Does the Gulf’s breakout year signal lasting change?

For years the Middle East flirted with becoming a capital markets power, without ever quite succeeding.

All too often, the region was its own worst enemy. A successful share listing might trigger a headlong rush of similar offerings, overwhelming markets and compelling wary investors to retreat. Some stock offerings were badly managed; others were stymied by a poor economic backdrop and low oil prices.

Often, geopolitics was a disruptive force.