Given that Middle Eastern capital markets are among the last to open up to international finance, it’s unsurprising that analysts’ research bulletins on the region often conjure up images of inertia. Consider the headings given to two reports published last year. Robert Fleming entitled a study on Egypt “The Sleeping Beauty”. ING Barings chose “The Sleeping Giant” as the title for the section on Saudi Arabia in its Arab Stock Markets Review.
The authorities in Cairo could justifiably take offence.
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