Falling flat

Attempting to put together a commentary on the state of the Arab capital markets has become increasingly difficult for fear of being too biased, or worse, too skeptical. But as the parades of often-eloquent speakers continue to elaborate on the development of stock and credit markets in the Arab world, it is safe to say that yes, there is the proverbial “money to be made” in some Arab markets. But the question remains, are they heading in the right direction as far as growing the investor base and attracting fresh capital? The debate rages on, but recent events suggest that the notion of liquid and integrated markets is almost as far off as good governance and openness. Some recent bubbles came through newly privatized sectors, or even a real estate development here and there. But in essence, and despite some heart stopping cycles, the markets remained illiquid, and public participation