UAE economy shows early signs of recovery - minister

Foreign trade minister says country has overcome the initial impact of global crisis.
UAE economy shows early signs of recovery - minister
By Soren Billing
Thu 21 May 2009 03:45 PM

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.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.