Dubai House Prices to Fall in Fourth Quarter

DUBAI - Dubai house prices will start to fall in the fourth quarter, ending a housing boom that pushed prices up by 43 per cent in the first three months of the year, Colliers International said.

Petrochemical Industry Gearing up to Tackle Difficult Times Ahead

DUBAI - The petrochemical industry is faced with manifold challenges in the wake of global financial crisis; hence the sector is approaching a period of over capacity that is accompanied by a weaker market, observes Abdullah bin Hamad Al Attiya, Deputy Prime Minister of Energy and Industry, Qatar.

Nakheel Not in Talks Over Sale of Firm: Chief Executive

DUBAI - Nakheel Properties is not in discussions over the sale of company and has no immediate plans to cut more jobs, the chief executive told Reuters on Wednesday.

Crude Hovers Near 3 ½-year Low

LONDON - Oil rose above $47 a barrel on Wednesday but the gains could be limited as further signs of weakening U.S. oil demand are expected to emerge in weekly data due out later in the session.

Constitutional Changes Progressive, Say Business Leaders

DUBAI - The constitutional amendments approved by the Federal Supreme Council will help enhance transparency and accountability, according to business leaders.

Arabian Gulf Shares Advance, Led by Kuwait Finance House

DUBAI - Arabian Gulf shares rose, led by Saudi Basic Industries Corporation and Kuwait Finance House, on speculation equity prices will rebound as governments move to shore up domestic markets.

The Liverpool Captain Signs Deal with Azizi Investments

DUBAI - The Liverpool captain Steven Gerrard has signed a deal in which an exclusive Dubai development will be named in his honour.

National Bonds Slated to Post Record Returns for 2008

DUBAI - As a turbulent 2008 comes to a close, financial institutions the world over are reviewing the past year and looking ahead to 2009.

DGCX Plans to Launch Plastics Futures Next Year

DUBAI - The Dubai Gold & Commodities Exchange (DGCX), the region's first electronic futures market, on Wednesday announced the launch of the world's first region-specific plastic futures on February 5, 2009.

Index 2008 Attracts Record Entry

DUBAI - The biggest interiors event of its kind in the Middle East and Asia - Index 2008 - was inaugurated here by Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

DME Says Half a Million Contracts Traded

DUBAI - The Dubai Mercantile Exchange Limited (DME) announced on Wednesday that more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract have traded since the launch of the Middle East's premier energy futures and commodities exchange on June 1, 2007.