Government Cloud Authors: Elizabeth White, Yeshim Deniz, Liz McMillan, Gopala Krishna Behara, Raju Myadam

Related Topics: Government Cloud

Government Cloud: 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
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...