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UAE Private Sector fared worst in Global Recession

United Arab Emirates : 27 April

It was the UAE private sector that appears to have been the worst hit by the economic slowdown in terms of credit being extended by its banks a recent report states. This report studied the credit provided by the regions 52 financial institutions to the private sector and lending to this sector plummeted during 2009 being down by over 23 billion in total. In contrast for the same period loans awarded to the government increased by approximately 27%.

The credit afforded to other public service sectors was also up by 28% which showed that the banks were far more likely to lend to the government sectors as they viewed these loans as being good solid return options as compared to the riskier options of the private sector.

The report also stated that the industrial and private business sectors were the least hit by the 2009 credit crunch with overall loans to this sector increasing by approximately Dh14 billion during the period concerned. Financial institutions were also reported to have been significantly affected by the slow down.

The report also showed that real estate mortgage loans decreased significantly during the period because of the property crises and the banks stricter lending practices. Personal loans were also down for the year.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
27 April

Arabic Domain names now recognized On-line

The Internet entity that is responsible for assigned names and numbers (ICANN) have just authorised three Middle Eastern countries the option of registering their domain names in Arabic, a report has just revealed. This has never occurred before and now companies from Saudi Arabia, the United Arab Emirates and Egypt will be keen to register [...]

26 April

No. of Oil and Gas, IT and Healthcare Jobs Tipped to Grow Fastest

In an affirmation of last weeks news about Dubai’s re-emergence from the darkness, a number of Gulf recruiters have highlighted key industry sectors likely to see significant growth in the region.
In interviews with Emirates Business 24-7, 4 major recruitment agencies in the Gulf identified the hot sectors for 2010, using anecdotal evidence based on a [...]

26 April

Qtel to refinance its $2 billion loan

Qatar’s Telecommunications Company Qtel has just announced that it is to refinance a $2 billion loan that it initially drew down last September as a forward-start loan which was a popular type of loan being used before the credit crunch crises. Qtel are stating that the restructuring of this loan is a positive step forward [...]

26 April

UAE’s Anti Software Piracy Stance Could Create 1,000 IT Jobs

The UAE Governments pro-active stance in combating software piracy could lead to the creation of an extra 1,000 IT Jobs in the UAE, according to an independent report commissioned by the Business Software Alliance (“BSA”). The report, originally authored in 2009, concluded that a continuation of the UAE governments initiaves to reduce software piracy by [...]

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