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IMF revises UAE projections

The International Monetary Fund has revised downwards its economic projections for the United Arab Emirates, forecasting flat growth this year as Dubai’s moribund real estate market and debt restructuring drag on continuing growth in the oil-rich capital of Abu Dhabi.

In the IMF’s last regional outlook report published in October, it had predicted 2.4 per cent growth for the economy in 2010, before Dubai sent global markets tumbling in November when it said it would seek to delay $26bn of debts at state-owned conglomerate Dubai World, dragging down the emirate’s reputation and eventually prompting a bailout from neighbouring Abu Dhabi.


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