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Is Dubai Back?
01 May 2011
Dubai’s economy seems to be gaining momentum once again. But is it a temporary bump due to unrest in other parts of the Middle East or is the recovery on sounder footing? And, can Dubai be great again?
Dubai’s economy, which was once the envy of its regional rivals, has struggled since the global financial crisis. But there are many indicators that suggest the emirate’s economy has turned a corner.
While some critics may think Dubai has benefited from a ‘flight to quality’ as funds, tourists and business opportunities fled from Bahrain and Egypt to Dubai, the resugrence seems to be on sounder footing.
There are still many issues to contend with before this bump can transform into a full-blown recovery. The real estate sector and the country’s debt obligation are issues that will be an overhang on the economy, but the country’s unparalleled infrastructure, communciations and transportation, and all-round high quality of living could ensure that the emirate has gotten has gotten ‘over the hump’ and is on its way to recovery. But expect a few nasty surprises along the way, especially if some of the government-related enterprises (GRE) default or the Middle East’s troubles escalate.