UAE economy shows early signs of recovery - minister

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EARLY RECOVERY: The UAE is showing signs of early recovery.

The UAE economy is beginning to show early signs of recovery, the country’s minister of foreign trade said on Thursday.

“'Positive preliminary indicators show that the UAE market has overcome the impact of the global financial meltdown thanks to early measures adopted by the government, which have given a big boost to underpin confidence in the UAE economy,” Sheikha Lubna Al Qasimi said in a statement carried by state news agency WAM.

These measures had also boosted confidence in the UAE economy among local and foreign businessmen and investors, she added.

In October last year the UAE government guaranteed all bank deposits in the country and  poured $6.8bn into bank deposits, the first tranche of a $19.1bn rescue facility.

Another $6.8 was deposited into banks in November.

The Dubai government’s $10bn bond sale in February to the UAE central bank has also boosted investor confidence, with the yields on several Dubai government related entity bonds declining in recent months.

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READERS' COMMENTS

The Turth and nothing but the Truth
Posted by Khalid, Dubai, UAE on Saturday 23 May 2009 at 13:55 UAE time


We need the truth, but sadly enough, the above is far from it. Real estate market was hit so hard and stil can't and will not recover in the near future. Tourism is the same, but it migth recover sooner. Logistics, Jebel ALi port used to operate 3 shifts and now only 1 or even less than one shift. Emmaar is suffering, Dubai holding is the same, Emirates airline lost 72%.

How is the economy showing early signs of recovery?!?!

Take another puff
Posted by Geriant, Dubai, UAE on Thursday 21 May 2009 at 17:07 UAE time


Someone's been sucking a bit hard on the shisha and letting all the oxygen go out their ears. With all the bail out money clouding reality it is impossible to calculate when the turn will come to the world economy. One should remain silent and wait for something intelligent to say, as the mighty internet records failure as well as success and comments made today are there for tomorrow.

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