Last month’s sell-off in the Gulf equity markets was a timely reminder to the region’s investors that nothing lasts for ever. For the past three years the Gulf markets have enjoyed the best of bull runs. Spurred by record oil prices and high levels of liquidity, investors enjoyed a one-way bet that showed few signs of unwinding.
This year the story is different. In mid-March, many of the region’s markets suffered their worst single-day performance in recent years. The Dubai stock market fell 12% to an 11-month low....
