Dubai Stocks Tumble to Cheapest Worldwide as ING Says Buy

Growing unrest in the Middle East sent Dubai stocks to the cheapest level in the world relative to company assets, a signal to ING Groep NV and Charlemagne Capital Ltd. that shares in the region’s financial hub are worth buying.

The Dubai Financial Market General Index’s 13 percent drop this year left it valued at 0.6 times net assets, or book value, a 67 percent discount to the global average and the least since Bloomberg began compiling the data four years ago. Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, fetches 3.15 dirhams ($0.86) even after the company said last month its book value was about 6.06 dirhams a share on Dec. 31.