Dubai Chamber of Commerce and Industry released its analysis report for the year of 2009 which was quite challenging for the business community and focuses on the promising prospects of the coming year 2010.
Easing in liquidity conditions, lower interbank lending and fiscal stimulus packages certainly bode well for a robust UAE economic recovery in 2010, indicates a Dubai Chamber analysis.
Dubai is well positioned to withstand global economic crisis in 2010, despite Dubai own local turmoils (USD 60 billion debt, 50% slump in Real Estate prices, lower interest rates, defaulting companies and high banking provisions).
The main reason for this strength are:
1- UAE investor and consumer confidence is improving
2- UAE banking sector showing signs of recovery
3- Trade data from Dubai showing remarkable resilience
4- Falling realty prices have increased personal disposable incomes and business competitiveness
5- UAE government support will remain strong in 2010
6- Loosening monetary policy has yielded positive impact on economic growth
7- Stronger crude oil prices will boost the UAE’s current account position in 2010
To download the full report: Dubai Chamber of Commerce - analysis report 2009-2010
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