Property shortage hits cost of living

by Reuters Tuesday, 15 May 2007

The UAE central bank governor said a shortage of housing and office space was driving inflation, rather than more expensive imports through a declining dollar.

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A falling dollar, to which the United Arab Emirates dirham is pegged, benefited the country by making it a cheaper destination for holiday-makers and exports more competitive, Sultan Nasser al-Suwaidi told reporters in Dubai.
"The decline of the dollar is a net good thing for the UAE economy. It's good for local industry, manufacturing and tourism," he said.



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