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IMF says Dubai may need to do more to avert property bubble

By Martin Dokoupil DUBAI (Reuters) – Dubai may need stronger measures to counter property speculation in the emirate, a senior International Monetary Fund official said on Tuesday as it warned again about a potential real estate bubble. Growth in the Gulf emirate, the region’s trade and business hub, picked up strongly last year as the government committed to real estate projects worth tens of billions of dollars following a property market crash in 2008-2010. Masood Ahmed, director of the IMF’s Middle East and Central Asia department, said the Fund had welcomed moves last autumn by Dubai’s government and central bank to cool what could become a “speculative increase” but that more was…