We take a look at the Emirates speech in the US, Reem Mall, buy-to-let property, Dubai Land Department speaking out and what business leaders are reading.
In for the long haul
If you think Emirates' intercontinental flights are long, you should see its intercontinental policy battles. The carrier has been warring with the US airlines Delta, United and American - in a fight the Americans started - since January. On Tuesday, Tim Clark, the Emirates president, travelled to Washington with a 400-page report in hand that attempted to finally shred the Americans' allegations that Arabian Gulf carriers receive unfair subsidies. Emirates said the allegations are bunk and that rather than being subsidised by the government of Dubai, in fact it is the airline that is subsidising the government - with US$3.363 billion in dividends from the airline easily offsetting $218 million in capital injections from the government. Emirates attributes its success to its high standards and its nurturing of Dubai as a hub for long-haul flights - the longest of which, to San Francisco, lasts about 15 hours and 45 minutes. Rob McKenzie
First glimpse of Reem Mall
We gave readers a first in-depth look at the capital's latest shopping project - the 2 million sq ft, 485-shop Reem Mall. For Reem Islanders who happen to work on the island, there may soon be no need to ever cross the bridge back over to the city with all of the new amenities and outlets that are planned. But with the Galleria now open on Al Maryah Island, and Al Maryah Central scheduled to open in 2018, plus Abu Dhabi Mall just over the water and Al Wahda Mall a five minute drive away, the question of how many malls does one city need will no doubt come to the fore again. This is a city growing at a rapid rate, however, with the workforce up by 10 per cent last year according to the Ministry of Labour. The Reem Island master plan revealed a few weeks ago envisioned up to 210,000 islanders in years to come, and if that's how the future pans out we might then be wondering why we ever questioned the number of malls. Ian Oxborrow
Does buy-to-let add up?
The returns on buy-to-let property investment no longer stack up. Those were the wise words of our investment expert Peter Cooper in the Money section this week. He believes rental yields are now generally too low for the large amount of capital at risk. And his advice was not only reserved for UAE property. Mr Cooper believes the writing is on the wall for property investment across the globe and urged readers to sell their holdings immediately. While Peter's words were not welcomed by all - after all who wants to hear their property portfolio is in danger - he had some valuable points. He says the global regime of low interest rates forced upon us by central banks has distorted investment returns. It meant investors were willing to pay more for lower returns and with rents barely shifting and the costs associated with property ownership on the rise, the picture gets murkier. Once interest rates start to rise and house prices start to drop - that property investment could quickly become a liability. Alice Haine
DLD dismisses property rumours
It is quite out of character for Dubai Land Department to immediately address media and consumer concerns. But not this week. The DLD was quick to dismiss rumours about an imminent increase in property registration fees from 4 per cent to 8 per cent after June 30. "This is a baseless rumour and only serves to encourage the return of speculation. It confuses buyers and needlessly compels them to speed up their purchasing decisions," said Sultan Butti Bin Mejren, the director general of Dubai Land Department. Besides, the deadline to register property has been extended until October 31. The emirate had previously doubled these fees from 2 per cent to 4 per cent in September 2013 to cool down runaway property prices and curb the practice of "flipping". It was the bursting of the property bubble in 2009 that led to real estate prices falling by more than 50 per cent. Meanwhile, data from the DLD show that overall property transactions in the first quarter stood at Dh64 billion. However, comparative figures for the previous period were not available. Srinivasan Iyer
Rest, relaxation and reading
Where are you going on holiday this summer? We asked 16 business leaders from across the Middle East about their vacation plans, and the answers ranged from Brazil to Japan to nowhere in particular (some people are just too busy to up and leave for a few weeks). We also asked our informal panel for their summer reading lists. Their picks, again, spanned a wide range, with not a single title appearing twice. Their choices included The China Model; Science, Society and the Environment; and even a special edition of War and Peace. What was also noticeable was that there was very little fiction being read by our leaders, many of whom preferred theoretical works which could aid them in the workplace. Rob McKenzie
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