Dubai’s stock market ranking has been declared “overweight” - a highly positive sign that the economy is on the up. The change, from a neutral ranking by Middle East investment bank EFG Hermes, is seen as a great indicator that the city’s stocks are considered good value for money and its global economic status is rising. This year, Dubai’s economy is also forecast to rise by 4.2%, while sectors such as tourism will continue to witness highly positive growth - last year, Dubai welcomed 9.3 million visitors; an increase of 10% on 2010.
“All signs in the first quarter are that 2012 will be a good year with Dubai remaining the regional heavyweight for the leisure-side market,” commented Matthew Green, head of research at CBRE, the world’s largest commercial real estate services company. Events such as the Dubai Shopping Festival, Russian and Chinese New Year’s and Saudi school holidays have helped to push hotel occupancy levels in the emirate to new heights, making it the world’s top destination in terms of hotel occupancy performance.