Oil demand expected to increase in coming year

The International Energy Agency (IEA) has moved its oil-demand forecast up another notch, reflecting a gradually strengthening outlook for the world economy.

But the Paris-based energy adviser to 28 industrialised nations warned that oil markets remained weak, with prices “frequently knocked off their perch by negative economic developments”.

Predicting that crude would average US$75 per barrel next year, up just five per cent from yesterday’s price of about $71, the IAE said near-term oil demand was “in the doldrums”.

“There is considerable uncertainty as to the world’s short-term economic outlook,” it added.

Nonetheless, the agency raised its global oil demand forecast for the coming year by 150,000 barrels per day (bpd), its third upwards revision in as many months. It now expects demand to increase by 1.42 million bpd next year to 86.05 million bpd, based on rosier economic projections from the International Monetary Fund and “stronger preliminary data” on economic recovery in Asia and the Americas.

“On the assumption that we are not in a double-dip situation economically speaking, we would still expect a pick-up in demand next year,” said David Fyfe, the head of the IEA’s oil industry and markets division.

But the agency’s latest monthly report also drew attention to sliding Opec compliance with the record 4.2 million bpd of output cuts the group pledged last year.

Last month, Opec members delivered just 62 per cent of the promised cuts, the IEA estimated, down from 66 per cent in August and a spring peak of about 80 per cent

According to IEA data, Saudi Arabia, the UAE and Kuwait had the highest compliance rates last month, delivering 99, 98 and 96 per cent, respectively, of their target reductions.

Angola, which this year holds the rotating Opec presidency, has not cut output, while Iran has made only five per cent of its allotted reduction.

Pointing to Opec’s uncharacteristic failure to call formally for better compliance after its meeting last month, the IEA implied that the past five months’ “steady climb” in Opec output could continue.

In a commentary recently posted on its website, Opec said it was concerned that its efforts to stabilise the market had been undermined by oil exporters from outside the group.

Opec said that at its next meeting, in December, it would be looking for “meaningful, practical support” from other producers that had recently cut into its market share by ramping up output.

Morning round-up: Sorouh rethinks Reem Island project

Sorouh Real Estate is looking at rescheduling its Shams project on Reem Island in Abu Dhabi and is cutting prices at some of its developments because of slow sales, The National's Bradley Hope reports. The efforts to streamline the company come as it announced second-quarter earnings of Dh151 million (US$41.1m), a 75.5 per cent drop compared with the same period last year.

Thirty-five per cent is a manageable recovery rate when it comes to mortgage defaults and 50 per cent should be considered an excellent recovery rate, according to Chris Green, Managing Director at Independent Finance, a specialist financial services company. "The other half will probably result in repossessions and auctions and the lenders will recover more of their losses over a period of time," he told Emirates Business 24/7.

And Arabian Business reports that Dubai rents continued to plunge in July, though a few areas like the Arabian Ranches saw "marginal rent growth" as people moved into bigger propertie

Dubai Sports City

Dubai Sports City is the world's first purpose-built sports city. Dubai Sports city will incorporate state-of-the-art sporting venues and academies along with residential and commercial developments.

Dubai Sports City offer a world class venue for sports events and activities at all levels with a residential lifestyle unrivalled in the region and possibly the world.

Dubai Sports City is under construction and is expected to complete by late 2007. Dubai Sports City is inspired by the greatest cities in the world with over 500 million square feet of sporting venues, academies, exceptional hones, cultural activities and retail opportunities. Development will be located along the Emirates Road next to the Dubai Autodrome (MotorCity).

Dubai Sports City is being developed by a consortium of leading UAE business men in two phases. The first phase, which takes two years to complete, involves construction of all infrastructure, including stadia, a sports-themed mall, world-renowned sports academies and an 18-hole championship golf course. The second phase will involve additional residential, commercial, retail and public facilities and will be completed over a further two year period.

Dubai Sports City represents the latest attempt by Dubai's royal family to prepare for the day its oil reserves run out. Dubai Sports City will be the perfect retirement spot for burned out sport stars needing to spend their fortune at the age of 28.

What to See in Dubai - Jumeirah Mosque

The Jumeirah Mosque is a dominant landmark of Dubai city. Built in the medieval Fatimid tradition, this stone structure is a tribute to modern Islamic architecture. While strolling through the Mosque at sunset, you will be washed in shadows by this elegant formation.
The Jumeirah Mosque is built in the medieval Fatimid tradition combined with modern building materials. Considered to be one of the most attractive mosques in Dubai, the Sheikh Mohammed Centre for Cultural Understanding organizes visits to the Jumeirah Mosque for non-Muslims, aimed at promoting cultural understanding and first-hand experience as an insight to the Islamic religion.

Visiting Time of Jumeirah Mosque:-

Jumeirah Mosque Tours is conduct on every Saturday, Sunday, Tuesday and Thursday at 10am, children must be 5yrs+ in the morning for the tourists and residents, they gather outside the ornate Jumeirah Mosque for a conducted tour of the Mosque and a better understanding of Islam. Fee is 10Dhs per person. Organized by the Sheikh Mohammed Centre for Cultural Understanding, a non-profit organization, the purpose of the tour and the Centre itself, is to bring down the barriers between different cultural groups residing in the UAE.


