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UAE-Dubai Economic Recovery
Recent improvements in the global economic downturn, a rise in oil prices, and general strengthening of domestic markets are aiding the UAE's economy to recovery.
Recent improvements in the global economic downturn, a rise in oil prices, and general strengthening of domestic markets are aiding the UAE's economy to recovery. After a slump caused by real estate and energy prices, the economy is predicted to rebalance itself in 2010, a sentiment being voiced by experts and analysts alike.
Mohammed Jaber, Dubai-based analyst for the global financial services firm Morgan Stanley, said:
The strength of the recovery will depend on the momentum for global growth and the timely resolution of imbalances in its domestic real-estate and credit markets.
The outlook for Dubai, in particular, has been optimistic. Daniel L Doctoroff, the President of Bloomberg, has forecast that the Emirate state should exit the slump in better shape than other world economies. Proposing that Dubai was less affected by the financial crisis than the US or Europe, he continued to say:
[Dubai] also has a high surplus of liquidity and oil. All these factors give it a higher probability for fast recovery than Western markets.
Doctoroff also analogised Dubai with New York, stating:
The New Yorker spirit is famed throughout the world and so is the Dubai spirit. Both characterise an unwillingness to give up in face of seemingly insurmountable odds. Both symbolise the creativity of dreaming the impossible and the diligence that goes into achieving that vision.