Dubai will be the first to rebound in region: Moody's

Despite the fact that 30 per cent of Moody's corporate issuers in the GCC are on negative outlook watch, a majority of them in Dubai, the agency believes the emirate is the best-placed economy in the region to come out of the crisis once things improve on a global level.

"Dubai has been the most dynamic economy in the region, and is likely to be the first to rebound once global markets recover," Philipp Lotter, Senior Vice-President, Moody's Investors Service in Dubai, told Emirates Business.

"The absence of a sovereign wealth fund/oil fund is the primary reason why the global recession has a far greater impact on Dubai than other economies that directly benefit from oil," Lotter said citing reasons for Dubai's dismal run of late.