It burns! It burns us! It freezes! It's like October all over again, with the Dow taking a breathtaking swan dive to its lowest since 1997, below where it was when Alan Greenspan gave his famous "irrational exuberance" speech. Merrill Lynch economists have revised their forecast for global growth to -0.4 per cent. Naturally, with the US looking worse and AIG needing a bailout, the dollar is rallying as the panicked herd of global investors reels in their risk. Noriel Roubini, Dr. Doom, is having to mark his Gloom downward, and is now in Hong Kong, where after seeing sharp contractions in Asian trade and economic growth, is warning of a much more severe and longer L-shaped depression. The suicide of Irish developer John O'Dolan, one of the owners of the Ireland island in the World development in Dubai, offers a tragic illustration of how the global financial problems are affecting the otherwise healthy economy of the UAE. A great deal of the ongoing Abu Dhabi Economic Forum has been spent lamenting how the crisis has created a mysterious and impenetrable barrier to credit expansion here. This is suffocating the local economy.
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- Record number of visitors to Dubai World Trade Centre
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- In pictures: Where Abu Dhabi rents have risen and fallen, Q1 2014
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In pictures: Where Abu Dhabi rents have risen and fallen, Q1 2014
Find out how rental prices in the prime locations in Abu Dhabi have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.
In pictures: Auto China 2014 exhibition
Leading automakers have gathered in Beijing for the kickoff of China’s biggest car show, but lacklustre growth and environmental restrictions in the world’s largest car market have thrown uncertainty into the mix. More than 1,100 vehicles are being showcased.
Plan ahead for rising interest rates
It is now over five years since the majory central banks slashed interest rates to record low but that is all about to change. So, how will rising interest rates affect you?
April corporate and economic calendar for the UAE and overseas
From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.
In pictures: Where Dubai rents have risen and fallen, Q1 2014
Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.
Rates report: Latest on UAE loans, accounts and credit cards
Souqamal.com brings you the latest interest rates on banking products in the UAE.