Relying on strategic location as debt mounts

Dubai: Marriott International said Monday that it expects to add 19 new properties, or more than 3,000 rooms, to its Middle East and Africa portfolio in 2019.

On 16 April 2019, the Abu Dhabi Government issued Law No. 13 of 2019 amending certain provisions of Law No. 19 of 2005 on Real Estate Ownership (“Law”).

Submarine (subsea) cables snake around the Gulf, from southern Iraq, heading to India and onto Asia and around Oman, into the Red Sea and out across Egypt into the Mediterranean and to Europe and beyond, carrying voice and data traffic. A web of subsea cables cross back and forth across the Indian Ocean and link east Africa to the Gulf. These fibre optic routes form the Internet’s backbone.

Moody’s upgraded Egypt’s credit rating to B2 reflecting economic and reform progress under the IMF programme. This will help planned bond issuance.

Dubai attracted 41% more foreign direct investment (FDI) in 2018 than in 2017 and emerged as the leading city globally in the ‘Top FDI Performers 2018′, survey published by the Financial Times’ fDi Intelligence magazine. fDi Intelligence said that Dubai dominated its rankings throughout 2018 with the most appearances in the league tables, followed by London, Paris, Dublin and Singapore.

The Abu Dhabi government issued a law on 17 April to amend its real estate law to permit all foreigners to own land and property in designated investment areas on a freehold basis. Previously, freehold ownership was restricted to Emiratis and citizens of Gulf Cooperation Council (GCC) states, while foreign investors were generally restricted to 99-year leases.

The partnership between Emirates and destination Seychelles continues to grow, as both parties signed a renewed Memorandum of Understanding (MOU), outlining joint activities to promote the island destination.

It’s hard to stand out from the crowd when you’re one of 2,800 exhibitors – but the Moroccan National Provincial Tourist Office has been adjudged the Best Stand Design for its authentic representation of a typical Moroccan house at Arabian Travel Market 2019.

The United Arab Emirates’ (‘UAE’) recent efforts to eradicate financial crime has been enshrined in the issuance of new legislation and policy that are aimed at protecting the country’s public funds from criminal abuse. As part of this effort, on the 14 April 2018, His Highness Sheikh Mohammed Bin Rashid Al Maktoum (Ruler of Dubai, Vice President and Prime Minister of the UAE) issued Dubai Law No. 4 of 2018 establishing the Financial Audit...