Here’s a very good Opinion Journal oped piece on the Mid East economic boom thanks to the high price of oil.
The recent performance of Arab stock markets makes the Nasdaq of the late 1990s look like a slouch. Since January 2002, the Egyptian, Dubai and Saudi stock markets are up respectively by over 1,100%, 630% and 600%. Only four years ago, gulf companies were priced at around twice book value. Today they trade on an average of 44 times historic earnings and at over eight times book value. gulf banks are valued at over nine times book value, according to Credit Suisse.
Here’s a website with pictures of Dubai. Very impressive.
Photos from Visit Dubai at www.dubai-city.de