Positive prospects for Dubai

 

Government steps to support Dubai so far should be sufficient to stabilise its economy for the next nine months, the UAE's economy minister said. He is expecting the UAE to escape the recession, although the real estate market has seen a dip this year and a lump in oil prices. Dubai has launched a $20 billion dollar bond programme and has sold halve of it to the UAE central bank.

 

This has eased the worries in the emirate around default on $15 to $20 billion in debt due to refinancing and calmed down Dubai. The Government is foreseeing a nine month stability. But they are aware of the fact that Dubai is not isolated from the rest of the world, and will address the situation at the federal and local levels and take the appropriate measures. Regarding Dubai developers they have access to up to $2.2 billion from escrow account to cover construction commitments, according to RERA.