Weather report: No Arab spring in Qatar or UAE
So says HSBC.
The UAE is one of only two states in the Mena region that will be virtually unaffected by the economic fallout from the political turmoil that has hit the area, according to HSBC. In a report written by the bank's economic analysts in Dubai, HSBC says that, along with Qatar, "confidence in political stability and security remains undimmed" in the UAE.More:
"For all its debt woes and recent economic slump, the UAE's combination of vast hydrocarbon wealth and a dynamic export-oriented service sector has created an economy that has delivered growth and relative prosperity to its small local population."
HSBC estimated that the recent financial intervention by the government of Saudi Arabia amounted to US$10,000 (Dh36,730) per adult member of the kingdom's population, or some 30 per cent of GDP.