Are New and Old EU Members Becoming More Financially Integrated A Essay

Are New and Old EU Members Becoming More Financially Integrated A Threshold Cointegration Analysis - Essay Example 1999; Fratzschner, 2001etc).This approach mainly uses the uncovered interest parity2 condition. The main limitation with this approach is that if data on financial instruments with similar characteristics are not available, then the interpretation of results based on the price or approach can be problematic. It is very difficult to get financial instruments of exactly similar characteristics in reality. Further, there is an argument that interest rate convergence need not necessarily occur in financially integrated markets. This is because of the possibility of similar response of the markets to common factors even under non-convergence of interest rates also (Poghoshyan and Hann, 2007). The second approach is based on the cross border flows of capital. This approach estimates quantitatively the various legal and other barriers, which may affect financial integration through different angles of the decision process regarding investment (Bekaert and Harvey,1995;Adam etal, 2002; Baele etal, 2004 etc). However, cross border capital flows need not always be indicators of financial integration only. It can be due to many other policies like monetary, fiscal, exchange rate policies and other circumstances (Eichengreen, 2003).In addition to this, according to European Commission (1997), the harmonization and coordination of various legal procedures for capital markets have become less important for their integration after the introduction of Euro. However, this is not the case for other financial markets according to the Commission. The third approach is based on the news-based indicators (Baele etal, 2004; Capiello etal, 2006). According to this, under integrated financial markets, the prices of financial instruments will be affected more by the global news than the local news. This is because there will be well diversification of portfolios in the financially

Analyse and discuss concepts of European identity Essay

Analyse and discuss concepts of European identity - Essay Example Considering as a dependent variable, identity is repeatedly used to study the creation of racial or territorial identities. It is argued that Central Europeans formed a separate identity that was mainly defined in opposition to Russia and likeness to Western Europe. As an independent variable the study of identity uses to explain some facts of greater concern, for instance the nature of political rivalry. After the World War II those who wished of a united Europe were searching ways to uphold a strong sense of European identity. Even though, thoughts on a European identity conceptualized ten years earlier to the World War II the political, social, and economic disorders linked with World War II, basically changed the European order. Hence it became necessary to assume of Europe in different ways. The formation of the European Coal and Steel Community, and the European Economic Community (EEC), were the outcome of those views (Williams, 1987). As the hurdles to trade within the EEC began to drop in 1960s, that resulted in the start of discussion of a sprouting United States of Europe. This was not only just a formal economic entity but it was presumed as a possible hub of identity for its inhabitants. The discussion over the nature and significance of European identity goes deep into many of the critical matters facing Europe today (Deflem and Pampel,1996; Delanty, 1995; Hodgson, 1993). Making the debate difficult are the suppositions that are made about the very nature of identity itself. These assumptions are the creation of political-territorial growth over the past centuries that have cast the state in the role of architect and symbol of international society (Murphy, 1996; Taylor, 1994). Hence, the concepts of nation and state became conflated and national identities to be considered as if they were the major matter of investigation in learning’s of

Use of water from underground Essay Example for Free

Use of water from underground Essay Water from underground sources has been exploited for many years to be used in homes, for livestock as well as irrigation. As Howsam (2007) clearly explains, though, the exact way of how water occur underground may not be well understood by the people using the water, successful abstraction methods has been used to abstract water from various sources and under varying conditions. However, there is need to treat and assess the quality of the ground water before using the water. Generally, the method of treatment will highly depend on the source and the properties of abstracted water. Consequently, for water abstracted from upland reservoir in an area of a sheep farming area which is known to be soft and to have unacceptable taste and colour with a pH of 5. 5, its treatment strategies will differ from that from a network of pumped wells delivering anaerobic groundwater from a chalk aquifer. This paper thus aims at comparing and contrasting the various treatment strategies that could be used. Quality tests recommended Turbidity measure: Turbidity of water involves measuring the amount of light that could pass through water; this will indicate how â€Å"cloudy† that sample of water is. Turbidity results from particles that are suspended in water being assessed and it is a crucial control measure of how water disinfection has performed. Water turbidity measurement occurs at two varied points; at the treatment plant and at the consumer taps. Chemical quality water assessment The regulations set by the water Quality of 2000 outlines all the minimum tests that are needed for each chemical as well as physical parameter. The parameters that are measured include but are not limited to: colour, odour, taste, ammonium level, aluminium level, iron, manganese, sodium among other chemical properties. An critical aspect in quality assurance of water when using chemical in water treatment is make sure that the used chemicals are those that are specified and does not harm consumers or change the properties of water. Treating water form upland reservoir Tastes and odours In water from the ground like from sheep reservoir, the taste and the odors come from the hydrogen sulphide and other organic substances together with dissolved minerals such as manganese, iron, zinc and copper. Even though these substances are usually not dangerous in amounts normally found in the many of the groundwater, the presence of these substances could result in consumers refusing such water. Thus, such water has to be treated. Adjustment of PH Adjusting the pH is very important in water treatment especially that those meant for drinking. The removal of coagulation, corrosion and controlling softening all are aspects that assist in adjustment of pH. Stabilizers Waters from the reservoir that is considered