For close to two years, the dominant theme in the Middle East has been the Arab Spring. While the shift toward democracy has been thrilling for many watching the political change, for investors in the region, it hasn't amounted to much.
"The Arab Spring so far has only affected the countries that aren't really investable," says Oliver Bell, manager of the $150 million T. Rowe Price Africa & Middle East Fund. The markets of countries like Egypt, Libya, Syria and Tunisia are so small that they don't have much to offer investors.
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