Stock market rallies, officials bullish on economy, but analysts are skeptical
Is Dubai back?
That’s the question economists and government officials ask about once every six months, only to be disappointed. But this time, at least, the stock market seems to be answering a yes.
Dubai’s shares have rallied 30% so far this year amid a spate of positive corporate earnings, dividend announcements and encouraging economic data.
The tiny Gulf emirate is displaying some of the bravado of its pre-crash years in a multi-billion-dollar bid to host the 2020 World Expo. The scale of the bid can be measured by the fact that Universal Expositions can draw up to 70 million visitors during the six months that they are open while Dubai has a population, including expatriates, of just over two million.
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