Euro Technical analysis

The Euro has been trading in a narrow range, though with very high volatility, giving false alarms for buy and stop loss orders. the volatility was ranging near the turning point of 1.4341, but succeeded to to achieve a positive breakout within the first week of 2010.

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UAE Banking Sector by

It has been a dramatic final quarter of the year for the UAE, and particularly for the banking sector. The Nakheel debt problem has thrown into sharp relief the indebtedness of the entire emirate, and this has spread contagion to the general business environment. Even with the bond paid, there still remains a further USD22 billion on the table for rescheduling or restructuring. It is of course a strong positive that Abu Dhabi has been willing to fund a further USD10 billion worth of debt. However, with Dubai having to face an estimated USD120-150 billion debt mountain, the picture has changed for the banks.

Oil markets monthly bulletin by Global

Oil markets bid farewell to the year 2009 on a high-note as crude oil prices recovered from the battering they received from the global recession in early part of the year. In view of the recovery in oil prices, OPEC decided to keep the output levels unchanged in its latest meeting.

World oil demand is expected to average 84.3mn bpd in 2009, a decline of 1.4mn (1.6%) bpd YoY (OPEC). Total US commercial stocks stood at 1,088.1mn barrels at the end of November 2009 compared to 1,089.5mn barrels at the end of October 2009

To download the full report: Monthly Oil Bulletin - Global

Prime initiation of coverage - Al Dar Properties

Prime has initiated its coverage on Al Dar Properties - Abu Dhabi. Al Dar is a main real estate developer in the UAE.

Prime: The prevailing economic downturn has had a relatively limited impact on Abu Dhabi’s long-term plans. The Emirate’s rich hydrocarbon reserves (7% of aggregate world reserves) and years of prudent fiscal spending have helped Abu Dhabi maintain an enviable liquidity and financial position with sovereign reserves estimated at over USD600 billion. Further, unlike other more mature markets, the Capital’s infrastructure across majority real estate segments such as residential, commercial, retail and hospitality suffer from years of underinvestment since capital resources historically were largely diverted towards the establishment and development of key industrial sectors.

To Download the full report: Prime initiation of coverage - Al Dar Properties

Dubai Chamber of Commerce and Industry - Analysis report 2009-2010

Dubai Chamber of Commerce and Industry released its analysis report for the year of 2009 which was quite challenging for the business community and focuses on the promising prospects of the coming year 2010.

Easing in liquidity conditions, lower interbank lending and fiscal stimulus packages certainly bode well for a robust UAE economic recovery in 2010, indicates a Dubai Chamber analysis.

Dubai is well positioned to withstand global economic crisis in 2010, despite Dubai own local turmoils (USD 60 billion debt, 50% slump in Real Estate prices, lower interest rates, defaulting companies and high banking provisions).

The main reason for this strength are:

1- UAE investor and consumer confidence is improving

2- UAE banking sector showing signs of recovery

3- Trade data from Dubai showing remarkable resilience

4- Falling realty prices have increased personal disposable incomes and business competitiveness

5- UAE government support will remain strong in 2010

6- Loosening monetary policy has yielded positive impact on economic growth

7- Stronger crude oil prices will boost the UAE’s current account position in 2010

To download the full report: Dubai Chamber of Commerce - analysis report 2009-2010