Macroeconomic Forecast UAE

Despite the GCC (excluding Oman) insisting that plans for monetary union are on track, we believe that the 2010 deadline set by the group is highly optimistic. The GCC has adopted the eurozone's Maastricht criteria for entry, but current economic turmoil makes it unlikely that the fiscal criteria will be met. As such, we are forecasting the UAE's dollar peg to remain in place for the foreseeable future.

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