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Dubai property price rise not cause for concern – IMF

Dubai property price rise not cause for concern – IMF
Atop official at the International Monetary Fund (IMF) revealed on Monday that the increasing prices of Dubai properties has slowed down greatly and is no longer a cause for concern for the IMF as it was in May.

Dr. Masood Ahmed, IMF Director of the Middle East and Central Asia Department, affirmed that the risks have declined owing to steps taken by the Dubai authorities to curb buying with the aim of speculation. There are sectors that still require supervision and real estate projects must be managed carefully to avoid encouraging government-related bodies and institutions to increase risks, he noted.

This came during the Regional Economic Outlook: Middle East and Central Asia conference and event, which saw the launch of the IMF report titled “GCC Countries amid a Turbulent Global Economy: Options for the Future”. The one-day conference, a collaboration between the Dubai Economic Council (DEC), the Dubai International Financial Center (DIFC) as well as the IMF, took place in Dubai on Monday.