to be soft could be hardened slightly through use of cation resin exchange. To improve the level of â€Å"softness† in the water, calcium magnesium is added to the water to give the water the right texture Adsorption This is a treatment strategy that involves physical process that happens when liquids are suspended or dissolved in a matter so that the particles in that water could be adsorbed in an adsorbent medium. In most cases carbon filters are used as adsorbent medium Pumped wells delivering anaerobic groundwater from a chalk aquifer Ultraviolet treatment This water treatment method uses ultraviolet light in order to disinfect water. That is to decrease the amount of bacterial that is found in the water. Removal of algae The bad taste could be due to toxic or because of odorous algal blooms that could be present in the reservoirs. In many cases, copper sulphate. However, before using chemical treatment, the possible impacts on water reservoir biota (Faust and Aly, 1998). The build-up of chemicals used in water treatment such as copper could have a negative impact on the downstream treatment. More so, the quality of water treated has to taken into consideration. Coagulation and flocculation The main application of coagulant as well as flocculant chemicals is removing the suspended and also the colloidal solids like clays. In particular, coagulate are significant in treating surface waters. The elimination of the solids is attained through aggregating small suspended substances into big flocs. The coagulant as well as the flocculant chemicals at the same time is able to eliminate various organic substances, color and other micro-organisms like bacteria, algae and viruses. The amount and strength of the formed floc is able to be controlled and managed according to the treatment method used. Sedimentation or filtration could be used to remove the floc. Disinfection Generally, disinfection of water is used alone or as the last step in treatment of water subsequent to either clarification or filtration. In many cases, disinfection is mainly applied to prevent bacterial, viruses or any other protozoa that could get into the distribution system. Generally, chemicals that are used to disinfect drinking water are strong oxidants like chlorine, ozone as well as hydrogen peroxide. However, the effectiveness of disinfection mostly depends on the sources of water that is being treated. In addition, the effectiveness of disinfection also could be affected by the turbidity of the water, pH and the organic substances. The objective of water treatment processes applied before disinfection ought to result in water that has the lowest level of turbidity and organic substances. Too much particulate substances in water could result in protection of micro-organisms against the disinfection chemicals. Conclusion However, as Howsam (2007) states, all chemicals that are used in water treatment whether in chalk or reservoir, ought to be assessed for possible contaminants and restrictions ought to be known. Generally the main aspect of carrying out water treatment is to ensure that the quality of the water is right and does not adversely impact the consumers. Water treatment chemicals are mainly used in treating water to essentially reduce or remove the cases of waterborne disease, public heath issues, and also to improve the taste and quality of that water. However, as American Water Works Association (1997) notes any chemical that is used in treatment of water has to be effective, to produce the desired wishes, should not present any public health worry and ought not to result in any chemical or contaminants that exceed drinking water stipulated values. Reference: AWWA (American Water Works Association) (1997): and ASCE (American Association of Civil Engineers): Water Treatment Plant Design, 3rd edition. McGraw-Hill Professional, USA Faust, S and Aly O (1998): Chemistry of Water Treatment, 2nd edition. Ann Arbor Press, Michigan Howsam, P (2007): Bio fouling in Wells and Aquifers: Water and Environment Journal Volume 2 Issue 2, Pages 209 215 (Available online). Letterman R (2002) 🙠 Ed). Water Quality and Treatment: A Handbook of Community Water Supplies, American Water Works Association, 5th edition. McGraw-Hill Professional, New York

Religious Revelation in Carver’s Cathedral Essay -- Carver Cathedral E

  Ã‚   At first glance, one might assume Raymond Carver’s "Cathedral" illustrates the awakening of an insensitive and insulated husband to the world of a blind man. However, this literal awakening does not account for the fact that the husband awakens also to a world of religious insight, of which he has also been blind. The title and story structure are the first indicators of the importance of the religious thesis. It is also revealed when one examines the language and actions of the characters in the story. Finally, Carver’s previous and subsequent writings give an overall background for the argument that "Cathedral" has a significant religious import. The structural and technical features of the story point towards a religious epiphany. The title of the story, as well as its eventual subject, that of cathedrals, points inevitably towards divinity. Upon first approaching the story, without reading the first word of the first paragraph, one is already forced into thinking about a religious image. In addition, four of the story’s eleven pages (that amounts to one third of the tale) surround the subject of cathedrals. Adding to the obvious structural references to cathedrals and religion, the language and character actions present further evidence of an epiphany of divine proportions. The television program which the characters watch together deals entirely with cathedrals. This spurs the first real conversation between the narrator and the blind man. This presents religion as some form of common ground, on which one could stand, even without sight. When first asked by Robert, the blind man, if he was "in any way religious," the narrator asserts that he is not, and goes on to explain how cathedrals and religion "don’t mean any... ... the eyes of a blind man, but also to appreciate the world through the eyes of a man of God. Works Cited/Consulted Bethea, Arthur F. "Carver’s ‘Wes Hardin: From a Photograph’ and ‘A Small Good Thing.’" The Explicator. Spring 1999. 176-178. Bethea, Arthur F. "Carver’s ‘Will You Please Be Quiet, Please?’" The Explicator. Spring 1998: 132-134. Carver, Raymond. "Cathedral." The Harper Anthology of Fiction. Ed. Sylvan Barnet. New York: HarperCollins, 1991. 1052-1062. Nesset, Kirk. "Insularity and Self-Enlargement in Raymond Carver’s ‘Cathedral.’" Essays in Literature. March 22, 1994: 116. Stull Williams. "Beyond Hopelessville: Another Side of Raymond Carver." Philological Quarterly. 1985: 1-15. Verley, Claudine. "Narration and Interiority in Raymond Carver’s ‘Where I’m Calling From.’" Journal of the Short Story in English 13. 1989: 91-102.   

