After witnessing up to 60 per cent drop in average room rates for almost a year, Dubai hotels will see rates increasing by up to 30 per cent in the fourth quarter of this year, according to a senior executive at CBRE hotels.

"Between October 2009 and January 2010, the average room rates for Dubai hotels will go up by at least 20-30 per cent from their current levels," Amine Hamdani, Vice-President, Fund Advisory and Indirect Investment, CBRE Hotels, told Emirates Business.

From Arabian Business:

Everyone I meet is wondering the same thing: are we in the middle of a second property crash? Has anyone really got a clue?

Okay, let me declare a few things first: I am no expert. This is just my opinion, and I am sure many of you will email me (again) to say its total drivel. That’s fine; at least my mother loves me.

Dubai: Dubai World, the city's global investment conglomerate, on Wednesday announced that it has suspended several of its planned projects.

"Dubai World has put on hold a number of projects until the market improves, including some tourism projects in Africa and elsewhere," a Dubai World spokesperson said in a statement.

Dubai: The Dubai public prosecution has referred Abid Al Boom, owner of Abid Al Boom Management and Development Properties, and his partners to the Dubai court of misdemeanour on charges of breach of trust, issuing a bad cheque and embezzlement.

Al Boom is also charged with swindling investors in the real estate sector of more than Dh900 million.

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued law No 14 for 2009 regarding the pricing of government services in Dubai.

Under this law, government bodies should adopt the directory of government fees prepared by the Dubai Department of Finance as a basis for pricing services provided by government bodies.

Gold jewellery sale volumes in Dubai fell around 40 per cent in July on a year ago, as the economic downturn and the summer heat deterred tourism, retailers said.

Tourists are a large part of the market for Dubai’s tax-free gold, but recession has eaten into disposable incomes and hit the flow of visitors to the emirate, deepening the seasonal downturn in visitors as desert temperatures peak.

Construction machinery sales have dropped by almost 50 per cent as demand continues to decline in the UAE. Many companies said they have not been importing any machinery for several months. Even demand for used machinery has dropped with auction houses recording poor response.