United Arab Emirates

The United Arab Emirates economy is said to maintain growth despite the global crisis, a report issued by Morgan Stanely optimistically predicted.

According to Morgan stanley, the UAE economy is expected to grow by 6% in 2009, while the inflation rates will drop from 12% currently to 9.7% by next year. The basis of the optimism is that the country has surpluses in its internal and external accounts.

We, however, are extremely concerned about the UAE property market and would suggest that Morgan Stanley are behind the curve on this one...