Although Dubai has seen a pick up in its economy with tourists and hotel occupancy on the up and external trade much improved, it has not yet reflected on credit growth or trickled down to other parts of the economy.
In addition, Dubai's faces challenges to keep the momentum going given the adverse external conditions ranging from an EU debt crisis to the more direct danger of a U.S. escalation of conflict with Iran.
These external challenges are exacerbated by Dubai's sovereign and government related debt that needs to be rolled over or restructured.
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