UAE’s Real Estate Industry Needs Time to Recover: Suwaidi

Sultan Nasser Al Suwaidi, the governor of UAE Central Bank, expressed that country’s economy has been progressing with every passing day but the realty segment needs more time to come out of the adverse impacts of global slowdown.

UAE's financial chief, while speaking in the sidelines of the National Media Council, added that no one can rule out country’s tourism and investment potential and it is still one of the attractive destinations for scaling new peaks of growth across a number of businesses.

He admitted decline in prices in Dubai due to some external and internal factors and hoped revival of past glories very soon.

Suwaidi categorically declined the possibility of de-pegging its currency with the US dollar adding, "The US dollar is the best medium of exchange in the international trade and we will continue to use it."

Meanwhile, Investment bank UBS, in its latest observation last week, warned against further decline in property prices adding that it would take years to achieve past pricing levels.