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| Reuters |
The desert emirate’s benchmark Dubai Financial Market Index hit a fresh five-year high on Thursday – taking its gains to 100% in 2013 with just a few sessions to go as already bullish local investors happily joined the U.S. Federal Reserve-infused global afterparty.
While Thursday’s gains were mostly sentiment-driven, Dubai’s spectacular rally this year in many ways is justified.
After suffering a massive blow from the global financial crisis in 2008 — which left some key Dubai sectors such as real estate in tatters — its economy is recovering well on the back of strengthening trade and tourism. The government has also managed its immediate debt problems – restructuring much of what it owes."
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