The collapse of international oil prices since mid-2014 has caused an economic slowdown in the UAE, even in the more-diversified emirate of Dubai, the financial hub of the Gulf.

National Bank of Kuwait (NBK) in its economic update based on UAE statistics said this week that Dubai’s real GDP growth slowed down from 4.2% year-on-year in Q3 15 to 3.1% y-on-y in Q4 15. For the year 2015 as a whole NBK said that Dubai GDP recorded a “still decent growth rate of 4.1% y-on-y”...