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Dubai Stocks Trading at the Cheapest Since November Amid Oil Woes

Dubai stocks are trading at the cheapest level since November as the one-year forward price-to-earnings ratio for its main stock gauge falls near nine times.

Many blue-chip names in the U.A.E. are now trading at attractive levels compared to emerging markets, as foreign investors remain sceptical about whether oil prices will recover and lift area stocks, says Hootan Yazhari, Bank of America Merrill Lynch’s head of research for Middle East, North Africa and global frontier markets.

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