Comment: Finance change can aid Gulf goals

The rapid expansion and diversification of the financial sector must, despite the resulting occasional excesses, count as one of the great recent successes of the Gulf nations.

The past decade has seen the emergence of leading stock exchanges, non-bank financial institutions, and a steadily growing range of products. Much of this process has been sustainable and an important driver of economic growth.

Yet the financial sector remains a work in progress. The gains have been uneven and the current crisis, in addition to underscoring the value of conservative regulation, has emphasised the importance of addressing remaining anomalies. The most important fall under five headings: