Nomura: UAE will remain an economic powerhouse

20/04/2010 - Dubai Investment News
Nomura: UAE will remain an economic powerhouse

Posted by Bob Brunskill

The UAE's plentiful hydrocarbon resources and successful diversification efforts mean that its economy has strong medium-term prospects, the Japanese investment bank Nomura has said.

A new report by the firm suggests that the UAE is emerging from the global economic downturn in a stronger position, Gulf News reported.

Nomura predicted that the recovery in global growth, which is being led by Asia, will have beneficial effects for the UAE as the demand for commodities goes up.

It also pointed to a strengthening of the UAE's capital markets following the proposed restructuring of Dubai World.

Meanwhile, Didier Duret, a chief investment officer at ABN Amro Private Banking, told the news provider: "We see clear signs of a strong recovery process taking shape in the UAE and the region. We expect the region to recover at a faster pace compared to the US and Europe."

It was revealed last week that Dubai's Department of Economic Development saw a 30 per cent increase in the number of new business licenses it issued in the first quarter of 2010 compared to the same period last year.