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Investors ready to trade after the nine-day break
Markets in the UAE are ready to trade on a positive note, encouraged by several governments around the world announcing stimulus packages. However, being a Thursday, one day before the markets go into the weekend, volumes are expected to be thin. The markets had shown signs of a slight recovery before the break, particularly the Dubai Financial Market General Index, which gained nine per cent during a five-day run.
  Dubai Property News
Projects of Aldar remain on track
Abu Dhabi's biggest real estate developer Aldar Properties has not slowed down or put on hold any of its projects due to the global financial crisis and has no plans to lay off staff to cut costs. Every industry has been affected by the financial crisis. However, all of Aldar's projects are going on as per schedule and they are not downsizing.
Tatweer announces Tiger Woods Dubai next phase
Tatweer Dubai has awarded a contract worth 583 Million AED to the UAE-based Al Nasr Contracting Company for infrastructure works at the project. The contract includes the construction of road works, street lighting and networks for storm water drainage, sewage and fire fighting facilities. The awarding of the contract marks the next stage of the golf development. Al Nasr Contracting was selected for its strong track record in construction and development.
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  Business
Trading in UAE stocks remain flat
UAE stocks remained almost flat on Wednesday amid low volumes with hardly any positive investor sentiment. A US rally on Tuesday after the Fed's rate cuts did not effect the markets here. Analysts have been describing the market movement in the past few days as sideways.
Opec cut fails to boost price of oil
Oil fluctuated around $42 on Wednesday despite the announcement by Opec of a huge cut in oil output in an attempt to halt a collapse in the market. This huge cut was done to counter slumping demand and falling oil prices. The 4.2 million barrels per day reduction in supplies was based on September production levels
Non-oil trade for Dubai up 44%
Dubai's non-oil foreign trade, including trade via free zones and customs warehouses, surged by 44.5 per cent to Dh705 billion during the first nine months of 2008 compared with the corresponding period last year. China, India, the United States and Iran were the top trading partners of Dubai, the region's busiest trading hub.
  Tourism
Tourist inflows to drop in 2009 for Dubai
Tourist arrivals from Europe to the UAE is likely to see a drop in the next year due to difficult economic conditions facing the European outbound market and the fall in the value of the euro against the dirham. However, the UAE's tourism sector will be in good shape compared to other regions such as Europe and the US where the downturn is predicted to be severe.
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