These are extraordinary times in the Middle East. In spite of vicious insurgency in Iraq and persistent terrorism across the region, an economic boom driven by buoyant oil prices is sweeping the Arab world. Stock markets regularly climb to highs, property prices are soaring and foreign assets are accumulating.
The main beneficiaries are countries in the oil-rich Gulf and non-Arab Iran, but the massive revenues from oil exports are also felt in non-oil producing countries, through rising Gulf investments and tourism.
