Worries over the UAE's property sector led markets downwards this morning, with Union Properties declined almost 7 per cent at the open after reporting a loss in the fourth quarter.
The Dubai developer reported a Dh1.5 billion loss for 2010 yesterday, citing a drop in valuation of its properties. Shares of Union Properties declined as much as 6.9 per cent to 36 fils at 10:05am.
Analysts said asset sales are probably still required to finance the existing development pipeline. Last November the company announced the sale of the Ritz-Carlton to a private company in Abu Dhabi for Dh1.1bn. Ten months earlier it had announced an asking price of Dh1.5bn.
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Editor's Pick - Abu Dhabi set to host first IPO in two years
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"It is hard for us to see Union Properties prospects improving over the short term unless significant asset sales can be consummated in 2011", said Chet Riley, an analyst at Nomura in Dubai.
Other property and construction stocks also declined on the Dubai Financial Market exchange. Emaar Properties, the largest developer in its emirate, declined 0.93 per cent to Dh3.20 a share. Drake and Scull International, the second largest contractor in Dubai, lost 1.7 per cent to Dh1.13. Dubai's measure declined 0.7 per cent to 1604.91.
Aldar Properties, the biggest developer in Abu Dhabi, declined 1.77 per cent to Dh1.11. The Abu Dhabi Securities Exchange General Index declined 0.7 per cent to 2696.87.
Elsewhere in the region, Kuwait's measure declined 1.31 per cent to 6564.10. Bahrain's measure gained 0.1 per cent to 1471.15. Oman's index rose 0.1 per cent at 6999.67. Qatar's bourse gained 0.5 per cent to 8981.10.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
