For the past two years the United Arab Emirates has been a regional laggard in GDP growth, with a very large contraction of GDP in 2009 probably understated leaving the recovery last year also largely invisible in official statistical series.
Yet before the global financial crisis the UAE ranked up with Qatar as the fastest growing of the Gulf States and Dubai could boast arguably the highest rates of GDP growth in any city of the world from 2003-8.
All good things have to come to an end, and the Dubai property boom turned into an investment mania in the later years. Abu Dhabi decided to join the real estate party late in the day and so suffered from the same collapse but from higher valuation levels.
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