UAE economy needs more stimulus, exec says

The United Arab Emirates has seen the worst of the financial crisis, but the government needs to provide further stimulus to accelerate recovery, a top executive said on Wednesday.

Marwan Shehadeh, managing director of Al-Futtaim Capital, the investment arm of UAE-based Al-Futtaim Group, said there were positive signs around improving oil prices, which would eventually have a positive impact on Dubai.

But Shehadeh does not expect recovery to be "immediate", saying there needed to be "further government stimulus" similar to those initiated by countries like the U.S., China, Japan, Qatar, Saudi Arabia, Egypt and Morocco.