Moody’s Investor Service has kept its negative outlook for the real estate sector in the UAE and other Gulf oil producers but changed it into positive for Saudi Arabia following the massive public financial initiative announced by King Abdullah over the past few months.
Moody’s noted that business conditions in the six-nation Gulf Cooperation Council (GCC) are continuing to stabilise, underpinned by the modest global economic recovery that is currently underway.
It said that since the start of 2011, elevated oil prices – which recently increased even further as a result of political unrest in parts of the Middle East and North Africa (Mena) – have added momentum to the GCC’s overall economic growth.
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