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on MENA - Middle East and North Africa |
| By: | Michael Waters; Neil Dunse; Colin Jones |
| Abstract: | The globalisation of financial markets has driven the need for the internationalisation of valuation processes and standards. The valuation methods used in each country depends on the techniques adopted. These standards are typically set by government legislation and may also be the established “norms” of relevant professional bodies. In new global markets, little academic work has been done to evaluate levels of consistency amongst valuers. This new PhD research investigates the extent and possible causes of valuation variance for commercial property in Dubai (United Arab Emirates). Having established the level of valuation variance the research investigates the possible causes of variance in property investment valuations based upon questionnaire surveys, valuation case experiments and an industry focus group. The surveys revealed that valuers in Dubai are on par with variance observed in other international markets. The surveys found the main cause of variance to be a result of information efficiency; including sparse transactional evidence; wide yield assumptions; and a lack of standardisation in key areas of the valuation process. Individual client “behavioural” influences were also pertinent in the cause of valuation variance. The research recommends that regulators and professional bodies ensure variance is minimised through the pooling of property data in order to provide more meaningful and consistent valuation advice. It is expected with an improvement in temporal data the local valuation profession will be better informed and client pressure exerted when finalising the valuation figure will subside. This new research is a useful starting point to expand the range of global studies in property valuation. In addition, the findings assist in improving valuation practices in Dubai and the wider GCC and Middle Eastern markets. |
| Keywords: | Real Estate; Valuation; variance |
| JEL: | R3 |
| Date: | 2018–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2018_111&r=ara |
| By: | Bakari, Sayef; Mabrouki, Mohamed; elmakki, asma |
| Abstract: | This paper investigates the relationship between industrial exports and economic growth in Tunisia. In order to achieve this purpose, annual data for the periods between 1969 and 2015 were tested using the Johansen co-integration analysis of Vector Error Correction Model and the Granger-Causality tests. According to the result of the analysis, it was determined that there is a negative relationship between industrial exports and economic growth in the long run. Otherwise, and on the basis of the results of the Granger causality test, we noted the absence of a causal relationship between industrial exports and economic growth in the short term. These results provide evidence that industrial exports, thus, are not seen as the source of economic growth in Tunisia and suffer a lot of problems and poor economic strategy. |
| Keywords: | Industrial Export, Economic Growth, Cointegration, VECM, Causality, Tunisia. |
| JEL: | F10 F11 F13 F14 O55 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:88956&r=ara |
| By: | OCDE |
| Abstract: | La Vision 2020 – Stratégie de développement touristique du Maroc fixe des objectifs ambitieux pour le développement des entreprises touristiques. L’élaboration d’une politique de clusters de tourisme vise à appuyer la mise en œuvre de la politique du tourisme aux niveaux régional et local en s’adossant au processus en cours de régionalisation avancée. Il s’agit notamment d’inciter les entreprises du secteur à coopérer davantage au sein d’une destination, à dialoguer avec les différents acteurs impliqués dans la chaine de valeur du tourisme (tourisme, artisanat, économie sociale et solidaire, agriculture, universités, autorités locales), à innover via différentes expérimentations et à se mettre en réseau.Le rapport met en avant des bonnes pratiques internationales et présente la mise en place d’un cluster tourisme « Art de vivre marocain » dans la région de Marrakech-Safi. L’objectif est de favoriser l’innovation et la coopération entre les acteurs du tourisme, de l’artisanat et de l’économie sociale et solidaire, et de permettre un développement du tourisme plus inclusif sur le territoire et avec les communautés locales. Le rapport émet plusieurs recommandations pour appuyer la mise en œuvre du cluster de tourisme dans la région de Marrakech-Safi, pour en évaluer les impacts, mais aussi pour encourager le développement de clusters de tourisme dans d’autres régions du Maroc. |
| Date: | 2018–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaad:2018/01-fr&r=ara |
| By: | Shaker, Saber Adly |
| Abstract: | This paper tries to answer the main question "To what extend logistics cost can affect the market access of Egyptian exports to Nile basin markets?”. The empirical study has been demonstrated using 2005 and 2014 both of exports and logistics costs data from Egypt, in addition to GNP per capita in each trading partner as an indicator for the demand side. The results show that logistics costs have a significant negative relationship with the exports of Egypt to Nile basin countries. Also, there is a positive relationship between GNI per capita in trade partners and Egyptian exports. |
| Keywords: | Logistics Costs – Nile Basin – Panel Data – Egyptian exports. |
| JEL: | F02 F1 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:89117&r=ara |