There are increasing signs the UAE economy is well on the road to recovery.
Property prices in Dubai are rising again in pockets of the emirate.
The main Abu Dhabi and Dubai international airports have welcomed record numbers of passengers this year, which has buoyed occupancy at hotels.
Retail sales are almost at pre-crash levels, while the logistics sector is reporting robust growth.
Even the banks have started to offer lower interest rates and the big, government-related companies seem to be slowly getting around to restructuring their debts.
These signs have all caught the eye of investment analysts at Citigroup, who note the MSCI UAE Index is up 16 per cent in the year-to-date, after a nearly 20 per cent drop last year.
That increase makes it the best performing market in the Middle East and North Africa this year.
Citicited companies such as DP World, Aramex and Emaar as good investor picks due to UAE's status as a regional hub.
Citi also likes Abu Dhabi's banksbecause they provide indirect exposure to the oil economy.
But despite the upbeat assessment, some economists still advise caution.
The HSBC purchasing managers' index noted a reading of 53.3 last month, down from 53.4 the previous month, according to data released this week.
Rachel Ziemba, with Roubini Global Economics in London, believes the UAE economy is primarily being driven by high oil prices,heavy infrastructure spending and direct bonuses to Emiratis in the public sector.
"Our view is that things are not going to get a lot better. I would be cautiously hopeful because it's been a tumultuous two, really three years in the Middle East," she said.
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