UAE

The UAE economy remains the weakest in the GCC, in our view, due to its high levels of private sector debt and vulnerable domestic demand picture. The apparent resolution of the Dubai World restructuring in March 2010, and the benchmark issuance of DEWA's US$1.5bn bond may herald the beginning of a financial markets recovery, which in turn should be followed by a rebound in the private sector real economy, but even this was not clear in April 2010, with the stock market remaining in the doldrums. On the positive side, the UAE's political stability and conducive business environment (notwithstanding

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