The primary challenge is liquidity. Investors have taken money off the table, fearing that the lack of market depth makes it difficult to exit unfavorable positions. That in turn inhibits new issuance. The dimension of the problem is highlighted in the so-called institutional ratio (assets under management versus economic size). While the data can be problematic, figures for this indicator in the Gulf, for instance, are a fraction of what we see elsewhere. Unfortunately, there are no easy answers. Banks....