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Dubai experts expect 40 pc rise in lawsuits

Dubai experts expect 40 pc rise in lawsuits

Plus, Hawkamah calls for “sound insolvency and creditor rights systems” in the region; No mediation required for GCC monetary union, says UAE; Egypt unable to maintain growth, says EFG-Hermes; Emaar shares rise.

May 28, 2009 12:00 by



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Dubai experts expect 40 pc rise in lawsuits

Property and labor disputes may increase lawsuits filed in Dubai by up to 40 percent in the…

Property and labor disputes may increase lawsuits filed in Dubai by up to 40 percent in the second quarter of 2009 compared to the same period last year, Ahmed Saeed bin Hezeem,, director general for Dubai Courts, told <a href=”http://www.business24-7.ae/Articles/2009/5/Pages/Dubaicourtcasesup40ascrisishits.aspx

“>Reuters</a>. He also said the government noted a 20 percent increase in lawsuits in the first quarter of this year.

Hawkamah calls for “sound insolvency and creditor rights systems” in the region

Hawkamah, the Institute for Corporate Governance, released a declaration on Wednesday…

Hawkamah, the Institute for Corporate Governance, released a declaration on Wednesday calling for the regulation and the implementation of insolvency and creditor rights systems in the region, a company statement said. The institute has partnered with the World Bank, OECD, and INSOL International to complete a regional survey of insolvency and creditor rights. <p>

<p>The final results of the survey will be revealed in the latter half of 2009.<p>

No mediation required for GCC monetary union, says UAE

The UAE does not need to consult other GCC nations about its decision to pull out of…

The UAE does not need to consult other GCC nations about its decision to pull out of the regional monetary union, said a government official, reports <a href=”http://www.ameinfo.com/198222.html

“>AME Info</a>. Anwar Mohammed Gargash, the UAE’s Minister of State for Foreign Affairs insists the UAE is an ideal host for the GCC Central Bank because of the “country’s open banking environment.”

Egypt unable to maintain growth, says EFG-Hermes

Egypt’s economy is unable to sustain the level of growth posted in the first quarter of 2009…

Egypt’s economy is unable to sustain the level of growth posted in the first quarter of 2009 for the short term due to forecasts of low investment in the nation’s economy, according to a report by Cairo-based EFG-Hermes. <p>

<p>However, the bank has upped the nation’s growth forecast from 3.3 percent to 4.1 percent for fiscal 2008-2009, and 1.4 percent to 3.1 percent in fiscal 2009-2010. <p>

Emaar shares rise

Emaar Properties shares rose by 5.5 percent at the…

Emaar Properties shares rose by 5.5 percent at the Dubai Financial Market on Wednesday, reports <a href=”http://www.ameinfo.com/198298.html

“>AME Info</a>. Emaar’s shares have increased by 42.44 percent during the last three months.<p>

<p>The developer is widely regarded as a market indicator and is closely watched by investors in the region.<p>



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