Ratings agency Moody's Thursday said the credit worthiness of Aldar Properties, the Abu Dhabi-based real-estate developer, continues to be impacted by the emirate's weak property market and the expectation that it will remain so for the coming years due to overcapacity in the high-end residential segment.

Car sales in the UAE are expected to rebound significantly in 2011 as the UAE's economy recovers fromthe Dubai debt crisis and experiences the benefit of higher oil revenue in Abu Dhabi. The UAE isexpected to see growth continue in the medium term, but the rapid growth in the 2010-2011 period will beunusual due to the tailing off of the rebound and a return to more normal growth patterns in the broadereconomy and for consumer spending.The new car market is not the only booming sector, however, as the second-hand car market in the UAEis registering annual sales of 100,000 units and is worth a total amount of AED5.5bn (US$1.5bn),according to The Gulf News. UAE-based Arabian Automobiles, the exclusive vehicle dealer forJapanese automaker Nissan Motor in Dubai and the northern Emirates, registered a 40% increase in itssecond-hand car sales in 2010. It also registered an increase of 11% in new car sales, according toArabian Automobiles' CEO Michel Ayat. The dealer expects sales of new and used cars to equalise overthe coming years owing to the rising popularity of pre-owned vehicles in the region.Luxury car dealers and service centres in the UAE are expecting a windfall from customisation servicesonce the country reforms its road traffic laws. Zawya reports that the government is currently in theprocess of adapting road traffic laws to allow a far broader range of customisation of cars. Currentlymany customisations either require permission or, more commonly, are prohibited by the laws of thecountry.New information about the purchasing habits of UAE consumers is also being uncovered. According to arecent survey, the New Vehicle Buyer Survey, has found that 66% of all new car purchases in the UAEare made by customers between the ages of 18 and 29. Furthermore, first-time buyers make up 61% of allnew car sales, due largely to the young demographic profile of the UAE as a whole. The survey is animportant source of information on the

BMI View: In 2010, the UAE pharmaceutical market reached a value of AED5.71bn (US$1.56bn). Oneof the key drivers of growth for the UAE pharmaceutical market is increased health expenditure. BMIexpects that most of the value development will be realised in the prescription sector, boosted by risingpopulation numbers and a changing diseases profile. In particular, the country is tackling an obesity anddiabetes epidemic, which will also require long-term treatment of related conditions, such as increasedblood pressure. The recently established single market of the six GCC states (Saudi Arabia, Oman,Qatar, Bahrain, the UAE and Kuwait) will also facilitate the placement of foreign products in the region.Regional harmonisation should establish even stronger regional trade links and bring regulations closerin line with international norms, thereby boosting market development. Most major research-based firmshave a long-standing presence in the UAE, either via contract manufacturing or local distributionarrangements. The UAE also has a thriving biotech and domestic pharmaceutical industry, which thegovernment is keen to boost.Headline Expenditure Projections?? Pharmaceuticals: AED5.71bn (US$1.56bn) in 2010 to AED6.13bn (US$1.67bn) in 2011;+7.3% in local currency terms and +7.3% in US dollar terms. Forecast up moderately fromQ211 due to macroeconomic factors.? Healthcare: AED32.93bn (US$8.97bn) in 2010 to AED36.16bn (US$9.85bn) in 2011; +9.8% inlocal currency terms and +9.8% in US dollar terms. Forecast unchanged from Q211.?? Medical devices: AED2.93bn (US$797mn) in 2010 to AED3.25bn (US$886mn) in 2011;+11.1% in local currency terms and +11.1% in US dollar terms. Forecast up marginally fromQ211 due to analyst modification.Business Environment Rating: The pharmaceutical rating for the UAE in Q311 remains unchanged at63.6 out of 100, which is well above the average of 47.4 for the region. The country continues to occupypole positio

Malaysian Prime Minister Najib Razak said Friday that Abu Dhabi government investment vehicle Mubadala Development Co. and state-owned development company 1Malaysia Development Bhd. will form a joint-venture company to develop a $4.2 billion aluminium smelter in east Malaysia.

MAF has set up the global medium term note program to facilitate potential debt raising plans as it seeks to expand across the Middle East and North Africa, documents showed.