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Mon 29 Mar 2010 07:38 AM

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UBS chief says UAE outlook is 'promising'

Swiss bank's chairman says there are 'fresh opportunities' for recovery in region.

UBS chief says UAE outlook is 'promising'
UAE VIEW: The UBS chairman has said the UAEs outlook is promising. (Getty Images)

UBS chairman Kaspar Villiger has said the outlook for the UAE economy is "promising" despite the impact of the Dubai World debt announcement.

The Swiss bank's chief also said there were "fresh opportunities" for economic recovery in the UAE and in the Gulf region.

His comments came during a meeting with Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai and president of the Dubai International Financial Centre (DIFC), news agency WAM reported.

Sheikh Maktoum and Villiger also discussed global economic situation and the efforts of governments around the world to stimulate economic growth, WAM added.

In January, a research note by UBS said house prices in Dubai could fall a further 30 percent from current levels and up to 150,000 homes could be lying empty by the end of 2011.

"We reiterate our view that by end of 2011 Dubai property oversupply on residential and commercial properties may reach roughly 40-50 percent and house prices may decline another 30 percent from current levels," analyst Saud Masud said in the note.

"We estimate total Dubai housing supply by end of 2011 to be roughly 360,000 with oversupply potentially at 150,000 residential units," he added.

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