Since the global crisis in 2008-09, when Dubai’s indexes plummeted and international interest waned, there has been much recovery, and certain sections – such as the commodities and precious metals segments – have boomed. The lessons learnt in this financial test have left the emirate’s exchanges and players stronger, with the fundamentals of this vibrant economy returning to bring on a second wave of market activity. Recent times have been characterised by cautious recovery in Dubai’s equity markets, and debt and commodities have continued to do well. The renewed activity on the emirate’s sovereign bond market is likely to be given another boost by the realisation of plans to issue the UAE’s first federal bonds. The market is also benefitting from a global surge in demand for Islamic debt instruments, while encouraging small and medium-sized enterprises (SMEs) to list is hoped to broaden and deepen the capital markets.