DUBAI: when US taxi drivers gave stock tips some saw it as a sign of the market peak during the tech bubble. What about when buildings give advice on property? See Frontier Alpha graphic attached.
Daily SGX Report by Epic Research Singapore 14th March 2014
Dubai & the UAE - Back to the Property Story
1. Dubai & the UAE – Back to the Property Story
Buildings Are Saying No Bubble…
International Buyers Too...
Dubai Real Estate Buyers by Nationality (1H13, $bn)
Kuwait
Egypt
Lebanon
Jordan
• India, UK, Pakistan, Saudi
still dominate foreign buyers
Saudi
Pakistan
UK
Indian
UAE
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Source: Local Real Estate Agents (July 2013)
.
But Note Off Plan (New Development) Prices…
Luxury Villa - Completed vs Off-Plan Price (AED psf)
Lakes Hattan (Emaar completed)
2500
Akoya (Damac off plan)
1900
Meadows (Emaar completed)
• Damac’s Akoya greenfield
development priced near
peers in centrally located,
completed developments
1600
Source: Damac website for Akoya golf facing, Local Real Estate Agents
And Property Story Needed to Allay The Debt One
$142 Dubai Government and GRE Debt
60
Emaar, DIB, CBD
50
DEWA, DIFC, BD
40
Dubai Holding
30
Dubai World
20
Investment Corp of Dubai
10
ENBD Related Party (Overdraft)
0
2013
Source: FA, picture of building in Dubai Marina
2014
2015
2016
2017 Beyond
Government
Source: IMF (July 2013 Article IV, p31)
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• Dubai Inc debt repayment
and refinancing out of
the headlines as Dubai
property has recovered
and QE has driven liquidity
2. Recent Reports
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Bangladesh
Unrest Priced In
27 October 2013
Nigeria
Political Risks Not Priced In
23 September 2013
Zimbabwe
Election to Succession
4 August 2013
Egypt
Stalemate Broken
4 July 2013
Egypt
Value in Distress
22 June 2013
Kuwait
Elections and Tribe
17 June 2013
Zimbabwe
Value Despite the Run and Risks
10 June 2013
Nigeria, Kenya
Northern Rocks
21 May 2013
Saudi
Dune
9 June 2013
Pakistan
Evolution, Not Revolution Yet
13 May 2013
Saudi
CMA, Government at Euromoney
7 May 2013
Zimbabwe
Rally Through the Risks
2 May 2013
Saudi
Margins Reveal Top Down Risk
22 April 2013
Pan-Frontier
Arab Spring: Pakistan Pointer
9 April 2013
Ethiopia
Merits More Attention
8 April 2013
Nigeria
2015 Calculus
2 April 2013
Egypt
US Disengagement
26 March 2013
Lebanon, Syria
Pessimism Put
25 March 2013
Kenya
Sensitive Moment
21 March 2013
Dubai
Different This Time Why?
13 March 2013
Qatar
LNG: Less No Risk Growth
11 March 2013
Egypt
CoupE2?
7 March 2013
MENA
Persian and Arabian Gulf
6 March 2013
Saudi
Old versus New Media
24 February 2013
Saudi
Regulator Changes
23 February 2013
Egypt
Not (Quite) Pakistan
22 February 2013
Pakistan
Balochistan Vortex
21 February 2013
Bahrain
Drain
14 February 2013
Saudi
Still a Play on Global
12 February 2013
Kuwait
Deteriorates Again
10 February 2013
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