Stock markets in the UAE and Saudi Arabia are likely to outperform other Gulf Arab bourses early next year, buoyed by strong economic growth and a recovery in Dubai’s real estate market, fund managers and analysts believe.
This year was a mixed and in many cases disappointing one for Gulf equities, as the global financial crisis and geopolitical tensions weighed on the region’s markets despite healthy growth in its underlying economies.
Dubai’s benchmark index is up 17.6 per cent so far this year, exceeding a 14.8 per cent gain for the Morgan Stanley Emerging Market index. On the other hand, Abu Dhabi’s index has climbed 8.8 per cent and the Saudi benchmark is up 7.3 per cent.
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