What are your views on the Middle East markets in an environment of $35-a-barrel oil?
Michael Chojnacki, London
JB: I do not think oil will stay at $35 for long. Our core assumption is for a price of $60 by year end. In any event there is a big difference between a weak price now, and a sustained weakness, particularly given large cushions of reserves in the region. We see particular value in a number of private equity deals in Saudi Arabia and are cautious where there is substantial leverage, most obviously in Dubai real estate – though there are prices at which even that has also been looking attractive selectively.
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