Dubai shares up more than 2 percent year-to-date Cyclical recovery shares could see upside in Dubai DUBAI: There is scope for a recovery in some cyclical Dubai stocks — but don’t wait until the party has already started! That was the message from Credit Suisse Head of MENA Research Fahd Iqbal who told Bloomberg Daybreak Middle East that the emirate could benefit from a rebound in some sectors. Dubai’s tourism sector has been battered by the pandemic while a prolonged slump in property prices has added to the malaise. However a rapid vaccination program has encouraged hopes for a recovery in some cyclical sectors. Dubai shares have gained by about 2.2 percent since the start of the year, well behind regional heavyweight Saudi Arabia, where the Tadawul stock exchange has advanced 10.4 percent over the same period. While some signs of a rally have already emerged in Dubai, it has been more speculative in nature and suggests institutional players have yet to participate in a significant way, said Iqbal. Still, he sees potential for a rebound in some sectors. “For us the areas to focus on in the Middle East are really the recovery plays, the cyclical areas,” he said. “Dubai stands head and shoulders above the rest as far as we are concerned in terms of that kind of opportunity. So we are certainly looking for a resumption of that uptrend.” “Timing as always with Dubai is very, very difficult. So our advice is always to slowly accumulate positions when the pricing is at an attractive level rather than to sit and wait. “Because typically when Dubai does move it does so very quickly and you risk being left behind if you try to join when the party is already moving.”