Rules of Jumeirah Mosque:-

No prior booking is needed. You will have to assemble at the rear of the mosque (Jumeirah Mosque) at 10.00am on Thursday (every week). Ladies need to be covered - long skirts/trousers, long sleeves, hat/scarf for the head. Gentlemen need to wear trousers - Tshirt or shirt and not a vest. You need to take off your shoes before entering the mosque. Information about Islam is put up at the rear of the mosque. From mid-september onwards, the tour is conducted twice a week on Sunday and Thursday. The tour lasts approx. for an hour and a half and the good news is photography is allowed!
Holy Jumeirah Mosque:-

The Arabic word for mosque is `masjid', i.e. place of prostration. The holy day of the Islamic week is Friday, `yaum al jum'a', on which day all adult Muslim men are commanded to go to the Jumeirah Mosque for prayer (women can perform their prayers at home). The Jumeirah Mosque where Muslims gather especially for the Friday prayer is the `masjid jum'a', the Grand Mosque.
Inside Architecture of Jumeirah Mosque:

Qibla wall of Jumeirah Mosque, the wall, which faces Mecca, as this is the direction (Qibla), which a Muslim has to face while he is praying.
Mihrab, prayer niche in the center of the Qibla wall indicating the exact praying direction. It is also the `holiest' place in the Jumeirah Mosque.

Minbar in Jumeirah Mosque , a platform to the right of the Mihrab from where the `imam', the one who leads the prayer, delivers the `khutba', the Friday sermon, which can deal with religious, social and political subjects.

Lord in Jumeirah Mosque:-

In the Jumeirah Mosque Islam is forbid to create any pictures of living beings except plants, which could be worshipped. Accordingly, it is very rare to find pictures in Mosques at all. Instead, the interior is usually decorated with rich ornamental patterns and Arabic calligraphy. Before entering the Jumeirah Mosque for Prayer, the ritual cleansing (wudu') has to be performed. It starts with washing the right and left hand (3x), then the mouth (3x), the nose (3x), the face (3x), the right and left arm (3x), the head, the ears, and finally the right and left foot (3x).

Brief History of Jumeirah:-

Before a long time Arabs were live in the Jumeirah areas where fishermen, pearl divers and traders lived. But after1960 Jumeirah was the principal area for western expatriate residences of rich persons, but the huge expansion of the emirate since year 1995 has seen a growth in housing developments across Dubai.
Jumeirah is generally agreed to be one of the most exclusive parts of Dubai and this has led to the use of the Jumeirah name as a brand which signifies exclusivity e.g. the "Jumeirah Beach Hotel" and the "Jumeirah Beach Club etc. The ruling family of Dubai has called their up market hotel chain "Jumeirah" was formerly known as "Jumeirah International".

Green Line:[17]

Al Qusais 2 Station (T3)
Al Qusais 1 Station (T2)
Airport Free Zone Station (T2)
Al Nahda Station (T2)
Stadium Station (T2)
Al Quiadah Station (T2)
Abu Hail Station (T2)
Abu Baker Al Siddique Station (T2)
Salahuddin Station (U)
Union Square Station (UT, connecting to Red Line)
Baniyas Square Station (U)
Palm Deira Station (U)
Al Ras Station (U)
Al Ghubaiba Station (U)
Saeediya Station (U)
Khalid Bin Waleed Station (UT, connecting to Red Line)
Oud Metha Station (T2)
Health Care City Station (T2)
Jeddaf 1 Station (T2)
Jeddaf 2 Station (T2)
The train depot is located at Al Qusaias just before the Al Qusais 2 Station

Red Line: [16]

Rashidiya Station (Depot)
Emirates Airlines Station
Airport Terminal 3 Station - For all Emirates Flights
Airport Terminal 1 Station - For all Non-Emirates Flights
Al Garhoud Station (GICCO station)
Deira City Centre Station
Al Rigga Station
Union Square Station (Interchange, connecting with Green Line)
Khalid bin Al Waleed Station (Interchange, connecting with Green Line)
Al Karama Station
Al Jaffiliya Station
World Trade Centre Station
Emirates Towers Station
Financial Center Station
Burj Dubai / Dubai Mall Station
Business Bay Station
Al Quoz Station
First Gulf Bank Station
Mall of the Emirates Station
Sharaf DG Station
Dubai Internet City Station — future interchange to Palm Jumeirah Monorail
Nakheel Station
Dubai Marina Station
Jumeirah Lake Towers Station
Nakheel Harbor and Towers Station
Ibn Battuta Station
Energy Station
Jebel Ali Industrial Station
Jebel Ali / Jafza Station
Main Depot for the trains will be at Rashidiya just before the Rashidiya Station, while an auxiliary depot is located at Jebel Ali Port.

DUBAI METRO List of stations

Dubai Metro are composed of at-grade (G), elevated Type 1, Type 2 and Type 3 (T1, T2 and T3, respectively), underground stations (U) and underground transfer station types (UT). Type 1 is the regular at-grade concourse station, Type 2 will be a regular elevated concourse station, and Type 3 will be an elevated special track station with an extra track to hold a non operational train. Underground transfer stations will be both accommodating the Red and Green lines for easy transfers.

Besides these differences, there will also be four themes to be used in the interiors of all stations: earth, water, fire and air. Earth stations will have a tan-brown colour effects; water will have blue-white colour effects; fire will get orange-red colour effects; and the air will have green colour effects