husband Al Matouk.

Al Matouk arrived in Dubai several days before Suzan's body was sent to Lebanon.

"He was here to follow- up on the crime investigations," Dr Al Muhairi said. He did not take her body back home, however. It was sent through the Lebanese Consulate in Dubai.

"We chose to keep the procedure official and do it through the Lebanese Consulate here," Al Muhairi said. The death certificate was sent along with the body and Al Matouk's attorney holds a copy of it.

According to Dr Al Muhairi, Matouk stayed in Dubai for a couple of days before he headed back to Beirut.

"To my knowledge, the couple were not in any feud. Suzan had moved countries to pursue her career, and it is not unusual for a married couple not to be living together if they sort it out between themselves," he said.

Murder suspect

This refutes earlier reports that the couple had fought and the husband had banned her from leaving the country when she moved to Cairo.

He added that her husband is certainly not a suspect in her murder.

"Adel Matouk is a respectable, known businessman and there was no reason for him to ever commit such an act. He was devastated to hear the news of her death," said Dr Al Muhairi.

Despite several reports that Suzan's bodyguard, Riad Al Azzawi, had prevented people from having access to the singer, Dr Al Muhairi said that that did not affect the relationship between Al Matouk and Suzan, as they still communicated.

He said: "The police are currently carrying out investigations. They have come a long way." He did not say whether anyone has been accused of the murder yet.

Editor's Note : " Where is this heading to ? Is some one gonna get prosecuted or not ? "

Also Read :

Police close to breakthrough in Suzan case

Popular Lebanese singer found dead in an apartment in Dubai Marina

Mortgage Market

Can single women travelling to the UAE as tourists get visas?

Yes, they can obtain a 30-day tourist visa, renewable only once for a similar period. They must be sponsored by hotels, or tourist agencies.

Regarding transit visas, what are the rules? Should a passenger transiting through the UAE apply for a 96-hour transit visa once he arrives in Dubai or should he do that before he begins the journey?
For instance, my friend wants to visit me while travelling from the US to India. She has one day in hand and wants to apply for a transit visa for Dubai in September. How can she do that?

The Emirates office in the US tells her they cannot help her with a transit visa because her return ticket was issued from India. So basically, what are the rules?

A transit visa is issued to travellers transiting through UAE airports. It is issued for 96 hours and must be sponsored by an airline operating in the UAE. The visitor must have a valid ticket for an onward flight. It must be arranged by the airline as the traveller books the ticket. There is a charge of Dh100.

Does the new rule also have two options for a visa change: either the person has to exit for a visa change or pay the fee to process the visa change while inside the UAE?

Yes, a visit visa may still be converted to a work visa, but residency departments may decide otherwise to prevent misuse of this facility. Applicants may be asked to go back to their home country and wait for a work visa, which will be authorised by the Ministry of Labour.

Regarding exiting to Kish when you want to change your visa to another company, most companies release your passport at the airport. What will be the situation from 29th, is it true that people will have to exit to their home of origin?

Yes, authorities will stop short trips to neighbouring countries to change visit visas commonly known as 'visa runs'. Visitors wishing to apply for a new visit visa after the expiry of their visa, must go back to their home countries. But officials have not spoken of any time-frame as to how long they will have to stay abroad before they can apply for a new visa.

If someone lives in the UK, and their daughter lives in Dubai and is having a baby, and he along with his spouse is coming on holiday at this time, is a visa required?

Britons are among people from 34 countries who are allowed to obtain a visa on arrival free of charge. The visa will be for 30 days and can be renewed for a similar period for Dh610. If you are not British, your daughter can still sponsor you on a 30-day or 90-day visit visa.

Medical insurance for visitors: Who and where do they have to get medical insurance and for how many months. Is it from the date of application or from the date of arrival?

Visitors to the UAE on all types of visas must obtain health insurance for the entire period of their visit. This insurance can be obtained from companies operating in the UAE or abroad.

My sister and her family (Indian nationals) are transiting through the UAE in November. They will be on a transit visa. They will leave the UAE within 24 hours. They would like to come back to the UAE on a visit visa within 15 days. Is there any difficulty in this? Is it allowed?

No, the visa can be obtained any time provided that a valid reason is given.

What will happen if somebody wants to renew a visit visa?

Visit visas for 30 days or 90 days will no longer be renewed. Visitors have to leave for their country and may come back on another visa if they meet requirements.

What happened to the Mission visa? Is it still available?

Yes, it is unchanged.

Will I need to pay a deposit for a visit visa for blood relatives?

Yes, a Dh1,000 refundable deposit is applicable for all visas.

How do you get a tourist visa; what are the requirements and procedures?

Please refer to the types of visas.

Who pays and who doesn't pay for visit visas/visa on arrival?

