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UAE finance chief eyes 4.5% growth in 2010

The UAE economy could grow by up to 4.5% next year, according to the deputy chairman of the UAE central bank and the economy.

Furthermore, Omar bin Sulaiman, who is also governor of the Dubai International Finance Centre (DIFC), believes the UAE property market has bottomed out and has been left in a healthy position following the economic downturn.

“It was a good filtration process” he said of the crisis, “today you have a lot of credible opportunities in the real estate sector”.

Speaking at a DIFC event in Mumbai, Bin Sulaiman also commented on the strength of the UAE banking system, defying recent speculation surrounding a liquidity shortfall:

“We are very happy with the strength of the UAE banking system, and we don’t see any sign of weakness”.

Bin Sulaiman’s comments support expert opinion that Dubai, along with the rest of the UAE is on a firm road to recovery and will grow back stronger as a result of the lessons its has learnt over the last twelve months.

 Source: Arabian Business

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