"Dubai flaunts the world’s tallest building, man-made islands, glitzy resorts and giant shopping malls as calling cards to the world. But it seems to grab more eyeballs with the shocks it sends out every once in a while to international investors.
Last week, its stock market did it again. After a nearly 18-month rally, the benchmark Dubai Financial Market Index tumbled almost 7% on Tuesday, and has now lost 17% this month since being upgraded, as part of the U.A.E., to emerging status by index compiler MSCI. Small change lost, some would argue, given the market is still up a whopping 160% since early 2013.
It, however, raises a difficult question. Bubble?
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