Real State in Uae

College of Business Administration(COBA) Master of Business Administration(MBA) Report on Real Estate Business in United Arab Emirates Prepared by: MBA Students 19th December, 2011 Table of Contents EXECUTIVE SUMMARY1 INTRODUCTION2 HISTORY OF UAE REAL ESTATE BUSINESS3 NATURE OF REAL ESTATE MARKET4 SUPPLY AND DEMAND MODEL5 ELASTICITY OF UAE REAL ESTATE MARKET7 REAL ESTATE BUSINESS – IMPACT ON UAE ECONOMY8 UAE REAL ESTATE BUSINESS – CLASSIFICATIONS9 Residential real estate market9 Office market10 Retail market11 Hotel market12 UAE REAL ESTATE LAWS12 CHALLENGES IN UAE REAL ESTATE SECTOR13SWOT ANALYSIS OF UAE REAL ESTATE SECTOR14 FUTURE GROWTH – INFERENCES AND CRITICAL CATALYSTS14 CONCLUSION17 REFERENCES18 EXECUTIVE SUMMARY United Arab Emirates is considered as the most active property market among GCC countries. Real estate and business service sector contribute a considerable share for the growth of the nation. The economic boom during the years 2003 – 2007 increases the demand for real estate properties and there were shortage in residential and commercial segments. Emirates like Dubai have found an important place in world tourism map, the conditions in UAE also attracts foreign investors and job seekers.So, the available real estate space for residential and commercial purposes was not enough to fulfill the present requirement. Real estate markets in emirates like Ajman, Fujairah, and Ras Al Khaimah are not exploited well; they provide new avenues for investors. Completion of some major projects in Dubai and Abu Dhabi in coming years expected to be able meet the requirements. In some real estate sectors like hotel market, experts predicts oversupply situation in future. Global financial crisis in the years 2008 -2009 badly influenced the real estate sector also.Due to uncertainty in markets, many expatriates return to home country and new investors in fear to make large investments. Expected huge supply along with reduce in demand d uring crisis time, value of real estate properties went down especially in Dubai. UAE government projects like ‘Abu Dhabi vision 2030’ provides enough importance for supplying residential properties. UAE economy is now recovering from recession and new opportunities in different sectors will enhance the growth of real estate sector in coming years.So, this analysis is meaningful to measure the current situation in UAE real estate market and to forecast to the future. ? INTRODUCTION ‘Real Estate’ is a broad term which represents a piece of land including the air above ground below and any building or structure on it. This can also include the business and residential properties which can be sold by the individual who own the property or a relater. Real estate refers to residential new homes and existing ones, commercial shopping centers and offices, industrial manufacturing buildings and properties, undeveloped lands and farms etc.Real estate investments are largely influenced by the condition of the immediate area where the property is located. The values affected by local factors such as availability of jobs, crime rates, taxes, presence of educational institutions and so on. In different countries, the broad nature of the term ‘real estate’ may vary but key ideas behind is almost same. Generally speaking, real estate is the property consisting of land and the buildings on it along with its natural resources. Real estate business represents the profession of buying, selling, renting or leasing of lands, buildings, houses etc.This business area includes the activities for providing goods and services involving financial, commercial and industrial aspects. Major players in this business are land owners, developers, builders, real estate agents, tenants, buyers and so on. This is an important business area where huge amount of money is involved and so, in depth knowledge is helpful. Real estate business is attractive becaus e there is chance to earn more money within the short span of period. In the last decade, real estate business in UAE has a tremendous level of growth due to various favorable situations.The basic driven forces for such a growth are economic growth of the country, increase in income, capital inflow from foreign investors, increase in population of expatriates and liberal laws. Economic development in the UAE has largely influenced by real estate sector and its impact on GDP growth rate is very crucial. Increase in tourism and development of other business sectors stretch the confidence of investors, especially from outside the country in real estate business. Employment opportunities are high in different emirates and there by expatriate population increases, this provides good opportunities in residential real estate sector.Many multinational companies found UAE is an important business location and begin their investments also enables the rapid growth in real estate sector. UAE pr operty market is still growing after the decline faced at time global economic crisis and recession. UAE open their opportunities to foreign investors in terms of culture and social integration and considered as one the most secure country in terms of political and economic environment. UAE is now creating a real estate and property boom that will delight dream of many people and creates regions within the nation that are representative of the world.So the turn over from real estate business is high especially in emirate like Dubai. HISTORY OF UAE REAL ESTATE BUSINESS Till the early 70s, when it constitutes a single nation by combining seven emirates, UAE is one of the least developed countries in the world. Today UAE has achieved growth rate and income level comparable to that of industrialized nations. As we know, the revenue from oil was the main source for the development in the early stages of the country. The infrastructure for many other business sectors were developed using the revenue from crude oil.In 1980s, UAE followed a resource based industry as a development strategy for over all development of country using natural resources. At this