Dubai recovery not seen before 2011

Dubai's "significant debt burden" will prevent the emirate from taking part in a region-wide economic recovery next year and the city-state will not see positive growth until 2011 at the earliest, according to UBS economist Reinhard Cluse.

"When the rest of the world will recover, Dubai will not share in that recovery," Cluse told Maktoob Business in a recent interview.

"Asset prices in some areas in Dubai have to drop further. We can hope that next year will be a year of stabilisation and consolidation as the major part of the adjustment process comes to an end. So in 2011 we can go back to positive territory."