UAE economy to start recovering from July 2009
UAE economy to start recovering next month on government support
By Zaher Bitar, Staff Reporter (Gulf News)
Published: June 16, 2009, 23:44
Dubai: The UAE economy will start to rebound next month in a gradual recovery that could stretch into next year, a top government official said on Tuesday.
"The government's intervention and support in terms of monetary and economic policy will ensure a smooth recovery that will boost investment," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry, told delegates at a seminar.
He believes that the government's liquidity injection is a step forward that will help the economy to recover by 2010.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently ordered a cut in government fees by 20 to 30 per cent.
Bu Amim said the Dubai Chamber strived to provide the business community with adequate market information to help overcome the current slowdown. This includes advisory services to help companies manage their businesses better.
Fahd Shah, an economic researcher at the Dubai Chamber, quoted from a survey and said business leaders were looking for policies and actions to make business conditions more favourable.
According to the survey these actions should address financial constraints and provide access to government services. These moves will also promote market efficiency and transparency, he added.
Ehsan Khoman, another researcher at Dubai Chamber, said inflation was set to fall this year, allowing authorities to focus entirely on stimulating economic activity and freeing credit markets.
Khoman said the fall in the country's output would only be limited. "The UAE's exposure to sub-prime toxic assets has been minimal relative to Europe and the United States," he said.
"Moreover, monetary policy response has been timely and impressive in scale with the UAE Central Bank cutting the repo rate to one per cent in January."
right
Absolutly right
Hope so
UAE economy
paul66 i think you are an optimist!
however, i think it is nice to have some optimism amongst all the gloom and doom
i cant see it picking up so soon myself, but at least people are daring to talk about it which is perhaps something in itself
Ground reality
The Ground reality can be seen only from the Sept. 2009, since last 10 years I have noticed that any kind of buiness does not well during the school holidays from July till August.
So any positivity can be seen noticed if any in the month of Sept. 2009, Lets see how much people / family return after vacation, the population srinking in UAE, but actual figure can only be judged only in Sept. 2009 and not in July.
Hope for the best.
hi thats a great information
hi
thats a great information for overseas property investors who are escaped from market there is the chance to re stable the position in market to avail good option for better income the recovering economy fetch the investors back and the real estate consultants have to look for the best option for their clients
rak business investment
ras al khaimah property investment
Ahahahaaha!!!
Will see about that... By driven studies, the UAE economy will not start again until 2 years minimum. Of course in the news paper they say it will rebound. It is at their advantage to make people believe this. It s to show foreign investor that in the UAE, all is fine and beautiful. In fact, it is not at all, banks have so much debt, and so on ..... I am not going to go through this. Investement in Emirates city will be a resonnable investment in 2015. Only in 2015, you will be able to resell your property in emirates city for the priceyou bought. This is reality. Think.
Nicolas