Meanwhile, the UAE's HSBC Purchasing Managers Index (PMI) reading came in at 58.1 in November, indicating the challenge ahead was one more of managing -- rather than stimulating -- growth.
"I would be concerned about a heating up in the market,and excessive speculation that is not based on fundamentals. So I would be very selective in this rally," Al-Said cautioned.
It's not just equities that have surged in Dubai.
The Emirate's infamous property market, subject to dampening regulatory measures in recent months, has experienced some of the highest price increases of any city in the world.
According to the third-quarter Prime Global Cities Index by Knight Frank, prices rose 21.8 percent in annual terms. Much of the sentiment is being driven by the anticipation of further capital intensive work in preparation for the Expo 2020.
"In reality, many of these associated investments will take years before they reach fruition," David Staples, managing director for corporates at Moody's Investors Service, told CNBC.
(Read more: Dubai stocks in steep decline but volatility seen short-lived)
Shares in bellweather real estate developer Emaar Properties have rallied 29 percent over the last three months. Last week, the company announced a memorandum of understanding with government initiative Dubai World Central to for a major Expo 2020 development, but did not disclose its value.
"The question is whether the anticipated growth will flow through earnings in the coming year to the extent that is currently expected by the market, and whether corporates in this sector can avoid over-leveraging their balance sheets in seeking to deliver results".
Investors are also watching how Dubai will repay some $48 billion in debt maturities between 2014 and 2016.