The UAE faces two percent deflation in 2009 driven by a 50 percent fall in Dubai rents, EFG-Hermes said in a report published on Mar. 26.
Egyptian investment bank EFG has also revised its GDP forecast to an overall contraction of the economy of 1.7 percent, meaning the country is likely to fall into recession this year.
Rents are a key driver of inflation, particularly in Dubai, and have been plunging in the last four months as the property downturn bites.
This is a reasonable interpretation of the original report.
ReplyDeleteI agree and Arabian Business was the only publication that stated date of report, 26th March, 2009, whereas most others gave the impression it was breaking news!
ReplyDeleteBelieve me when I say I trawl through all local newspapers, early in the day, to check quality/relevance/comparison of stories!
This past weekend was a case in point when local newspapers took their lead from last received feed from the likes of Reuters, whereas I posted actual situation!