Abu Dhabi’s Aabar cashes out Sandander stake for $30 million
CAPITALS: Dubai’s economy grew 2.3 percent in the first six months (h1) of 2010 as trade and manufacturing improved along with tourism, the Dubai statistics Center said, confirming earlier remarks by its chief the global crisis ended an oil and real estate-led boom in the united Arab emirates (uAe) last year, sending the

world’s number three oil exporter into its first downturn since 1993. Dubai’s debt woes have weighed on the economic recovery in 2010 the sectors of manufacturing, transport, logistics” services, wholesale and retail trade, hotels, restaurants and government services achieved positive growth,” Arif obaid Al-muhairi was quoted as saying on the Web site of the daily emirates 24-7 he did not say whether the gross domestic product GDP) increase was in real or nominal terms) the property sector contributed 11 percent to the Gulf emirate’s economy in h1, Al-muhairi said, down from 14 percent for whole of 2009, and 17 percent in
.2008 Dubai’s non-oil exports and re-exports soared by 46 percent and 26 percent, respectively, in the second quarter (Q2), while imports jumped 17 percent, data has showed Al-muhairi predicted last month Dubai’s GDP growth
at 2.3 percent for 2010, well above a 0.5 percent forecast (by the International monetary Fund (ImF In February, when uncertainties around indebted state
firm Dubai World weighed on the market, the ImF said it .saw Dubai’s GDP contracting 1.3 percent in 2010 the economy of the emirate, which accounts for some 80 percent of the uAe non-oil trade, expanded 5.7 percent in real terms in 2008. official 2009 GDP data for Dubai are not available, although the ImF estimates a 0.9 percent contraction Concerns about Dubai’s liabilities, estimated at
around 115 billion us dollars, have eased after Dubai World reached a deal in september to restructure almost 25 billion of debt$ but worries still persist about the debt pile owed by key firms such as Dubai holding. Dubai and its firms face
.some $30 billion worth of debt maturing in 2011-2012 overall uAe credit growth remains anemic due to bank exposure to Dubai debt, and is the main reason that leaves the organization of the Petroleum exporting.
Companies (oPeC) country’s economy trailing its Gulf oil-exporting peers
In other news, Abu Dhabi investment vehicle Aabar made a $30 million profit on the sale of its stake in banco santander as it continues seek opportunities to realize
.returns, its chairman said on Wednesday We made good money, about $30 million and will” continue to look at opportunities,” Khadem al Qubaisi
.told reporters at an event in Abu Dhabi Aabar, which also has stakes in Daimler and virgin Galactic, held less than three percent in banco santander, he said, adding that the stake was sold in the open market oil-exporter Abu Dhabi is investing billions of dollars in industry, tourism, real estate and infrastructure to diversify its economy away from oil. Its investment funds are actively investing across asset classes globally (Aabar was delisted recently from the Abu Dhabi securities market (ADX Property developer files for bankruptcy meanwhile, Al-murjan real estate, developer of a three billion dollar housing project in the united Arab emirates, has filed for bankruptcy after running into financial difficulties, the Financial times (Ft) reported on Wednesday the company filed for insolvency in the emirate of sharjah and two liquidators have been appointed, the Ft reported, citing documents it had obtained, and cited lawyers saying that it was the first court-mandated bankruptcy of a distressed property project in the emirates Property buyers would likely find it difficult to recover downpayments they made on homes in the 8,000 home White bay development, which Al-murjan had started to build in another emirate, umm Al-Quwain, the newspaper said. As property prices plummeted some 60 percent
since peaking in 2008, more than half of buyers had not maintained payments, the Ft reported. the project was a joint venture between sheikh Abdullah bin rashid Almualla, the deputy ruler of umm Al-Quwain, and sheikh tariq bin Faisal Al-Qassimi of sharjah-based emirates investment group, the Ft said. -reuters