Investors can be forgiven for paying more attention to the geopolitical developments of the Middle East than the financial ones this year. But that’s also probably why one of 2013’s most impressive stock market rallies has gone relatively unnoticed.
Stocks in the Middle East have done incredibly well this year, particularly those of the Persian Gulf countries. Dubai’s equities have been among the best performers in the world: its general stock market is up more than 86% in 2013 and recently hit a five-year high. Stocks in neighbouring Abu Dhabi, which along with Dubai and five other principalities comprise the United Arab Emirates, have risen 50%.
The income per capita . . . tends to be higher than your average emerging market countries
The Bloomberg GCC 200 Index, which tracks the largest companies in the Gulf countries, is up more than 21% this year. GCC refers to the Gulf Cooperation…
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