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One would think that the equity markets in Saudi Arabia and other Middle Eastern countries would be soaring along with oil.  But a quick look at the Emerging Middle East & Africa ETF (NYSEARCA:GAF), along with Saudi Arabia's Tadawul Index proves otherwise.  While Saudi Arabia saw big gains from '02 to '06, its index has struggled since then. 

Looking at the first chart below, the first run-up in oil from $20 to $80 seemed to benefit Saudi Arabia significantly, but the second run-up from $60 to $140 hasn't done anything.  While the Middle East & Africa ETF (GAF) hasn't been around that long, it has done nothing since it began trading back in early 2007.

click to enlarge

Saudioil

Gafoil

Source: Middle Eastern Equities and Oil