Letter from Dubai: Market rebound fails to capture local IPOs:
"The signs of revival are everywhere in Dubai: on its crowded roads, in its jam-packed malls, in the long lines of investors clamouring to buy into new real estate projects and on its stock market, which has had a banner year, writes Asa Fitch.
Dubai’s main index is up 53% so far this year – and there’s little sign of enthusiasm evaporating. Neighbouring Abu Dhabi is also reaping the rewards of being a relatively stable place in which to live and invest in a region rife with political turmoil. Its market has climbed 44%.
Both got a further boost last month, when index provider MSCI decided to promote the United Arab Emirates and Qatar into its emerging markets international benchmark. The decision doesn’t take effect until next May, but it’s thought that the move will bring billions of passively invested dollars into a couple of the Gulf’s fastest-growing markets."
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