Exempt countries are Britain, France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Switzerland, Austria, Sweden, Norway, Denmark, Portugal, Ireland, Greece, Cyprus, Finland, Malta, Spain, Monaco, Vatican, Iceland, Andorra, San Marino, Liechtenstein, United States, Canada, Australia, New Zealand, Japan, Brunei, Singapore, Malaysia and Hong Kong.

Dubai: A Lebanese singing star was found stabbed to death in her Dubai Marina apartment.

Suzan Abdul Sattar Tamim was also disfigured by her attacker. Dubai Police said the 31-year-old singer was stabbed several hours before her body was discovered.

Police had received a report from one of her relatives who lived in Sharjah, and went to her apartment at Burj Al Remal building in Dubai Marina Monday night where they discovered her body. Suzan had been living alone in the building for the past eight months. A former winner of the Lebanese talent show Studio Al Fan in 1996, Suzan enjoyed many hit singles during her early career.

A cleaner at Dubai Marina told that Suzan came back to her apartment late at night with some friends. The cleaner said he heard noises later in the evening but was surprised when he heard this morning that she had been fatally stabbed.

Suzan spent most of her short life between courts, police stations and hideouts. Her problems started with a long and unexplained absence period that she spent in France, even before her first short marriage to Ali Muzannar and their divorce in 2002.

Shortly after her divorce, Suzan met the man who would become her second husband, Adel Matouk. She was introduced to Matouk by star maker Simone Asmar, director of Studio Al Fan, who asked Matouk to take care of her.

Matouk took care of Suzan's 10-year contract with Asmar, and started an extensive campaign to re-launch her music career with his company, Arab-European Production. He also signed a 15-year exclusive contract with the singer.

Less than eight months later, problems erupted between the couple. Matouk asked his wife to stop signing and become a housewife, which she refused. He obtained a court order banning Suzan from travelling outside Lebanon.

Editors note : " I am waiting for what the Dubai Police Has to say on this one......"

Dubai to Build World’s Largest Arch Bridge

Dubai is set to spend $817-million on building the world’s largest arch bride, at 617-feet tall and 1-mile in length. Expect it to be in service by 2012.

Dubai is the Tetsuo of cities, expanding so fast it’s on the verge of creating of its own universe. And architecture that looks like it’s from the 22nd century only adds to the sheer grandeur of its growth—this bridge, envisioned by NY architecture firm Fxfowle, will be the largest and tallest arch bridge in the world, at one mile long and 670 feet tall.

Construction starts next month and is due to wrap up in 2012 after running some $817 million dollars. World’s first vacuum tube mass transit system will launch in Dubai shortly thereafter.

The Dynamic Architecture building, which will be constantly in motion changing its shape, will be able to generate electric energy for itself as well as for other buildings. Forty-eight wind turbines fitted between each rotating floors as well as the solar panels positioned on the roof of the building will produce energy from wind and the sunlight, with no risk of pollution. The total energy produced by this inbuilt ‘powerhouse’ every year will be worth approximately seven million dollars.

Dynamic Architecture

Each turbine can produce 0.3 megawatt of electricity, compared to 1-1.5 megawatt generated by a normal vertical turbine (windmill). Considering that Dubai gets 4,000 wind hours annually, the turbines incorporated into the building can generate 1,200,000 kilowatt-hour of energy.

Dynamic Architecture

As average annual power consumption of a family is estimated to be 24,000 kilowatt-hour, each turbine can supply energy for about 50 families. The Dynamic Architecture tower in Dubai will be having 200 apartments and hence four turbines can take care of their energy needs. The surplus clean energy produced by the remaining 44 turbines can light up the neighborhood of the building.

Dynamic Architecture

For an overview of the rotating skyscraper and a quick look at the dynamic architecture that underlies it, take a look at this video.

However, taking into consideration that the average wind speed in Dubai is of only 16 km/h the architects may need to double the number of turbines to light up the building to eight. Still there will be 40 free turbines, good enough to supply power for five skyscrapers of the same size.

The horizontal turbines of the Dynamic Architecture building are simply inserted between the floors, practically invisible. They neither need a pole nor a concrete foundation. In addition, they are at zero distance from the consumer, which makes maintenance easier.

Dynamic Architecture

The modern design of the building and the carbon fiber special shape of the wings take care of the acoustics issues. Producing that much electric energy without any implication on the aesthetic aspect of the building is a revolutionary step in tapping alternative energy sources. Furthermore, this energy will have a positive impact on the environment and economy.

Palm Island. Three artificial islands in the shape of palm trees will shelter nearly 500 apartments, 2 000 villas, 25 hotels and 200 shops of luxury. Palm Jumeirah, the most advanced, will be completed as of the end of 2005. Hundred twenty-five kilometers of coast additional will be thus created.