time, real estate properties are under the ownership of government and citizens have limited accessibility on such properties. Restricted transactions are there which happed between local people. When industries established here, real estate market also got a hike. Industrialization and impact of crude oil on global economy enabled UAE to be an investor’s destination for business. Gradually, the number of expatriates increases, most of them came here as employees.This trend enhances the development of residential and commercial real estate market. In late 90s, government authorities realize the uneven growth of real estate business and its opportunities. In this time, many of the multinational companies set their franchisees or braches in different emirates. The employment opportunities of the country expand thereafter and so real estate market got the boom. Authorities formulated new sophisticated real estate laws in the country to encourage foreign investments in large projects.The government’s decision to diversify from a trade based economy to service and tourism oriented made real estate sector is more valuable. Establishment of free zones enables to encourage investors by providing maximum freedom to establish industries. Special laws are formulated for free zones to keep the interests of investors. These free zones also contribute a lot to the gradual growth of real estate sector. Free holding of properties revolutionize the real estate market, which encourage foreign investments.Free hold allowing foreigners to buy properties, before that, only UAE nationals can hold property with restricted permissions. This policy adopted by Dubai in 2002 and implemented from 2003, help them to explore high turnover from real estate market. UAE real estate business grew gradually by ex ploiting different favorable conditions here; retain its growth till 2008. Global economic crisis from 2007 have some sort of impact on real estate business in UAE also, influence more on Emirate of Dubai. Dubai faced another recession in 1999, but it didn’t affect relatively small real estate sector at that time when comparing to late 2000s.Property value came to extreme down level due to less demand. During the period of recession, property prices down and investors are afraid to spend money in the sector. UAE slowly recover economic crisis and the demand for properties is still high. So economists predict further growth in coming years in real estate business. (UAE real estate, Reaching New Heights- KFH research) NATURE OF REAL ESTATE MARKET UAE real estate property market suffered a crash during the time of global economic crisis and now the business is gaining back the momentum.Since the transactions involved with considerably large amount and due to the expanding nature of business, we have consider the distinct characteristics and factors influencing the real estate business. Real estate assets and markets are unique when comparing to other market goods. This tends to be highly localized and segmented with privately negotiated transactions. Main characteristics are: Uniqueness: each real estate property can assume to be more or less unique, makes it difficult to compare with other properties.Durability: New structures usually have long life and so yield benefits over a long period of time. Large transaction size: Most of the real estate transactions create in a large financial requirement. So the cost and availability of financing has more influence on real estate market. Long development/ production period: from conception to completion, real estate projects often take years to complete. That means that supply of real estate properties typically slow to adjust to the increase in demand from real estate market.So real estate market is far away fr om ideal competitive market. Real estate business is influenced by many different factors which affect the real value of property also. The dynamic integration among different factors creates the business trends in the real estate market. Physical or environmental factors are noticeable to observe. Such factors include soil, climate, water, topography, scenic beauty, infrastructure and desirable destinations like schools, commercial areas, employment centers etc. Economic factors will strongly influence growth of the city or decline and here by property values, both demand and supply factors affect in this context. Demand factors include trends in employment and income, the availability of financing and so on. Economic factors that affect supply are availability of vacant and improved properties, rental and price patterns of existing properties, construction cost etc. All real estate property values are largely influenced by government policies and actions. Developing free zones, im plementing different kinds of regulations, construction of physical infrastructure etc are responsibilities of government as part of their policies.In UAE federal monitory policy and emirate fiscal policies also influence real estate markets. SUPPLY AND DEMAND MODEL Real estate economics is attempt to apply economic techniques to real estate markets, which tries to describe predict patterns of prices, supply and demand. Supply and demand model represents the relationship between quantity of a commodity that producers have available for sale and the quantity that consumers are willing and able to buy. The function of market is to equalize demand and supply through price mechanism where it keeps an equilibrium price to balance demand and supply.Diagrammatic representation of supply and demand model commonly mentioned as demand curve and supply curve, these curves plotted against the variables price and quantity. In highly competitive economy, the combination of upward slopping supply curve downward slopping demand curve represents the supply and demand schedule the intersecting point represents the equilibrium price for the item. Source: http://kkrugler. files. wordpress. com/2008/02/supply-demand-curve. png The huge uncertainty because of recession during 2010 in real estate market causes down fall of