The Dubai government and its entities are facing debts of around $80 billion, and authorities have assured investors that the emirate will meet its financial obligations.
November 11, 2009 3:32 by kippreport
UAE residents are gaining confidence about the nation’s economy; UAE ranked as the eight most optimistic country in the world during the third quarter of 2009 according to Nielson’s Global Consumer Confidence Index. Consumer confidence in the country increased 13 points to 102 on the index, which includes 54 countries.
“Certainly consumers are getting more confident worldwide and more so in the UAE,” said Piyush Mathur, the regional managing director of Middle East, North Africa and Pakistan said in the report. “They feel more comfortable about their financial situation and job security, hoping that the worst is over.”
While the study found that 75 to 100 percent of residents believe that the nation is still in a recession, 30 to 45 percent said that the UAE will be out of the recession within the next 12 months – more optimistic than the global average of 26 percent.