Signaling region’s economic recovery

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Rashed Al Baloushi, Deputy CEO of Abu Dhabi Securities Exchange (ADX), confirmed that the UAE capital markets had overcome the consequences of the global financial crisis. He added that local as well as regional bourses started to attract new investments, which indicates the recovery of the UAE and GCC economies.

“ADX management, in coordination with Securities & Commodities Authority (SCA) and Dubai Financial Market (DFM), began to take new procedures aimed at boosting transparency. Thus, the twin bourses will be qualified for the inclusion in the MSCI Emerging Market Index”, Al Baloushi said on the sidelines of the 4th Annual UAE Global Investment Forum 2011.

Mohammad Omar Abdullah, Undersecretary in the Department of Economic Development, Abu Dhabi, said that Abu Dhabi’s economy was expected to grow to almost 4.5%. He also indicated that such a percentage would increase over the coming years, after Abu Dhabi’s economy recovers from the global financial crisis. Abdullah predicted inflation to stand at 5%.

The UAE attracted more than 279 foreign direct investment projects worth about $10 billion over the past year. Accordingly, it remained among the top ten most attractive destinations for FDI projects in FY10, Abdullah concluded.

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