Palm Island

Palm Island

The World. With broad of Dubaï, nearly 300 artificial islands, seen sky will form a planisphere. If you want to acquire one of these islands, it will cost some to you between 6,2 to 36,7 million dollars. Work of fill, already begun, should be completed at the end of 2005.

The World

The World

Dubai Waterfront. Advancing on water of the Gulf, this whole of islands in the shape of crescent will extend on 81 square kilometres. Becoming the greatest sea front in the world, it détrône thus the island from Manhattan in New York.

Dubai Waterfront

Dubai Waterfront

Old Town. It is the final district of the building site located at the foot of the tower Burj Dubai. This great real complex will include the highest tower of the world, the greatest shopping centre of the world as well as a gigantic residential district

Old Town

Old Town

Hydropolis. Entirely assembled in Germany, this underwater hotel will be immersed with broad of Dubai . It will comprise 220 continuations whose panoramic windows will give on sea-beds. The price of a room for the night would rise with 500 dollars.

Hydropolis

Hydropolis

Burj Dubai. This phenomenal tower from which construction began last January and will end in 2008 should reach the 800 meters height. The building, built in three parts around a central column, finishes in spiral. It will count 160 stages.

Burj Dubai

Burj Dubai

Madinat Al Arab. Here the representation of the one of the districts of the future greater sea front in the world, Dubai Waterfront. This sight accounts for the architectural ambition and the spectacular development of real constructions with Dubaï.

Madinat Al Arab

Madinat Al Arab

Dubai Marina. new city, of a total cost of 10 billion dollars, will be built on a way of artificial navigation of 4,5 km. It will be able to lodge 120 000 people. Three principal towers will be set up and will bear the name of Arab perfumes

Dubai Marina

Dubai Marina

Dubai Sports City. This immense sporting complex of 7.5 km² will accomodate sports such as the cricket, the golf, Rugby, football, the sports of ground, track, and interior (tennis shoe, handball, volley ball). Hotels, residences and villas are also envisaged

Dubai Sports City

Dubai Sports City

Golden Dome. With its 455 m height and its 2,2 million m² of total surface, it will be one of bulkiest and higher buildings of the world. It will shelter 500 000 m² offices, commercial spaces like 3 000 residential apartments.

Golden Dome

Golden Dome

Dubailand Ski Dome. This ski resort indoor, will comprise inter alia a directional ski piste and tracks of snowboard (with 6 000 tons of true snow). "Pinguinarium", aquariums four seasons, spa cold and hot... are also envisaged with the program.

Dubailand Ski Dome

Dubailand Ski Dome

Space Science World. Space is one of the subjects exploited in the immense park with topics of Dubailand which has the ambition to become the largest tourist park and of attractions in the world.

Space Science World

Space Science World

Long way to go dubai......

Location : Dubai

Dubai: More Bubble or More Boom? Time Will Quickly Tell


P.S: Be patient its long , but informative....

Dubai has plenty of qualities that catch an investor’s eye.

* The emirate has the world’s only (self-proclaimed) 7-star hotel.
* Dubai also is home to the biggest financial market in the Middle East, which is itself publicly quoted and trades at 25 times forecast 2008 earnings.
* It has been enjoying one of the greatest construction booms the world has ever seen.
* And Dubai is planning a huge tourist expansion, aiming to boost that sector to more than the 18% of the economy it already accounts for.

So, why aren’t Dubai investments a screaming buy, where we should all be investing our money? After all, plenty of brokers think it’s just that.

From a short-term perspective, Dubai investments haven’t done too badly. The Dubai Financial Market General Index is down about 13% this year, far less than the much-hyped emerging markets of India and China, or even the United States.

But there’s a possible catch.

Whereas 2006 and 2007 were good years for investors in India and superb ones for investors in China, they were lousy for investors in Dubai. The DFM General Index hit its all time high in November 2005, declined pretty steadily over the next two years, and is currently sitting about 40% below that high. Even at that depressed level, the DFM General Index is still trading at about 17 times projected earnings for this year and 3.3 times book value, so it’s not cheap.

That immediately raises questions. While Dubai has little in the way of its own oil reserves, its economy rests fundamentally on its position as entrepôt for the immense oil-exporting region of the Middle East, and for the United Arab Emirates (UAE), the oil-rich federation of which Dubai is a member. Oil prices were around $60 per barrel in November 2005 when the DFM General Index was at its peak; oil is now trading in the neighborhood of $130 per barrel, even after last week’s big sell-off – so why is Dubai’s stock market down 40%?

It’s entirely possible that Dubai isn’t as solid as some of its proponents believe.

Two years ago – before the real estate crash – it might have seemed impressive that Dubai, with 0.02% of the world’s population, was employing more than 10% of the world’s tower construction cranes; today we know better. Dubai’s rate of inflation is around 20%, and it’s on the upswing, while home mortgage interest rates sit below 7%. That means that the cost of making a home mortgage – in real terms – is negative 13%. The UAE government is considering allowing its currency, the dirham, to float upward against the dollar, but hasn’t done so yet.

