Monday, 24 October 2011

Dubai neither doomed to fail, nor a safe haven: BofA-ML - Emirates 24/7

While the worst is definitely a view that’s visible from a rear-view mirror in Dubai and there are a number of positives that are fast emerging, the emirate is yet to have fully emerged from its financial problems, a new report has said.

“The consensus has moved quite a bit over the past two years on Dubai, swinging from doom and gloom on Dubai World restructuring to an Arab safe haven in H1, 2011,” pointed out Bank of America-Merrill Lynch’s (BofA-ML) MENA Quarterly report dated October 20.

“It is true that a significant headway has been made on debt restructuring and Arab spring has diverted tourists, businesses and financial capital into Dubai,” BofA-ML analysts acknowledged.

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