Posted by Neil King
The financial outlook could look bright for Dubai, which may be good news for those with a property in the UAE.
Dr Omar Bin Sulaiman, governor of the Dubai International Financial Centre (DIFC) and vice chairman of the UAE Central Bank, says: "We now are in a position to declare with a great deal of confidence that the region has successfully passed through the worst of the crisis, without experiencing any systemic risks."
He added that such an achievement bodes well for the industry's future, as he addressed an audience at the Banking Outlook Middle East 2009 conference in Dubai today.
Dr Omar cited other important recovery factors as being prudent lending, conservative investment between banks and the importance of Islamic finance.
The official made reference to a study by the DIFC Authority's Economic department, saying that current high levels of hydrocarbon reserves in Gulf countries will produce a widespread positive impact on the economy.
The DIFC claims to be the most rapid growing financial centre on an international level.