property values.Real demand level of real estate properties depends on population growth, both in residents and expatriates estimated around 15,000 new unit requirements per annum in Dubai itself. Then there is a situation arises where supply exceeds demand due to overbuilding and market uncertainty. Most of the projects in residential sector focus on luxury villas and apartments, but the requirement is only 30% of the total. So, there is still an undersupply for low and medium cost residential properties. Many projects are delaying due to uncertainty in demand and so, expecting the demand gap will increase in future.According to the renowned rating agency Moodyâ €™s, the oversupply in luxury residential sector and in commercial sector will continues till 2016 and there will be a delay in price recovery in real estate sector. Some researchers expect recovery to 2008 price level around 2020. The situation in Abu Dhabi also worsens, nearly 11,000 residential units are expected to come in market soon, this may cause a fall of 14% in rents when comparing to last year. In 2010, Abu Dhabi invested a huge amount of nearly 140 billion of USD in real estate and infrastructure development.During the peak time of real estate business during 2007 -2008, they were simply watching the projects of other emirates, especially Dubai and Ras Al Khaimah. This make made a lack of supply till last quarter of 2010 which provides a better rental when comparing Dubai. They got enough time for better planning by applying lessons learnt from Dubai’s experience. In Abu Dhabi, supply shortage is clearer in till 2011, huge supply increase in property units do not match with cumulative demand, expects till 2013. But in Luxury real estate sector and hotel sector there is issue of oversupply.One and two bedroom apartments still enjoy the highest demand. In general, there are not much serious issues regarding supply side of UAE real estate sector. Supply largely related to population growth, price obtainable for the property and its relative value of properties in real estate market. Changes in population commonly related to employment opportunities, increase or decrease in population will influence the real estate values. UAE expects drastic increase in employment and tourism sector in coming years and also encourage future investments in different sectors. Demand largely related consumer’s current financial strength and taste.Demand also relates to population, which is crucial in terms of its size along with its age distribution, educational status, size of household etc. Oversupply in certain sectors will cause a reduction in prope rty value in coming years, but low and medium cost residential sector still stay as undersupplied. ELASTICITY OF UAE REAL ESTATE MARKET The responsiveness of supply and demand to change price as per market trends is referred as elasticity. In other words, this ratio represents percentage change in quantity demand in response to percentage change in price. The demand for a property is said to be inelastic when this value is less than ne. If this value greater than one, changes in price have a relatively large impact on quantity of demand. Revenue is maximized when elasticity value is exactly one. There are different factors which influence elasticity of properties like, availability of substitutes, percentage of customer income, necessity of property, duration etc. Every investor in UAE is looking for maximum profit from property market, elasticity provided by the property owners make UAE is the best place for the property business. In real estate sector, occupancy rate is 90% and st ill they are in shortage of supply.Before the economic recession, rent is too high to reach for middle class investors. In cities like Dubai and Abu Dhabi, still there are unoccupied residential and commercial real estate properties and so price elasticity will make conditions different. High occupancy rate is normally an indication of price elasticity. When supply meets almost all the demand from real estate market, elasticity will play an important role in determining property transactions and its values. Change of price will increase the demand, many families occupying in sharing villas may ready to take better occupation areas if the price become affordable.Availability of residential or commercial areas with fewer prices automatically makes the markets more elastic towards the price. REAL ESTATE BUSINESS – IMPACT ON UAE ECONOMY The economic studies conducted by various agencies showed the economic recovery in the country by gaining strength with the support of favorable global environment, but political uncertainty in some GCC countries really slowdown growth of real estate sector. UAE economy has recorded an overall study level of growth over last few years and the GDP has more than doubled from 387. 8 billion in 2004 to 934. 3 billion in 2008.Early stages of UAE economy is powered by revenue from oil, but in the recent years, the main driving force of economic growth is from non-oil sector, accounting for an average of 65% of GDP from 2004 to 2008. Real estate is among the important non-oil business sector in UAE which contribute an average of 8% towards the GDP. Abu Dhabi and Dubai are the emirates that contribute major share of GDP, Dubai is playing great role in the growth of non oil sectors, especially real estate market. The impact of real estate sector in UAE economy is high when considering to the last decade, the cities Abu Dhabi nd Dubai became business hubs in Middle East. Real estate sector is remain under pressure in the current econo my, contraction is expected as a further drop in property prices as new supply enters to the market along with lower demand and there by widening the supply – demand gap. This will increase in coming years with the completion of ongoing projects; will continue to weigh down the property prices and growth prospects. Abu Dhabi’s current strategy for boosting the housing supply also put additional pressure on real estate market.Anyway massive investment from government for