What floats your boat? Tell cashy!
AS POLITICAL turmoil continued in some parts of the Arab world, there was a rosy prediction for Dubai's economic growth, though figures showed a huge drop in property on the market.
Meanwhile, if you're looking for something to do this weekend that's kind to your wallet, why not check out a foreign exchange expo or dragon boat race? For more details, read on...
In the news...
Dubai growth to touch 4%
Dubai's economy is expected to grow by 4% this year and 6% next, driven by the resilience of trade and logistics, according to economists who recently participated in a seminar organised by the Department of Economic Development.
Dubai has been successfully diversifying its economy from dependence on oil revenue: 98% of the Emirate's gross domestic product (GDP) now comes from sectors other than black gold.
The economists said Dubai's growth would be sustainable because it is spurred by real growth in sectors such as retail, finance, tourism and logistics rather than growth from excess liquidity. Do you agree with this statement?
Nasdaq sets stage for bidding war
Instead of fighting NYSE, Nasdaq wants to own it. Nasdaq Omex group Inc and another US-based market, the Intercontinental Exchange Inc, submitted a joint $11.3 billion bid on Friday for NYSE Euronext, the parent company of New York stock exchange.
The offer raises the possibility of a bidding war for the NYSE with Deutsche Boerse. Borse Dubai, which has 29% stake in Nasdaq OMX, backed the exchange's bid for NYSE Euronext.
Vacant property tumbles
Last June, there were 32,000 properties for rent or sale on the propertyfinder.ae website. Today that total is a little over 19,000, says ArabianMoney.net, representing a 40% drop in vacant property in nine months. Most significantly the number of units available for sale is down by more than half to 4,900. Is the great property oversupply story being exaggerated?
ArabianMoney says no: many projects are coming up to completion, and there are other towers that are completed and have not been put on the market. Do you agree? Share your thoughts with cashy by posting them below.
Duty free flying high
The Dubai Duty Free has reported a 13% increase in sales due to robust demand for gold, alcohol and perfumes in the first three months of this year to $343 million despite the political unrest in the Middle East, the company said in a statement.
According to the International Air Transport Association's latest statistics, the region's air traffic demand growth fell from 12% in January to 8.4% in February.
Dragon boat festival
The fourth Dubai international dragon boat festival is due to take place this weekend at Dubai's Festival Marina. The main attraction looks set to be 'whatever floats your boat' – a recycled boat race. Participation is open to all local companies and schools, with rafts made from recycled materials racing along Dubai Creek.
Donations from teams will go directly to the Emirates Wildlife Society. To enter, email firstname.lastname@example.org or call +9714 4534620.
Foreign exchange expo
Interested in understanding foreign exchange trading? The Middle East Forex Expo & Conference 2011 will take place on Friday and Saturday at Jumeirah Emirates Towers Hotel, Dubai. Entrance is free of charge.
Trading in foreign exchange saw $3 trillion traded per day last year and has been drawing growing interest from investors across the world.
For more details on the Expo call 009714 3903511 or go to the official website.
Bargin-hunters hould get along to Promenade Courtyard at Uptown Mirdiff, Dubai, on Friday for the regular flea market.
Watch and jewellery show
The 30th Middle East watch and jewellery show, at Expo Centre, Sharjah, is running until Saturday from 11am to 10pm. Entrance is free. For more info, visit the official website.
On your marks...
Two of the leading Middle East race series will get under starters orders on Friday. The Porsche GT3 Cup Challenge Middle East and the GCC Radical Challenge will put the spotlight on local drivers.
The day-long event will give fans the chance to see some of the region's top drivers followed by an autograph session. General admission tickets are available for AED 25 ($6.83), with children aged 12 and under free-of-charge. Go to the website to buy tickets.
Shop 'til you drop
The next Mirdif City Centre 'Monday's Sobhiya' – a weekly ladies' morning with offers – is taking place this Monday from 10am-1pm. There will be discounts in more than 70 participating stores, and complimentary beauty treatments.
What do you think of this week's news? Do you know of any money-saving events worth checking out soon? Tell us by commenting below...