Thursday 09, October 2008 by

UAE to withstand liquidity squeeze, growth likely to slow

In an environment where soaring oil prices have led to the massive accumulation of surplus cash for the oil-producing GCC countries, it might have appeared earlier in the year that the global credit crunch would simply pass them by. But recent events have shown that as these economies have opened up to the rest of the world in recent years, so too have their vulnerabilities to global economic conditions.

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