UAE receives hardest hit in its consumer confidence

UAEA steep plunge was seen in consumer confidence in the UAE last month to record the largest fall in a global list of 29 markets.

It was reported Thursday that a drop by 10 points was seen in the UAE's consumer sentiment reading to 92 in a worldwide survey conducted by Nielsen, after Dubai World's call for a debt standstill.

The drop mainly occurred due to Dubai World's announcement in November, said Himanshu Vashishtha, the managing director of Nielsen in Dubai.

"Given the initial uncertainty around the Dubai World crisis, it is likely to have spooked the consumers in UAE. This was too close to home for them to ignore and raised concerns about another imminent crisis," Vashishtha added.

For October, the UAE experienced a record rise in consumer sentiment; however the drop for December witnessed the UAE drop out of the 10 most optimistic countries, a spot it has held since