Further information

Dubai

Dubai was the second best performer in the MENA region during 2012, after Egypt, having gone up by c.18.0%, with foreigners being net buyers during the year. All sectors in Dubai performed positively during 2012, with the exception of the banking sector which plunged by c.5.0%. The best performing sector in Dubai was the utilities sector, which surged by over 140%. By the end of 2012, Dubai was trading at a lower P/E 2012e of 11.1x, compared to the MENA average of 11.5x, while offering a higher earnings growth in 2013 of 13.5%, compared to the MENA earnings growth average of 12.9% for 2013. We assign Dubai an equal-weight outlook in 2013 given that sectoral multiples seem to be fairly priced. A number of players across sectors, however, stand out with good potential. We remain cautiously selective with stocks across sectors in Dubai.


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URL: http://www.beltonefinancial.com/dubai1