Turbulence across the Arab world and Dubai's ongoing property glut pose risks to the United Arab Emirates's economic recovery, the International Monetary Fund said Monday.
The oil-rich Gulf federation also needs to shore up its powerful government-backed firms that were at the center of its boom and bust through writeoffs of bad assets and greater transparency in their financial situations, the IMF said.
After being hit hard, especially in Dubai, by the 2008-2009 financial shock, the UAE economy should grow by 3.25 percent in 2011, with a good pickup in the non-oil sector, the Washington-based institution said in a mission report.
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