Dubai cautioned on credit growth | GulfNews.com:
"Economic growth has picked up in Dubai, lowering the contagion risks from highly-leveraged government related entities (GREs) to the Dubai government, Moody’s analysts said yesterday.
According to the Dubai Statistics Centre, Dubai’s real GDP grew 4.9 per cent in the first half of 2013, catching up with Abu Dhabi’s growth rate. Dubai’s accelerated growth will help strengthen cash flows at GREs and raise non-oil public revenue; although the UAE’s narrow tax base limits the direct windfall for public finances."
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