Government measures taken so far to support Dubai through a sharp economic downturn should be sufficient to stabilise its economy for at least nine months, the United Arab Emirates' economy minister said on Monday.
Sultan al-Mansouri also said he expected the UAE, world's fifth-largest oil exporter, would escape recession this year even as it faces a real estate downturn and a slump in oil prices.
The Dubai government last week launched a $20 billion dollar bond programme and sold the first $10 billion tranche to the UAE central bank, a move that calmed worries the former Gulf boom town could default on some $15-20 billion in debts due for refinancing this year.
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