Archive for the ‘Credit Crisis’ Category
Dubai Cityscape Confirms United Arab Emirates Markets Defiant To World Economy Crisis
Casamia Star Gesamtplanung Real Estate, a leading German Developer and Broker, has asserted the importance of Cityscape Dubai in exposing the real estate market to the local and foreign investors, developers and buyers.
This occasion provides an opportunity for companies and institutions to share knowledge, exhibit services and launch new projects.
When asked about the event, Mr. Aqib Salam, General Manager of Casamia Star Gesamtplanung, said:
Cityscape Dubai is one of the most anticipated events in the UAE for the role it plays in refreshing the vibrant real estate industry after the summer. It is also appreciated for the information shared among key stakeholders revealing iconic projects in Dubai. These colossal projects reflect the security and potency of the UAE market making it capable of facing the world economy crisis.
Mr. Salam added, ‘Cityscape Dubai further promotes and develops the real estate market across the globe and sets the market direction and trend for the upcoming year. It provides a common platform that brings industry experts together to discuss regional and global development in the sector disseminating information and introducing new technologies related directly or indirectly to the industry.’
After launching Frankfurt Residence and Tulip Residence, in Marmooka City, Ajman, Casamia Star is currently in the planning phase for some exciting residential and hospitality projects to be unveiled in a short period of time in Dubai, Ajman and Ras-al-Khaimah. Among further upcoming agreements, the company has signed an agreement with the Chinese Best Eastern to exclusively sell and market for their projects in the UAE worth Dhs400m.
Japan Stocks Fall on Credit Concern
Japan’s stocks dropped, driving the Topix index below 1,000 points for the first time since December 2003, after the global credit crisis deepened in Europe and the yen jumped, cutting the value of overseas sales.
Mitsubishi UFJ Financial Group Inc. plunged 9.2 percent after worsening credit conditions forced new bailouts of Hypo Real Estate Holding AG and Fortis. Nintendo Co., which gets 80 percent of its sales from overseas markets, lost 8 percent as the yen surged to its highest versus the euro since May 2006. Nippon Steel Corp. sank 7.8 percent on concern demand will wane.
“This is probably the worst market I’ve ever seen,” said Hideo Arimura, who oversees the equivalent of $1.9 billion at Mizuho Asset Management Co. “It’s totally dark and there’s nothing that prompts investors to buy stocks.”
The Topix fell 48.92, or 4.7 percent, to close at 999.05 in Tokyo. Only 93 of 1,714 members included in the index rose. The Nikkei 225 Stock Average declined 465.05, or 4.3 percent, to 10,473.09.
The Nikkei lost 8 percent last week, its biggest drop since August 2007, on concern the passage of a $700 billion bank bailout by the U.S. will fail to stimulate demand for Japan’s exports. The benchmark is down 32 percent this year, set for its second straight annual drop.
Mitsubishi UFJ, Japan’s largest listed bank, lost 9.2 percent to 806 yen, the steepest plunge since October 2003, while Resona Holdings Inc., the fourth biggest, plummeted 9.5 percent to 119,800 yen.
Europe Growth
Germany agreed on a $68 billion plan for commercial property lender Hypo and BNP Paribas SA, France’s biggest lender, said it will take over Fortis in Belgium and Luxembourg. The bailouts in Europe follow failures in the U.S., including Bear Stearns Cos. and Lehman Brothers Holdings Inc. that spurred the $700 billion rescue package.
