A general view shows the tracks of the Dubai tramway project, under construction as the first tram was delivered by French company, "Alstom", to Dubai on January 21, 2014. (AFP PHOTO / KARIM SAHIB)
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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.Dubai's performance was part of a surge by three Gulf states – Qatar, the UAE and Saudi Arabia – which jumped to the top of Bloomberg Markets' third annual ranking of the most-promising frontier markets in which to invest.Saudi Arabia's economy, the largest in the Middle East, expanded at a 5.9 percent average pace during the decade ended on Dec. 31, up from 2.3 percent in the previous 10 years and faster than the global average of 3.8 percent, according to the International Monetary Fund.Qatar will probably post the quickest growth in 2014 at 5 percent, while Saudi Arabia and the UAE will both expand about 4 percent, according to the IMF. Frontier markets were a more profitable place to invest in 2013 than emerging markets – a trend that's likely to continue into 2014, analysts say. Corporate earnings in the 26 countries that make up the frontier index have risen to the highest level in five years.
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