Coming up towards the end of 2011 and the UAE can point to a year of substantial recovery thanks to record oil revenues and safe haven status in the Arab Spring. Its $340 billion GDP, the second largest in the Arab world is up more than three per cent.
Only the local financial sector is still locked in depression with even media picking up a bit. Contractors are much busier in Dubai, though less so in Abu Dhabi. Real estate agents can’t find enough villas to sell in Dubai.
The announcement at the end of the last week that the UAE bourses will again not be joining the MSCI emerging markets index seemed indicative of a bad year for finance ending on a bad note. So the fifth richest per capita nation remains with its stock market classified as a frontier market alongside Bangladesh and Laos.
Only the local financial sector is still locked in depression with even media picking up a bit. Contractors are much busier in Dubai, though less so in Abu Dhabi. Real estate agents can’t find enough villas to sell in Dubai.
The announcement at the end of the last week that the UAE bourses will again not be joining the MSCI emerging markets index seemed indicative of a bad year for finance ending on a bad note. So the fifth richest per capita nation remains with its stock market classified as a frontier market alongside Bangladesh and Laos.
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