infrastructure development projects will cause demand for construction and contracting services. Along with this boosting in employment opportunities will expected to provide a base for real estate economy to grow in future. The following table represents evolution of UAE Gross Domestic Product from year 2002 to 2009. Source: UAE National Bureau of statistics UAE REAL ESTATE BUSINESS – CLASSIFICATIONS For providing statistics more deeply, real estate market further divided in to Commercial and Re sidential sectors.Commercial real estate sector refers the property which specifically set aside for commercial purposes like industrial use, professional offices, farming etc. commercial property has to comply with certain standards and should be used solely for business purposes only. Residential real estate involves the sale and rental of land and houses to individuals or families for daily living. Both types involve transactions of huge amount and so many regulations are introduced for commercial and residential segments. Commercial real estate market further divided in to office market, retail market, hotel market etc. or providing analysis in further detailed. Residential real estate market Due to current world wide economic conditions and its manifestation, Dubai bought high uncertainty to the residential real estate market which drives down the prices. Residential market of Abu Dhabi and some other emirates are experiencing a shortage of supply, with insufficient homes or vi llas to meet requirement of current population. So sharing of villas and apartments is common here. In Abu Dhabi itself there is a shortage of 48,400 housing nits, the upcoming projects will be able to meet only around the half. The under supply for end users is particularly for lower and mid market brackets. The majority of upcoming projects also targets high class investors. Residential sales prices in UAE reached its peak in 2008, at this time rent also very high. Residential rents and selling price continue to decline due to a number of factors. More new supply will be available and as rents decline, many tenants are expected to be trade up from shared accommodations into single accommodation and thereby it keeps increase in demand.Rapid economic growth and employment opportunities results an unprecedented population boom, multi occupancy and sharing will of villas etc makes it possible to meet the requirement. House prices were fallen in last quarter of 2008 and now it slowly r etains an optimum pace. Economic growth, government support and mortgage lenders returning to the market etc are current driving forces of financial strength. The following graph represents the house price changes in UAE for the last three years. In the last quarter of 2010, residential price index rose slightly to 0. %, the total number of property transactions increased around 5%. Office market Currently there is a limited supply of office space in UAE, especially for multinational service sectors which require international standards. Still there is shortage of professionally managed office space, so office markets are operating in maximum occupancy rate and rents are relatively high when comparing to other developing countries. When begin a office, organizations will consider many concerns like road and transport facility, resource availability, infrastructure accessibility etc, so rents in areas within the city is very high.Medium range organization mostly prefer near areas of city to get the advantage of relatively less rent. More office space will be available when completing the ongoing projects which will help to stimulate market absorption rate in light of quality, tenants got opportunity to occupy higher quality office space at a lower cost. As a result poorer quality spaces forced to reduce their price. Large investment from government to set state owned enterprises and banks, currently most of such organization own the space rather than active in rental market.To widen the services of government agencies and enterprises new high quality office spaces should be created in various parts of the country. Foreign investment and multinational company involvement in different sectors like oil and gas, financial services, professional services etc largely influence the current trends in office market. According to the Global Office Market View from CB Richard Ellis (CBRE), UAE is an increasingly affordable and attractive destination for company offices, w ith growing stability within the emirates.The quality and standard of completed buildings and its affordable rent rate here become much more attractive. Retail market Retail market in real estate represents floor space available for participating in trades direct to customers. Retail market also faces shortage of international quality projects and so availability of floor space for retailers relative to demand is less. Increased spending of both UAE citizen expatriates and the existing below average per capita income provides a good atmosphere for retail market.The total retail supply in Abu Dhabi is approximately 1. 4 million square meter of GLA and it is important to note that most of this space is in non mall format, i. e. street shops. There is significant shortage of available retail space including high end street retail at present and the existing shopping malls are currently having high occupancy rate of nearly 95%. The demand for retail market is expected to increase in com ing years also, the emergence of more world class tourism points in UAE also support growth of retail sector.New retailers are offering new retail sales format and experience which will cause an increase in spending of money in retail market. In the growing economy of UAE, average rental rates almost unchanged in the main retail malls of Abu Dhabi emirates but continue to decline in Dubai. Hotel market Dubai is one of favorite tourist destination for people from Europe and other Asian countries. Abu Dhabi, Fujairah ad other emirates are also emerging as valuable tourism destinations in the country. Luxurious hospitality and