Qatar Daily News

Dubai’s total debt obligation could be as high as $170 billion, according to a report by EFG-Hermes regional investment bank.

A copy of the bank’s 2010 UAE Yearbook, seen by news agency AFP, says that Dubai’s government-related entities could have racked up debts “in the range of 130-170 billion dollars”.
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Bahrain’s Gulf Finance House (GFH) said on Wednesday it had taken a provision of $300 million over its exposure to a Dubai development project.

“Gulf Finance House … will take a $ 300 million (non-cash) charge against its proprietary Dubailand position and correspondingly reduce the liabilities on its balance sheet by $290 million,” the company said in a statement.

“GFH has no remaining material exposure to Dubai.”
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The head of one of Dubai’s largest real estate companies, Saeed Al Muntafiq, has resigned, a person familiar with the matter told Zawya Dow Jones Monday.

Al Muntafiq will continue until the end of the month as chairman of Tatweer, a unit of Dubai Holding Commercial Operations Group, the person who asked not to be identified said. Al Muntafiq was unreachable for comment as was a spokesperson for Dubai Holding and Tatweer.

A major management reshuffle is underway at the property units of Dubai Holding as the government reorganizes the company amid a sharp downturn in the emirate’s real estate industry.
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Qatar is on track to open its new $14 billion international airport in 2011 as the world’s largest gas exporter looks to diversify government revenues and stimulate employment, an official said on Sunday.

Speaking at an aviation conference in Doha, Qatar, the chairman of the country’s civil aviation authority said the new airport would have capacity for 24 million passengers and cargo of 1.4 million tonnes a year.

“The new $14 billion airport will be over 22 kilometres and open in 2011,” Adul Aziz Al Noaimi said.

Qatar has been pouring billions of dollars into infrastructure development to diversify the economy away from hydrocarbons, help propel itself on the international arena and become a transport hub between Europe and Asia.
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Filipino workers in Dubai and the Northern Emirates are urged to register with the Philippine Overseas Labour Office (POLO) immediately if their services have been terminated for possible jobs in Qatar.

Philippine Labour Attache in Dubai Viriginia P. Calvez issued this advice after 39 Filipino workers from the construction industry received their termination letters from their employers and left for Manila last week.

“Any displaced workers here, who may not have the time to come to POLO to register, may proceed to the Philippine Overseas Employment Administration in Manila upon their arrival there for the same purpose,” she said.
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