The Fed cuts interest rates, the UAE Central Bank, pegged to the dollar, is forced to follow suit. The difference here is that the US is hurtling towards recession, the UAE is not. In fact, it is trying to get a grip on a boom.
Today's comment doesn't need to come from Kipp. We'll leave it to Shaikh Sultan bin Saud Al Qasimi, chairman of Barjeel Geojit Securities and managing director of the Sharjah-based Al Saud group. Cheaper money will only fuel consumption and, in particular, push up property prices, he tells Khaleej Times.
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