Middle East Business News Review – A look at today’s important financial news and business updates from the Gulf, Levant and North Africa:
Bloomsbury’s officially opened at The Dubai Mall on Thursday 28th June 2012. The new boutique café in Dubai marks the one year anniversary of Bloomsbury’s which opened it’s doors to food lovers last year in Abu Dhabi.
The opening event at The Dubai Mall was inaugurated by Mr Yusuff Ali MA (EMKE Group) and saw the unveiling of “The Most Expensive ‘Edible’ Cupcake” named “The Golden Phoenix” using the finest, most expensive ingredients available from around the world.
According to a report by the Oxford Business Group, Dubai is among the cities in the world which gradually recovered from the impacts of global financial crisis and Dubai’s residential market is on a positive course of recovery due to encouraging economic performance shown during the previous quarters.
Looming US-led Western sanctions have Iran’s top Asian buyers cut down imports by more than a quarter of a million barrels per day in the first five months of the year.
Iran’s oil exports had fallen by as much as 30% from normal volumes of 2.2 million barrels daily.
International Committee of Red Cross report warns millions of people, especially children, at risk from ArabSpring hardships.
The report added that increasing food demand in several parts of the world continued to fuel unrest and conflict, as did the consequences of drought and floods. The worldwide economic crisis further compounded the woes felt by many.
Dubai’s leading Master Developer, Nakheel PJSC said that it will start construction of the extenstion of Dragon Mart. Contracts worth about AED600 million are being awarded for the construction of the extension.
The announcement is the latest in signs of a recovery in Dubai’s real estate market. Nakheel had turned to profit in the first quarter of 2012.
Buoyed with market optimism and results, Nakheel has annouced various other projects including a AED25 million retail complex, and a restaurant, retail and entertainment hub opposite Atlantis, both on the showpiece development Palm Jumeirah.