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Vol. VI. No. 42 May 2009
ost indicators are pointing to an early recovery in the local economy. Te worstears o the year-end have been disproved ascompanies and businesses report their frst numbersor the quarter. Liquidity, no doubt, continues to betight, but there are attempts to come out o the siege,as it were. Banks are beginning to lend again, althoughthey are very selective on who should get the money and on what conditions. Te more aggressive amongthem are ready to try out new ways o breaking theice.Similarly, the earning season has not been that bad.Banks have turned in profts, but o course, not likethose heady days. Proftability has gone down, but stillthere is money to be made. According to indications,most UAE banks would be relatively comortable by the second quarter and already there are signs o apositive turn. Market confdence, which had hit thebottom, seems to be picking up and the stock marketsare showing some signs o a movement.Te property sector is also said to be turningaway rom a state o absolute hopelessness to oneo measured caution as the continued all in pricesseems to have been arrested somewhat. Even i the allhasn’t stopped, the pace o the all has slowed downand maybe within the oreseeable uture there couldbe signs o stability.Coupled with all this, Dubai has reported improvedtourist arrivals and hotel occupancy, both o whichhad apparently been a great cause o worry. I thingscontinue to happen this way, there may be soon lightappearing rom the other end o the tunnel.