More Than Just Another Bubble - Saudi Arabia's market capitalization is now $450 billion, larger than China's or India's. (Newsweek)

Co-head of global emerging markets at Morgan Stanley Investment Management writes in Newsweek that high oil prices have spilled into the equity markets across the Middle East rather than fleeing the region as usual. There is a new sense of confidence pinned by genuine economic reforms especially in countries such as Egypt & Morocco where there's at least an element of rationality in the exuberance on the region's trading floors.
The writer concludes that as there are so many citizens involved in regions markets, governments could face serious discontent if they don't follow through on their reforms.