high grade hotels are inevitable to retain in world tourism map.Supply of new hotel facilities are less in last few years after the recession, but it is almost meet the requirement from tourism sector. Occupancy rate has fallen and still continued to out perform when comparing to other market areas. Some tourism promotion events like Dubai Shopping Festival, Abu Dhabi F1 Grand Prix, Dubai Air Show, Abu Dhabi shopping festival etc cause some seasonal demand for hotel facilities. The continued expansion of national airline Etihad and Emirates has enabled growth of hotel markets in UAE.Almost half of the total quality hotel supply is managed by international management companies like Hilton, Starwood etc. Development of hospitality sector along with strengthening of corporate market and development of leisure segment is the main objective of UAE authority and so the upcoming projects will supply the requirements, to continue to increase hotel supply in next few years. Abu Dhabi is one of the strongest performing hotel markets in the last few years as the number of hotel visitors to the city has doubled in from 200 to 2009.In future, hotel market expects tremendous growth along with tourism sector. (Abu Dhabi real estate market forecasts, p19-35) UAE REAL ESTATE LAWS Foreign investors in UAE real estate market face several legal challenges both as to the nature of legal entity to use the properties as well as their ability to acquire free hold interests in real estate. UAE is the federation of seven emirates established in 1971; formulation of UAE federal law provides legal framework for the emirates.Federal government is entrusted with the task of formulating laws concerning and regulating principal and central aspects of federation including defense, security, public health, currency etc. federal laws are formulated for regulating labor and social services, real estate and its expropriation in the public interest, agriculture and animal wealth and so on. As per the constitutional principle adopted by UAE nation, local governments in different emirates are authorized to regulate common matters that are not confined to the federal government.Each of the seven emirates regulates their own affaires by exploring this provision. So, in real estate sector there is no federal property law for governing foreign ownership of real estate in UAE. Each emirates has their own regulations, Dubai is the only emirate currently allow freehold of real estate properties. Federal Law No. 5 of 1985 was issued Civil Transactions Law and Federal Law No. 11 of 1992 was issued Civil Procedures Law are the important real estate laws in UAE. Apart from this all the emirates issues their own amendments to protect investors, buyers etc. he civil transaction law later amended by Federal Law No. 1 of 1987 which exclude commercial transactions from being governed by and under the civil transaction law. Different articles of civil transaction law like Article 870, 871, 881 etc ensure the security and reliability of different real estate transactions among persons and banks. As per Civil Procedure code, agreements must be evidenced in writing and must be clearly defined. Different emirates made their own amendments for better regulation by using their provision for freely constitute laws.Law No. 7 of 2006 concerning real property r egistration in the emirate of Dubai is an example of such amendment. Law No. 7 of 1997 concerns the charges for registration of lands, local decree of 1960 concerns the formation of lands committee. Year 2006 amendment define real estate register and different types of rights to hold real estate properties based on clearly defined agreements. As per Article 4, real estate property shall be restricted to UAE and GCC nationals, subject Ruler’s approval and in specific areas, non nationals grand for freehold ownership.Some other important amendments in Dubai include Law No. 9 of 2009, Law No. 13 of 2008 etc. In 2010, a number of significant changes implemented in UAE real estate laws, to encourage investments and to face challenges from global economic crisis. Landlord and tenant law provide to ensure tenants automatic right for renewal and security of tenure which has existed for the first five years of occupation for both commercial and residential clients. The 5% annual rent increase cap has also been retained in Abu Dhabi to provide middle income affordable housing.Special consideration and laws were implemented in new investment areas like free zones to protect investor’s rights. Abu Dhabi also formulates framework and general laws for property rights within Abu Dhabi emirates to register property legally. CHALLENGES IN UAE REAL ESTATE SECTOR Rising cost of cement and raw materials is a real challenge in real estate sector. Production of cement in UAE is not enough for satisfy the demand; cement comes from outside the country also. The stabilized market and a looming price control intervention by authorities imply that price may not be high always.Real estate and construction industries are facing shortage of skilled labors for construction site. Due to low wages and heavy duty, many foreign labors leave from here, manpower requirement is high when considering the demand. Delays and cancellations of projects in UAE is a major supply side issue in UAE. Due to global economic crisis, many projects are cancelled due to investor’s feeling of insecurity in real estate business. Actually real estate markets are driven by supply, demand and finance. Mortgage rate is relatively high in UAE when comparing to international standards, especially in Dubai.In many cases, this is beyond affordability. UAE authorities are continuously monitoring to taking deals with these supply issues. (UAE real estate, Reaching New Heights- KFH research P13-14) SWOT ANALYSIS OF UAE REAL ESTATE SECTOR Source: KFH research FUTURE GROWTH – INFERENCES AND CRITICAL CATALYSTS In general, UAE is undersupplied in relation to the demand for residential, office and retail properties, hotel market almost balance the requirement. Due to high occupancy