Dubai scales down growth and records its first budget deficit
As you are no doubt aware, the global recession is hitting Dubai hard. Even the relentlessly optimistic and upbeat Dubai Government is being forced to acknowledge this as it revises it growth forecasts till 2015 downwards from 11 percent per year to 4-6 percent per year in view of the global economic crisis. When the [...]
Dubai aiming to spend its way out of recession
True to form, Dubai is planning to spend its way out of the continuing economic crisis caused by the global recession, according to the FT. Dubai’s service based economy has been hit particularly hard by the prevailing economic situation and ratings agencies are concerned that Dubai may face problems refinancing its debts in the current [...]
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