The United Arab Emirates says it is back on track after a corporate debt crisis and property price slump.
The Gulf state – which is pushing for the easing of international economic sanctions against its neighbour Iran and hoping to benefit from that – is keen to attract foreign direct investment (FDI) and denies that the economy there is at risk from a property bubble, particularly in Dubai.
The Trade Undersecretary at the Economy Ministry, Abdulla Al Saleh, told euronews: “The UAE is one of the major attractive markets for FDI and if you look at the UAE, it is considered to be one of the 10 top countries that will attract investments in 2014 and 2015, according to UNCTAD (United Nations Conference on Trade and Development) estimates. Anyone who can talk about [is concerned about] a bubble for the UAE market will miss opportunities to invest here.”
Brussels and Washington are to ease some sanctions against Iran in return for inspections of its nuclear facilities.
Dubai’s ruler – Shiekh Mohammed bin Rashid Al Maktoum – has said “everyone will benefit” from that.
The amount of trade between the the UAE and Iran has fallen dramatically because of the sanctions:
“Iran used to be one of the major trade partner with the UAE. They are our neighbours. And any stability for the region, either in Iran or any other country, that will help not only UAE economy but the economy of the world. And the stability will bring growth for the region and for the world.
François Chignac, the euronews reporter in Dubai, said: “The UAE starts the new year in a confident mood. Especially as a new era seems to be opening up between Iran and the United Arab Emirates, proving that social and economic relations between the historic neighbours have remained strong, despite the international sanctions against Iran.”