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On a recent visit to the beach, my three year old son asked for some ice cream. I escorted him to the parlour and before I had a chance to order his usual choice of vanilla, his eyes lit up over the myriad of flavours and he promptly decided it was time to up the ante: why settle for plain vanilla if he can choose between many more flavours and even add chocolate sauce on top?
With equity markets in the Middle East and North Africa (MENA) staging a comeback led by a 45 per cent rally since 2013, a decidedly “feel good” factor is hear again. But it is only a matter of time before MENA market sympathizers reach a similar conclusion to my three year old’s: why invest in Middle East markets if other emerging markets are offering an expanded menu of options? While the recent rally feels good and will undoubtedly attract the odd punting hedge fund here or there, it is neither sufficient to excite the global investment community nor would it occupy their mindshare over the long term. Here’s why."
'via Blog this'
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