Crisis-hit Middle East sees recovery signs

The Middle East faces its biggest challenge in years, with the worst financial crisis since the 1930s threatening oil exporters, but investor appetite is returning after state intervention and recovering crude prices.

"The Gulf not only looks to have braved the downturn but also to have been well placed to catch early the tail wind of recovery," said Simon Williams, chief economist at HSBC Middle East.

But the impact of the crisis continues to be felt.