Dubai received more than 7 million tourists last year, with 1 million of those coming in from Great Britain (who presumably prefer the climate) – but the British government currently rates Dubai’s terrorism threat at its highest level. It’s not hard to imagine what a terrorist attack could do to Dubai’s impressive tourist rates.

Dubai is also planning to spend $82 billion on aerospace projects to include the world’s largest airport – but with a population of only 1.5 million, it will need a lot of foreign traffic to fill up such a behemoth.

The potential for that to come to pass is there, given the growing levels of investment that China and others are making in the Middle East, and because the Dubai project isn’t solely focused on tourism: The airport and aerospace hub is viewed as an economic-development project. But success is far from guaranteed, and an economic downturn could make the objectives tough – if not impossible – to achieve. Indeed, should the ongoing global financial crisis eviscerate worldwide growth, Dubai’s development strategy could be exposed as a bubble, not a boom.

To be sure, other small nations have engineered economic miracles. Consider, for example, the economic success of Singapore, which has a smaller land area but three times the population.

Like Dubai, Singapore has no core advantage, such as a wealth of natural resources. Nor does it have a bevy of natural tourist hot spots. And much like Dubai, Singapore’s only advantage is one of geographic position. However, Singapore has an income per capita at purchasing power parity of $49,700 (eighth highest in the world) compared to the UAE’s $37,300.

Singapore’s growth has been built on two factors:

* The extremely high education level of its population (relative to income at first, in the 1960s, but in absolute terms now).
* And an obsessive focus on moving up the value chain in everything it does.

Dubai has neither advantage; it supplements its small local population with a huge underclass of immigrants (more than 80% of the population in the UAE as a whole), rather than upgrading the capabilities of its own people, and it relies on building artificial tourism in an area where (because of the unpleasant climate and relative lack of natural or historic attractions) it’s possible that no natural flow of tourists would have otherwise occurred.

An economy built on construction, tourism, and a boundless flow of cash, without any special knowledge base, is one that could end up being derailed in the long run. And that long run could be more painful if it turns out that Dubai has been feeding a major construction bubble through deeply negative interest rates.

The other potential black cloud looming over the Dubai economy is that of oil prices, should $130 - $140 per barrel oil turn out to be a short-term speculative price spike.

With the Bush Administration pushing for offshore drilling and the world automobile industry devastated by consumer tastes that quickly shifted to small cars and trucks, increased supplies and decreased consumption could push oil prices down to a more reasonable level.

Assuming OPEC doesn’t intercede and act to keep prices high, the right confluence of factors could potentially push oil prices back down under the Century Mark. And in a perfect world, with the right confluence of factors, oil could end up below $100 per barrel, or even as low as the $60-$80 range. And while that price level would still be well above the $10-$15 per barrel prevalent before 2002, it is far below oil’s current levels.

The Middle East in general has predicated their future plans on the oil bonanza continuing in full flow for the indefinite future. Even though $60-80 oil would provide ample revenue for their citizens to enjoy an excellent living standard, their economies are not properly set up to adjust to such a lower revenue flow. If oil prices were to fall, the inevitable effect would be tighter money as interest rates return to normal levels, exacerbated by an acute cash shortage.

Dubai is looking to diversify itself away from the petro-gusher, which is one reason it is trying to position itself as a global boom intermediary, benefiting from tourism and establishing itself as a new residential destination for the world’s uber-rich. It also aims to utilize its airport and aerospace ventures to fuel its real estate and global commerce aspirations.

But a key question remains: Is it still tied in so tightly to the Middle East “black gold” bonanza that it will suffer in kind should energy prices hit a deflationary downdraft?

The next few years will be telling. If its global growth aspirations get a needed lift, the tiny Gulf nation could become more than just a well-recognized name on a map; it could end up as a key stopping-off point for business executives traveling from one side of the world to the other, might one day even evolve into a commercial spaceport, and will stand as an example of a country that was able to engineer an economic makeover of massive proportions.

But should oil prices crater, Dubai’s aerospace venture fail to attain take-off speed, and its vision as a tourism and residential mecca of the future turn out to be ill-conceived as I fear, the opposite extreme is possible: With a construction bubble more inflated than the 2006 Florida condo market and a monetary policy looser than the one being operated by U.S. Federal Reserve Chairman Ben S. Bernanke, Dubai could shortly resemble a jungle of half-completed skyscrapers, with 10% occupancy rates and bankrupt landlords. Its landing would be painful, and, potentially, not long delayed. It’s not an investment for the risk averse.

We are here on internet for a purpose , A noble cause of awareness .
We take the pleasure of revealing the dark side of dubai to you which is no easy task !

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