Dubai debt crisis 'to hit UAE growth'
Dubai, January 26, 2010
The United Arab Emirates' economy is likely to see growth of 0 to 1 per cent this year as the impact of Dubai's debt restructuring continues to be a drag on its performance, an IMF official said on Tuesday.
"In 2010, we expect that overall GDP growth will be about flat. Within that, we expect some continued contraction in Dubai and positive growth in Abu Dhabi," Masood Ahmed, International Monetary Fund director for Middle East and Asia, told reporters.
"Overall GDP last year including oil was minus 0.7 (percent)," he said.-Reuters