O'Donnell has "decided to leave after completing his contract terms," and will be replaced temporarily by the current chief financial officer, Sanjay Manchanda, until a permanent replacement is found, Nakheel said in an emailed statement.

BMI View: We have revised our 2010 estimates slightly and are pencilling in near zero growth and amoderate rise in nominal industry value for the UAE?s infrastructure sector. Steep deflation in theconstruction sector over 2009 ? due to a fall in raw material and labour prices ? has distorted realgrowth figures for the year..We anticipate that 2011 will be the year the UAE?s industry shakes off theeffects of Dubai's downturn, and the value of the infrastructure and construction sector returns to anormalised growth trajectory. Growth will be moderate and sustained mainly by investment in AbuDhabi.Our core views regarding the UAE remain the same. While we have become more bearish in ourestimates, we still maintain that the fundamental driver of growth will be Abu Dhabi. We also believethere are opportunities for continued growth in water, power and large industrial construction. SouthKorean firms have established a strong presence in the UAE and recent moves have ensured that theyhave strengthened that foothold.?? The joint venture (JV) between Russia's Inter Rao and UAE-based Crescent Investmentscreates another player that will have the technical prowess and financial muscle to compete for aslice of the Middle East's US$131bn power project market.?? Abu Dhabi-based energy firm Masdar has secured US$615m of bank financing for its Shams 1concentrated solar power (CSP) project, which will be one of the world's largest solar plants aswell as the first of its kind in the Middle East.?? The tender for the Midfield Terminal at Abu Dhabi's International Airport has been released.This tender was one of the most eagerly awaited in the UAE and the progress of the projectreinforces BMI's view that the strength of Abu Dhabi's infrastructure will greatly enhance theprospects for the regional market.?? The Mafraq-Ghweifat highway public private partnership (PPP) hangs in the balance at time ofwriting, with reports in MEED that the govern

As one of only a handful of countries that have not seen large-scale public demonstrations as a result ofthe regional upheaval, perceptions surrounding underlying economic and political stability in the UAEhave been given a considerable boost in recent months. However, while things have seemingly improvedcompared with a year ago, particularly in Dubai, dynamic premiumisation is yet to come back to the fore.Headline Industry Data?? 2011 per-capita food consumption growth in local currency = 5.10%; forecast compound annualgrowth to 2015 = 5.78%.?? 2011 soft drinks value sales = 10.53%; forecast compound annual growth to 2015 = 10.88%.?? 2011 mass grocery retail sales = 8.89%; forecast compound annual growth to 2015 = 9.57%Key Company TrendsAuchan Withdraws From Dubai ? In January 2011 French food retailer Auchan dropped out of the Dubaimarket after just two years. This move suggests that from the point of view of some of the world's leadingWestern retailers, the Gulf region dynamic on a per-capita income basis does not provide sufficient scalecompared with other emerging retail regions. Even though Dubai is still without question the region'shigh-income hotspot and most in tune with Western consumer habits, consumers are not spending quite asfreely as they were before Auchan entered the market.Café Culture Taking Off ? In line with the trend of increasingly Western consumption habits, a number ofmajor coffee chains have been opening shops in the UEA. In October 2010 it was reported that UK coffeechain Cafè Nero had opened three new outlets in Dubai. These are the chain's latest foray into the UAEmarket, where it already has 11 stores. In January 2011, Swiss food group Nestlé opened its firstNespresso coffee 'boutique' store in the UAE.Risks To OutlookThe UAE will remain vulnerable to external forces, specifically energy prices. On the downside, lower oilprices would probably dampen investor confidence in the Gulf region an

Decision making can be challenging as we are influenced by biases, emotions and irrational behaviour that we may not be aware of; and even if we are aware of them, we may not be able to easily control them. Financial decision making can be particularly tricky. Not only is it hard to construct an optimal financial plan, but once you have one, you need self-control to adhere to it. For many people, such self-control may be difficult to maintain. The classical example of resisting temptations in order to meet long-term goals is illustrated in Homer?s story of Ulysses, who had to tie himself to the mast of his ship to resist the Sirens? songs in order to continue his long journey home. Ulysses? brilliance lay in having the foresight to recognise his inability to resist temptation and to take steps to counteract it.

Regardless of the looming clouds on the horizon stemming from the political crisis in the Middle East andNorth Africa (MENA), the outlook for the United Arab Emirates (UAE) has gradually brightened sincethe start of 2011. As one of only a handful of countries that have not seen large-scale publicdemonstrations as a result of the regional upheaval, perceptions surrounding underlying economic andpolitical stability in the UAE have been given a considerable boost in recent months. In addition to itshigher living standards compared to other countries across the region, a demographic profile heavilyskewed towards expatriate labour underpins our view that the risks of public demonstrations or protestactivity similar to that seen elsewhere in MENA is unlikely in the near term.With respect to instability in the MENA region, it is significant that in March 2011, the UAE deployed 12fighter jets to Decimomannu, Italy. While not a member of NATO, the UAE sent the planes to enforce anUN Security Council Sanctioned no-fly zone on Libya. According to a report by AFP, in late April one ofthe F-16s crashed upon landing in Italy, with the pilot ejecting safely.In external troop movements, April 2011 saw the South Korean Joint Chiefs of Staff (JCS) chairmanGeneral Han Min-koo visit 130 South Korean troops stationed in the UAE. The Korea Herald reports thatit was the first official visit of a JCS chief to the UAE. The unit, deployed in January 2011, is helping totrain local special warfare troops and follows a request made by the UAE in August 2010.On the procurement front we note that according to the Military Balance, in late 2010, the countryrequested 30 Block III Apaches and 30 AH-64D Block II lot 10 Apaches, remanufactured to Block IIIconfiguration, from the United States. The publication also notes that four of the six C-17 aircraft theUAE recently procured from Boeing are due for delivery in 2011.Our analysis of the country?s macroeconomic