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JPMorgan Prefers Uzbekistan Bonds Over Dubai Real Estate Ones
June 20, 2025
JPMorgan and other fund managers are increasingly turning to emerging markets amid global financial volatility as per a BofA survey. BofA and JPMorgan are both bullish on Uzbekistan’s external debt, citing benefits from rising gold prices (ranked among the top 10 gold producing countries), a potential sovereign credit rating upgrade and geopolitical stability. JPMorgan favors Uzbekistan’s debt over Dubai real estate bonds due to comparable or better yields and a stable macro backdrop. Uzbekistan has maintained strong GDP growth, averaging 5.3% annually since 2017. More broadly, emerging markets like India, Brazil, and China are also attracting interest. Experts, including Deutsche Bank strategists, emphasize favorable demographics, low valuations compared to the US and long-term growth potential.
In the table below, we have compared Uzbekistan’s dollar bonds with those of UAE based property developers:
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