Something funny is happening in the UAE. No, I don't mean the latest Laughter Factory event or the rising tribe of home-grown stand up comics.
Look at the correlation between debt and equity markets. From 2008 to last year, the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) fell and then languished with low trading and no initial public offerings.
Brokers went bust and many investors lost their garments. At the same time, the bond yields hit all-time highs, thanks to the property-driven financial crisis.
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