Amer Khan says he could sense a stock market rally in late 2012 just from the street scene in Dubai, the financial capital of the United Arab Emirates. Tourists were once again jostling for a spot from which to watch the dancing fountains that adorn the downtown area. Recurring traffic jams, increasing retail sales and a rise in airport passengers were other signals for Khan, the senior executive officer at Dubai-based Shuaa Asset Management.
“The signs in the economy were visible before the market took off,” says Khan, whose firm had 780 million dirhams ($212 million) under management at the end of September. “We waited for the pop and eventually it happened.”