Global Emerging Markets Quarterly - 3Q 2010

The aftershocks of the financial crisis (notably Dubai World's debt problems) particularly undermined returns in 2009, when the MENA index rose by just 13 per cent against a 75 per cent gain in the broader EM market. The MENA region was particularly hard hit during the downturn, not only by the collapse in the oil price during 2009, but also by the lack of credit available in the post-crisis period. With infrastructure projects heavily dependent upon such credit flows, the underlying foundations of the MENA market were called into question by many investors. (...)

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