rate in cities like Abu Dhabi, rental and sales price still higher than the regional market.This has a negative impact on economy; there is significant loss of potential employment, spending and invest ment. The real estate industry has respond to ongoing shortage of quality products, new projects will solve the shortage in coming years. Years fro 2003 to 2008 is the peak of business, economic crisis caused a down turn in 2009 due to economic crisis. Due to this, major projects are cancelled or delayed, now the country retains its financial strength, significant level of new supply expected to enter in market within two years.Retail and hotel market expected to move into surplus situation within two years. The remarkable growth of UAE real estate sector is enhanced by a number of activities and improvements in basic infrastructure. Many factors will be catalytic force for commercial and residential real estate markets in future. Some of them are Growing employment and population base: Due to the success of initiative from UAE authorities to increase Emirati population and to attract expatriates, UAE is now having relatively good labor pool and employment opportunities.Increase in population contributes to the development of economy and promote continuous growth of real estate demand. Promoting company start-up and growth: UAE government is taking new steps to develop new industries and work culture by introducing free zones and basic infrastructures. Achieving the rapid economic growth also requires substantial developments in to the regulatory framework. Regulatory reform: Emirates like Abu Dhabi, Sharjah, Ras- Al-Khaimah etc. still needs to establish a business and legal environment comparable to other developed countries.Transparent regulatory mechanism only can attract investors, especially in real estate sector where a huge amount of investment is required. Transparency: In this era of globalization, markets to be more open, transparency of different markets has emerged as a big concern for investors, occupiers and other real estate stakeholders. Marketing benefits from improved transparency tends to be those in which conducting business is easier. UAE need to improve transparency and openness further to keep inline with leading international markets.Land Registry: Land and property registry system is one of the key element that define transparent real estate market, improving operation of the system by providing public accessibility, improvements will stimulate the additional demand for real estate in the country. (Abu Dhabi real estate market forecasts, p36-37) ? CONCLUSION Real estate refers to residential new homes and existing ones, commercial shopping centers and offices, industrial manufacturing buildings and properties, undeveloped lands and farms etc. Real estate investments are largely influenced by the condition of the immediate area where the property is located.In UAE real estate sector was not much developed as a big business sector till early 90s. Revenue from oil was the main source of economic growth in early stage of the country; authority’s dedication enabled them to establish an industry based economy he re which helped a lot to develop a real estate market in UAE. Multinational companies found UAE as one of the important business location; they began their franchisees which improve opportunities in residential and commercial real estate market. Real estate market is distinct from other competitive markets, due to the differentiable characteristics and influencing factors.Current supply and demand for real estate properties largely influence the rental and selling price. Residential, office and retail real estate properties still face shortage especially in cities, hotel market currently balance the demand and supply. Elasticity measures the responsiveness of quantity demanded of property goods against change in its price. This is influenced by customer’s income, availability of alternatives, necessity for the property and so on. Real estate business sector has a remarkable contribution towards UAE economy, nearly 8% of the GDP of the nation is from real estate sector.Because of the global economic crisis, real estate sector also under pressure when it badly affect on business and employment opportunities. Many huge projects were cancelled or delayed due to insecurity feel from investors at the time of recession. But UAE has almost recovered from the impact and now real estate market also expects booming in coming years. Factors like growing employment and population base, promoting company start-up and growth, regulatory reform, transparency etc will act as catalysts for future growth of real estate sector. ? REFERENCES Dr. Eisa Abdelgalil, Badar Aldeen Bakheet, Dubai Real Estate Sector – Monitor Series (2007) [online] www. arabruleoflaw. org/compendium/Files/UAE/92. pdf [accessed on 22/11/2011] †¢UAE Economic Brief and Outlook 2011 , KAMCO Research (April 2011) http://www. menafn. com/updates/research_center/UAE/Economic/kamco130411. pdf [accessed on 22/11/2011] †¢Dubai Property Market Overview (Feb 2009), [online] www. cluttons. com [accessed on 23/11/2011] †¢Jones Lang, LaSalle, UAE Retail Market Overview (November 2010) [online] http://www. dsg. ae/LinkClick. aspx? ileticket=KIYUb_RYXlA%3D&tabid=222 [accessed on 23/11/2011] †¢UAE Real Estate Reaching the New Heights, KFH research LTD (September 2008) [online]http://www. liquidityhouse. com/upload/UAE_Real_Estate_-_12_Sep_08 _1443. pdf [accessed on 24/11/2011] †¢Dubai Investment News (28/03/2011), UAE office market is attractive and affordable http://www. thefirstgroup. com/dubai-property-investment-news/article. php? id=800478265 [accessed on 24/11/2011] †¢UAE Real Estate Sector – Global Research (June 2011) [online] http://www. globalinv. net/research/UAE-RealEstate-062011. pdf [accessed on 24/11/2011]

Fracking A Natural Source Of Clean Energy Essay

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Ethnic And Cultural Diversity A Global Scale, Asia Minor...

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