Dubai joined two other cities in the region beating nearly all other global financial markets in the first quarter of this year. The city’s index outshone some of the world’s busiest destinations by posting a rise of 21.8%.
"The only way to describe the first quarter will have to be amazing. What a comeback," says Steen Jakobsen, the chief economist at Saxo Bank. "Looking at the best-performing indices in the world, three of them are from the Middle East and North Africa." The retail sector put in a particularly robust performance thanks to the Dubai Shopping Festival, which kick started 2012. UAE property companies were also some of the biggest winners on the Dubai Financial Market during the opening quarter, according to a report in Dubai newspaper, The National.