Last year, a period of unrest in which three governments were overthrown in North Africa, was not kind to stock market investors.
But even though the UAE experienced none of the turmoil that occurred elsewhere, including in the Gulf, and the Emirates even briefly appeared as a shelter from the storm, Dubai's main stock market nevertheless fell to its lowest level since 2004.
Investment banks have withdrawn equity sales and research teams from the UAE as part of tens of thousands of job cuts worldwide, while about half of the Emirates' brokerages closed as trading dwindled.
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