Click here to close now.

Welcome!

GovIT Authors: David Miller, Adrian Bridgwater, XebiaLabs Blog, Liz McMillan, Kevin Jackson

Related Topics: GovIT

GovIT: News Item

Abu Dhabi Realty Perturbed by Dubai World Crisis?

The facts on the UAE economy in these troubling times

Government News

In an exclusive interaction with Mr. Tej Kohli, Founder and CEO, of Ozone Real Estate, a number of revelations emerged on the financial and economic crisis of the past months and its impact on the Abu Dhabi market. Being an eminent Abu Dhabi-based real estate developer, Kohli is well positioned to interpret the present-day and future projections of the property market in Abu Dhabi.

Kohli has demystified the ambivalent aura encircling the Abu Dhabi realty sector, given the current upheaval in Dubai -- with the recent announcement made by Dubai World, deferring its international debt repayments of US$60bn. He speaks on how the UAE capital remains distinctly positioned to endure the on-going global economic scenario and will emerge unfazed.

Dealing with one blow after another, from the global recession meltdown to the recent Dubai World crisis, it will be interesting to note how Abu Dhabi would manage to stand firm in the face of the unstable financial crisis.

Kohli reveals, "One has to note that Abu Dhabi is mainly sustained by oil income. It has an excellent surplus as its governing bodies have maintained cash reserves by controlling all the central banks and being the backbone of the money market in the UAE. Although the global financial crisis, the increasing price of exports and a decline in external investors, affected Abu Dhabi, just like all other nations experiencing the effects of the global turmoil, Abu Dhabi is actually witnessing a 4 percent rate of growth, in contrast to the negative growth experienced by many western countries. What’s more! Now, there is talk of Abu Dhabi coming to Dubai's rescue."

Kohli is confident Abu Dhabi will shine forth as the steely, more stable emirate in contrast to its colorful neighbor. He is of the opinion that Abu Dhabi's fundamentals are holding solid in spite of the downturn, and that property buyers and investors are sending out positive feelers for the future. Even as financial blows threaten to eclipse the Middle East, Abu Dhabi is developing as the world's best positioned cities to withstand financial commotions. Kohli reveals, "This year will be remembered by all as Abu Dhabi's defining moment in its ride to becoming the soul of the UAE."

He remarks, "Abu Dhabi has strong fundamentals, and given these fundamentals it never got mired into a speculative market scenario as compared to its counterparts. Given these solid principles, the capital is sure to be one of the best areas for real estate investment in the UAE, in the months and years to come. Moreover, with Abu Dhabi's intervention, in bailing out Dubai, it will function as a guarantee of the emirate of Dubai."

As the rest of the world focuses its gaze on UAE, one wonders where the Abu Dhabi real estate market will go from here. Kohli opines, "Abu Dhabi has been cushioned by its conservative approach to the pace of real estate development, combined with its substantial oil revenues, as compared to what we have witnessed in Dubai."

He further clarifies, "All these factors have resulted in the UAE capital being in an enviable position to strongly tackle and weather the global economic crisis. The real estate market is on the path to rapid development, as one of the main beneficiaries of that strength. Investors around the globe are viewing Abu Dhabi as the most promising emirate to exhibit a solid performance in the MENA region. We expect the local population to grow at a steady rate and pace in the medium to long term while we expect a growing demand for homes in well-conceived, free hold developments such as SHAMS Abu Dhabi and our very own Cassia Bay Tower on Al Reem Island."

Kohli is of the opinion that the year, 2010, will usher in a new era of diversification expanding its appeal to global visitors, serious property investors, retailers and hoteliers. He predicts, "The coming years will determine Abu Dhabi's position, as it progresses to overtake its counterparts in becoming the UAE's number one show-stopper."

As the rest of the world witnesses a pall of gloom over their property sectors, growth prospects and changing market dynamics, it is interesting to watch how Abu Dhabi stands in the face of all the turmoil in the real estate market.

Kohli opines, "Abu Dhabi is in a fortunate position to learn from Dubai's mistakes and also benefit from its progress. It has witnessed what did well and what didn't do quite so well from Dubai, and going ahead from there Abu Dhabi has valuable lessons to make great strides in progress and development."

Although the recent credit defaults by Dubai somewhat cast a shadow on the financial system, as a whole on the region Kohli is confident of Abu Dhabi's emergence as a potent force in the region. He claims, "Although the Dubai World crisis might not be helpful for Abu Dhabi -- in the short run -- by 2010, I expect that perception to cease, especially if the forces in the financial sector in Dubai become more transparent in their financial dealings."

More Stories By Liz McMillan

News Desk compiles and publishes breaking news stories, press releases and latest news articles as they happen.

@ThingsExpo Stories
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.