The time is approaching when it's safe to return to a broking role in Dubai

Brokerages in the Middle East need some reasons to be cheerful, and there's a renewed sense of optimism that a turnaround is on the cards. So much so that people who left the industry are talking up the possibility of a return.

We highlighted the story of Nabil Rantisi, former director of brokerage Rasmala Investment Bank, who left finance to run a delicatessen in the DIFC. He told Bloomberg that he's now pondering a return to the financial sector if the rally continues.

“This is a sign of a genuine turnaround and not just a bear market rally,” he said.

The downturn last year had a devastating effect on the local brokerages. Of the 98 brokerages operating at the end of 2008, just 58 now still have a licence to operate.

Redundancies have been prolific and those firms that stuck it out have employees with very little to do.

"In December, you could fall asleep at your desk and wake up and nothing would be happening,” Waleed Al Khateeb, senior finance manager at Daman Securities told Bloomberg. "This year, brokers are working non-stop “dealing with this increased activity."