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Theres No Avoiding It – Dubai Economy Will Recover: Credit Suisse

Middle East : 13 July

Credit Suisses’ latest “MENA Equity Strategy for H2″ report predicts an “inevitable” long term recovery for Dubai sometime around Q4 2011 or early 2012. The bank doesn’t see 2010 as a “recovery year”, blaming both Dubai’s debt issues and “excess supply” as the key drivers which will stifle economic growth and apply continued “pressure on asset prices” certainly until the end of the year.

How quickly the anticipated long term recovery depends largely on the rate at which supply is absorbed by the market – but the report thinks this will be anytime between the end of 2011 or the beginning of 2012.

The report also predicted rosier long term prospects for the Abu Dhabi real estate sector, citing lack of quality commercial and residential properties as key drivers of demand until 2013. As supply increases, the rents will come under pressure which will lead to a tightening of the price and rental gap between Abu Dhabi and Dubai.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
06 July

Private Sector Investments in UAE Could Lead to More Jobs in 2010

The UAE Ministry of Economy has predicted a 9.1% growth in the volume of investments in the UAE this year, according to the Trade Arabia news service. This figure is up 3% on the 6% growth in investment attained in 2009, which was achieved with a 60% contribution from the private sector.
Abu Dhabi’s Emirates Palace [...]

28 June

Saudi Businessmen Get ‘Reality Check’ from Europe

The Chief Economist of the Banque Saudi Fransi, John Sfakianakis has said that the global economy’s ‘fragility’ has mean that Saudi businessmen have had a ‘reality check’ about the pace of the expected growth of the Saudi economy and as a result they are now more ‘guarded’. 
The price of oil has played a key role [...]

25 June

DIC Denies Plan to Shed European Assets

Dubai International Capital, the investment arm of Dubai Holding, which has struggled with its post recession debts of $2.6 billion, has denied claims that it will begin offloading its European assets in an attempt to stave off creditors.
Senior managers of the fund have received a letter which promises to keep hold of investments until 2012, [...]

22 June

Gulf Businesses Confidence Index Hits 2 Year High – More Gulf Jobs

Business people in the Gulf are “realisticallty optimistic” about their organisations outlook, according to HSBC’s “Gulf Business Confidence Index”, which hit a 2 year high in figures released this week.
The index, a barometer of the “mood” of our business leaders in the region, looks at parameters such as predictions of revenue, achieving targets, budgets and [...]

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