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Passion Islam I April 2009 ORLD NEWSW I 13
Property prices to fall further
by twenty percent in Dubai
in Abu Dhabi are seen falling by up delivered in 2008, while 29,000 units
to 15 percent in 2009, EFG-Hermes are expected in 2010 and an average
said. 22,000 units between 2011 and 2015,
Prices in the seaside emirate have the bank added.
fallen 34 percent on an average from Transacted prices in the United
their peaks in 2008 but should stablise Arab Emirates’ capital have fallen
during the first half of 2010 and may 30 percent since 2008 peaks and
rise in the second half of 2010 or early are expected to drop a further 10-15
2011, the Egyptian investment bank percent in 2009.
said in a research note. ‘While supply-demand conditions
A Reuters poll last month showed are expected to remain tight, we
Dubai house prices are likely to believe the Abu Dhabi market has the
slump nearly 38 percent on average potential to recover fairly quickly.’
this year and are unlikely to recover The bank said it expects 6,000
before 2011. units to be delivered in 2009 and
Rents are seen declining at least 17,000 units in 2010, after around
20-50 percent from their peaks 1,200 units were delivered in 2008.
depending on the location, due to Unit demand is expected to
the acceleration of professional increase due to expatriate and local
expatriates leaving Dubai, and more population growth, with the population
supply hitting the market, it said. expected to grow by 5 percent in 2009
Dubai residential prices are likely to Around 28,000 units will be to 1.78 million, EFG said.
fall a further 20 percent, while prices delivered in 2009, versus 33,000
US Sergeant Jailed
Saudi King appoints new
for Murdering
Iraqi Prisoners
deputy Prime Minister
Saudi Arabia’s King Abdullah Prince Nayef was born in 1934 in
A U.S. sergeant was sentenced last
appointed Prince Nayef as the new Taif and served as governor of Riyadh
month by a court martial in Germany
Deputy Prime Minister in a move for one year before taking up the
to serve no more than 35 years in
state news agency SPA said was “in position of Minister of the Interior in
prison for murdering four prisoners in
the interest of the public good.” 1975, his longest held post to date.
Iraq in 2007.
Prince Nayef’s appointment by The promotion acknowledges
Sergeant First Class Joseph
his half brother King Abdullah came Nayef’s firm relations with the security
P. Mayo, 27, will be eligible for
as the king travelled to Doha for the services developed during his tenure
parole—conditional release from
Arab summit and to London for the at the powerful ministry.
imprisonment—in 10 years, the court
G20. Nayef drafted several important
“Technically, the prime minister proposals on interior issues including
Earlier he was convicted of murder
does not run the administration. fighting illicit drug use in the Arab
over the summary executions of four
The deputy prime minister runs it,” world, and is credited for implementing
bound and blindfolded prisoners in
said one Saudi official who asked to the issuance of national identity cars
Baghdad in 2007.
remain anonymous. to women in 2001
“Our objective is to get him out of
prison as quickly as possible,” defense
lawyer Michael Waddington told
Guantanamo Boy
reporters after the court adjourned.
Waddington said the murders had
Competition Winners
occurred in part because of a legal
and logistical situation in Iraq that
often prevented U.S. troops from
Congratulations to
holding detainees for long enough. Rokeyya Kazi and
“We don’t provide our troops with
the support they need,” he said.
Mohammed Hassan
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