FUJAIRAH, UAE: The UAE faces a slowdown in loan growth and real estate activity as it grapples with fallout from the global financial crisis, policy-makers in the Gulf state said. “The slowdown will be imposed on us ... in everything we will see contractions,” he told reporters on the sidelines of a meeting in Fujairah, one of seven emirates in the UAE federation. “But I think we will still be growing in all directions in a very comfortable way.”
Dubai World eyes Russia investments
DUBAI: Government-owned investor Dubai World said yesterday it was looking at port, logistics and urban development investments in Russia, and was not slowing any of its projects due to the global financial crisis. Dubai World Secretary General Farid Ahmed told reporters that Limitless, a real estate development arm of the company, was building 150,000 homes in Russia. “We are continuing with our projects without stopping or slowing down internationally or regionally,” he said, adding that Dubai World had no problems funding its projects.
Qatar aluminum project ‘on track’
DUBAI: Norsk Hydro’s $5.6 billion aluminum smelter in Qatar is on track to start production in late 2009 or early 2010 and all the company’s other big projects are also on schedule, its chief executive said. “We are looking at the turn of 2009 or early 2010, so far touch wood it’s still good news for us,” Eivind Reiten said yesterday on the sidelines of an aluminum conference in Dubai.
