Emirates NBD Launches Special Ffnance

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Emirates NBD Launches Special Ffnance Editor’s Page MONEYworks magazine There is a buzz of optimism now that some top policy makers P O Box 10656, Dubai, UAE Telephone: +971 4 391 2160, Fax: +971 4 391 2173 are talking about green shoots of recovery. Of course, cynics Email: [email protected] Published by will laugh, while many investors would want to cling on to Ben Rasalmal Financial Publishing FZ-LLC Bernanke’s statement indicating that some markets are seeing A Dubai Media City Company Telephone: +971 4 391 2160, Fax: +971 4 391 2173 signs of fluttering again. But then, markets have their own Email: [email protected] dynamics. They just won’t listen to anybody and at best are Board of Directors Saud A. Al Amri - chairman unpredictable, even more so at times like this. Abdulaziz Al Mashal Greg Hunt Having said that, we’re, undoubtedly much better off now, General Manager rather than six months ago, in terms of volatility. In fact, Don Taylor Distribution there are indications that data is improving in certain markets, Dar Al Hikma, Dubai, UAE, Tel: +971 4 266 7384 although some of that has reversed again. What’s most important to note is that Jashanmal, Abu Dhabi, UAE, Tel: +971 2 673 2327 Printing indices are no longer have a one way ticket, heading south. There’s a lot of two- Nabeel Printing Press LLC, Ajman, UAE, Tel: +971 6 743 4445 way action going on which is, probably, the first sign that we might be past the Cover Image Dreamstime worst. This does not, however, mean that we are headed up again, as there’s the Editor likelihood of more corrections than not in the next few months on whatever gains Utpal Bhattacharya Deputy Editor markets might make in the very short term. Financial markets are complex, very Ehab Heyassat complex. And unless one has money to lose, one should be extremely risk averse Assistant Editor Ritwika Chaudhuri now more than any other time, and only commit to safe investments. Editorial Assistant In our home markets, there isn’t much to report about, except that indices have Tarub Ziad remained steady and are slightly up, while the oil price has continued to move Regular Editorial Contributors Peter Hensman - Newton Investment Management Ltd sideways. Global recovery will be key to the recovery of the oil price, and that James Thomas - Acuma Wealth Management Special Editorial Contributors should hold the key for the region’s macroeconomics and some of the property Matein Khalid, Sultan Sooud Al-Qassemi, Sachin Patki, Snehdeep Fulzele, prices. Various experts are predicting where the Dubai property market is finally M.R.Raghu, Amrith Mukkamala Operations Manager going to find its bottom. But I feel it is best left to market forces, as these Tim Elliott predictions hardly ever find their mark, and also generally come a tad too late. For Design & Layout Zak Parayil those planning to buy dwelling units for their own use, any time is a good time to Sonia Landoulsi buy after the massive corrections that have already happened. Administration Sessie Fernandes This month, we have produced an Abu Dhabi property guide, as the UAE’s capital Rolla Daniel city tries to meet the demand for housing in the emirate. The supplement has been Sales & Marketing Zarko Ackovik, Ali Jaber, Nick Watson, Richard Townley, Arshad Iqbal a bold step from our stable, especially at a time when there is so much negativity Advertising Enquiries: around. It is also a good read, as it gives an insight into what’s happening in the Tel. +971 4 391 2163, Email: [email protected] Abu Dhabi property market. Preparations are on for the next upturn. Advice to readers - Information carried in MONEYworks is checked for accuracy, but we recommend that you make enquiries and, if necessary, take appropriate advice before entering into any transactions. Never forget investments can go down as well as up and you may get back less than you originally invested. Companies offering financial services, products or advice in the UAE must be licenced accordingly. If in doubt, check with your local Chamber of Commerce, Central Bank office or Department of Economy. All rights reserved in respect of all articles, drawings, photographs, etc. published in MONEYworks anywhere in the world. Reproduction or imitations of these are expressly forbidden without the written permission of the publishers. © Rasalmal Financial Publishing FZ-LLC 2009 The MONEYworksTM magazine cover logo is a registered trademark. Utpal Bhattacharya Audited by: Editor ♺ When you’re finished with MONEYworks, please recycle it. When it comes to investing, don’t just flip a coin. ������ ��������������������������� �������� ������ ��� ���������� ���������MONEY����������������������������������������� ������������������� ����������������������������������������� �������� ������ ��� ���������� ���������� ��� �� �� ����������������� ���������� 2 I MONEYworks I May 2009 contents 06 News 36 In Focus Signs of a sukuk market revival M.R.Raghu and Amrith Mukkamala analyse the GCC equity investment outlook for 08 ‘The NIB Zone’ the year The month’s local, regional and international financial news in brief 38 Stock Watch Qatar National Bank’s (QNB) balance sheet is heavily dominated by the government 20 Deposit Schemes of Qatar on both the sides. Engy Kiwan UAE bank depositors are feeling much and Abhishek Shukla believe at the current better now that their local currency deposits book multiple QNB should attract attention are paying them good rates of returns 62 Reader’s Letters 24 Eye Level Predicting the price of gold 16 Utpal Bhattacharya speaks to Peter Credit Cards Riddoch, CEO of Damac Properties, to After a hectic growth period, the UAE find out what plans the company has to 63 From the Hip credit card industry is pausing for breath. come out of the hard times James Thomas ponders the real estate conundrum and asks if now is the right It’s also looking away from the lower time to buy a property? end of the market, focusing more on 26 Employee Benefits Pressure increases to fund employee gratuity relationships and the higher end of the 64 The Long and the Short of it market. Utpal Bhattacharya finds out why A silver lining on Dubai’s real estate sector. 34 Investments Sultan Sooud Al-Qassemi on why it’s not all What’s next for the Sensex? bad news for Dubai’s property market ���� ��������������������������������� ��������������������������������� ���������������� ������������������������������������������� ����������������������������������� ���������������������������������������������������������� �������������������������� ���������������������������������� ������������������������������������������������������������������������� ��������������������������������������� ����������� ��������������������������������������� ��������������������������������������������������������������������������� ������������������������������������ ���������������������������������������� ������������������������������������� ������������������������������������������������������������������������ ��������������������������������������� ���������������������������������������������� ����������������������������������������� ������������������������������������������ �����������������������������MONEY�������������� ������������������������������������������ ������������������������������������������ ������������������������������������������ ������������������������������������������ �������������������������� �������������������������������������� ������������������������������������������������ ����������������������������������������������� ������������������������������������� ������������������������������������������ ���������������������������������������� �������������������������������������������������� ������������ ��������������������������������������� ���������������������������������������������������� ��������������������������������������������� ������������������������������������������������ ������������������������������������������� ���������������������������������������� ���������������������������������� ������������������������������������������������ ������������������������������������������������� ����������������������������������������� ����������������������������������� ��������������������������������������� ������������������������������������������������������������������ �������������������������������������������������� ��������������������������������� ����������������������������������������� ������������������������������������������ �������������������������������������� ��������� ��������������������������������������������� ������������������������������������������ ���������������������������������������� ������������������������������������������� ������������������������������������������ ������������������������������������������ ������������������������������������������ ������������������������������������������������ �������� ������������������������������ ����������������������������������� ��������������������������������������� �������������������������������������������� ������������� ��������������������������������������� �������������������������������������������� ����������������������������������������������������� ��������������������������������������� ������������������������������������������ ������������������������������������������ ������������������������������������ ������������������������ ��������������������������������������������� ����������������������������������������������� ������������������������������������������� ����������������������������������������� ������������������������������������
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