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Stormy weather forecast for Dubai banks, US and Eurozone crises shake GCC bond market, Sound fundamentals, Jadwa forecasts long-term fiscal problems
With an eye on unrest elsewhere in the region, Abu Dhabi is pushing ahead with its Northern Emirates development programmes in an attempt to head off youth protests in the UAE’s poorer regions
The role of the anti-Qadhafi camp’s most prominent Arab supporters is likely to come under new scrutiny, as sources suggest that Abu Dhabi could play a big role in helping the Benghazi rebels to resume oil production
The perennial headache of how to ‘nationalise’ Gulf workforces and reduce dependence on foreign workers has taken on a new urgency since the ‘Arab Spring’.
Gulf Co-operation Council states have formally recognised the Republic of South Sudan and welcomed ties with the new country. South Sudan’s vice-president Dr Riek Machar Teny said at a press conference in Dubai in early July that its first embassy in the Gulf would be in the UAE. He also visited Saudi Arabia in June.
Dubai police chief major general Dhahi Khalfan Tamim has recently been active in several areas, calling for legislative powers for an elected federal chamber, speaking out on corruption and leading a campaign to improve the UAE’s human rights record and image.
Five Emirati activists charged with “opposing the government” and threatening national security pleaded not guilty when they appeared in court on 18 July.
The proposed merger of the regional assets of Norway’s DNO and Ras Al-Khaimah’s RAK Petroleum will create a focused upstream exploration company combining aggressive expansion with increased local expertise The strategic rationale behind the merger of DNO International and RAK Petroleum is to create an enlarged company that will be easier to list on the London Stock Exchange. It will also diversify DNO’s operations. “We will be growing our base in the Mena region, and diversifying within the Mena region,” spokesman Tom Bratlie told GSN.
Senior appointments
It is no surprise that decision-making in Abu Dhabi can often seem opaque when there are various similarly named councils and a huge number of ruling family members involved in various levels of government. Here, GSN tracks the membership of the Abu Dhabi Executive Council and analyses its current make-up
The UAE has a reputation as one of the most stable countries in the region since it was formed in 1971. But regional unrest and the authorities’ apparent stick and carrot approach should cause observers to question the medium to long-term sustainability of the federation’s current political arrangements.
US investigators are seeking to uncover a ‘golden chain’ of Al-Qaeda financiers as the discovery of its now deceased leader Osama Bin Laden and his hideout in Abbottabad, Pakistan, on 2 May has prompted questions about his sources of funding. Sympathisers and fundraisers in the Gulf states will be examined closely.
A dispute between Taqa and its former boss has revived speculation about a contract to expand Morocco’s biggest power plant, fanned by politicking over the issue in Morocco, as the kingdom works through its own Arab Spring.
The detention of Emiratis critical of government policies shows the government is in no mood for a ‘people’s coup’. But the arrests have also shone a light on the country’s vibrant and diverse reform movement
Dubai Group, a subsidiary of Dubai Holding, has revealed $4bn of debt in addition to the $6bn already declared. The group is now looking to restructure all $10bn, of which the original $6bn is owed to banks and $4bn made up of inter-company loans.
