Despite the gloom, construction sector continues to grow

The hysterical global media, never shy of pointing an accusatory finger at the UAE, would have us believe all construction work has stopped in the Emirates.

While it accepted some developments have, prudently, been put on hold during the economic downturn, others are steaming ahead.

This was illustrated in research from Kuwait National Bank, using figures from Meed's project database, which showed the UAE was carrying out projects with a total value of $930 billion (Dh3.4 trillion) – 45 per cent of all projects planned in the Gulf.

In what turned out to be the best-read story online from last weekend's editions, we reported the combined value of projects planned or being carried out in the GCC totalled around $2.1trn (Dh7.7trn) at the end of the second quarter of 2009.

This represents more than four times the estimated value of projects in June 2005, an annual growth of nearly 50 per cent, Kuwait National Bank said.

As far as other investments go, our lead story last Friday also made in to the best-read rankings (see panel left).

In Mideast's Football?Foothold, we looked at recent acquisitions by magnates in the region of English soccer clubs – Portsmouth FC and Notts County – and asked the question, why?

Business analysts told sports editor Gary Meenaghan they value clubs at between 1.5 and two times their annual turnover.

And the reason the Gulf looks to the Premier League is because TV broadcast deals mean England is a far more attractive prospect than Italy's Serie A or Spain's Primera Liga.

"Real Madrid and Barcelona can make €100m (Dh524m) per year through TV rights, yet a smaller Spanish club such as Getafe may only generate between €3m-€5m. You compare that to the Premier League, where the bottom-placed team receives £30m…" said Hackleton "La Liga can't compete."

The result is seven of the top 10 clubs in England last season – including the three highest-ranked teams, Manchester United, Liverpool and Chelsea – are now registered to owners from outside the United Kingdom.

American backers are present at four of the top six clubs – United, Liverpool, Arsenal and Aston Villa – while Russia (Chelsea) and Iceland (West Ham United) are also represented.

At the opposite end of the spectrum from multi-million dirham buyouts of English football teams, we carried reaction to a decision by Dubai International Financial Centre Courts to introduce a pro bono programme.

This decision has met with support from the emirates law firms, who told deputy news editor Sean Davidson they were confident the "free" work would not affect their bottom line.

Jonathan Davidson, Managing Partner at MAC Davidson and Associates, said: "From a commercial law firm perspective, pro bono is a necessary component because law firms can give back to the community in a way that they couldn't alternately do.

"It will not affect our business. I'm very happy for one or two members of my staff to dedicate time to pro bono work.

"In large respects we already undertake pro bono work because we give advice and charge only if they want to take on the case.

"Pro bono gives people accessibility to justice, which is a fantastic step. In other jurisdictions it has been in existence for a long time and it's here now."

The pro bono programme is expected to go live a few weeks after a August 21 deadline the court has given legal firms for consultation and comment on its guidelines.

On a lighter note, deputy weekend editor Primrose Skelton's feature on the delights of Sri Lanka – she spent her honeymoon there – caught many people's eyes, and ranked second in our list of the best-read online stories.

She wrote, "The island has amazing diversity for a place so compact. From the bustling capital Colombo on the west coast – a five hour direct flight from Dubai – to the gently arcing golden-sand beaches of the south, to the magnificent Hill Country where misty clouds hang over mountains, waterfalls and verdant tea plantations – this small country has a lot to offer to every type of traveller."

Who could resist?