According to a report in Bloomberg, inflation in the United Arab Emirates, the second-largest Arab economy, sped up to 0.9 percent in May, the fastest in the year as the cost of education and food increased.

During the month, the consumer prices changed a tad at – 0.07 [...]]]>

According to a report in Bloomberg, inflation in the United Arab Emirates, the second-largest Arab economy, sped up to 0.9 percent in May, the fastest in the year as the cost of education and food increased.

During the month, the consumer prices changed a tad at – 0.07 percent, according to data released today on the UAE statistics Office’s site. In April, the inflation was at 0.8 percent.

Inflation has accelerated for the last three month after the UAE faced deflation from plumetting real estate costs and sluggish global trade. Real estate prices in Dubai, the UAE’s second biggest emirate dropped by 50% after reaching their peak in mid 2008.

Tej Kohli believes that the main drivers of inflation are food costs and education. He said that the overall level of inflation is still quite low, and there are important deterrents to soaring inflation getting ahead.

While the prices of food and soft drinks rose to an annual 1.2 %, the cost of education advanced to 0.7%. Housing costs dropped by 0.5 %.

According to Kohli, three factors will keep the inflation subdued – supply of housing, stronger dollar and the tightness of monetary policy. This year may see inflation of 1%, rising to 2.5% by 2011.

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Here’s an exclusive report by Tej Kohli:

Standing at approximately 818 meters (2, 684 feet) and twice higher than the famous Empire State Building, New York, [...]]]> Tej Kohli Congratulates the builders of the World’s Tallest tower Burj Dubai, now renamed as Burj Khalifa, which was unveiled to the world on 1 Jan 2009 in a glitzy celebration.

Here’s an exclusive report by Tej Kohli:

Standing at approximately 818 meters (2, 684 feet) and twice higher than the famous Empire State Building, New York, Dubai unveiled the tallest building in the world, Burj Khalifa, in a grand inauguration ceremony on Monday.

With 168 stories Burj Khalifa took lead as the tallest building in the world. Built in six years at a cost of $1.5 billion, and the eleventh hour name change, the Burj Khalifa, earlier Burj Dubai has officially opened for commercial operations.

The full scope of the world’s tallest tower was finally brought out in open during a jazzy ceremony on Monday night. Hailed by architects as an astonishing feat of engineering, the edifice is inspired by the shape of a desert flower, built in the shape of letter Y. Burj Dubai contains high speed elevators that can travel 1600 feet in 120 seconds. The tower is so enormous that the temprature at its top floor is 10 degree Celsius cooler than at the bottom.

Also housed in the tower are luxury apartments and offices, four swimming pools, a private library and a hotel designed by Giorgio Armani. The building will also have the highest mosque in the world located at 158th floor.

“It’s really a reflection of the people who live in this city. It’s a reflection of the environment in this city, that’s optimistic, that’s happy, that’s cheerful. It’s also a reflection of the leadership, and the attitude that the leadership have here which is yes it can be done,” says Emaar Properties Chairman Mohamed Alabbar.

In the times of financial woes, Burj Khalifa is a symbol of hope for the Arab World. With building already 90 percent sold, the developers seems optimistic and hope that the tower will provide that much needed jump start to the dooming Emirate property market.

For more information on Tej Kohli, follow links:

Tej Kohli On estatesdubai.com

Tej Kohli On albawaba.com

Tej Kohli On earthtimes.org

Tej Kohli On prweb.com

Tej Kohli On REC News

Tej Kohli Grafix Visitor Tracking

Tej Kohli On Grafix Softech Announcement