The US investment bank Morgan Stanley has joined the growing chorus of those seeing early signs of an economic recovery in the UAE.
In a research note, the bank described as “positive” recent UAE Central Bank data showing modest loan growth and higher government deposits.
“Overall we are seeing the growth in the right areas,” said Daniel Cowan, a Morgan Stanley analyst in Dubai. The Central Bank’s data showed that loans and advances increased 0.8 per cent last month, compared with the previous month, to more than Dh1 trillion (US$272 billion). In addition, government deposits rose more than 5 per cent.
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