kerryvan:

Can you tell if there is any other plays from the ME expansion?

Give me some time to settle in, and perhaps I'll be able to contribute something useful.  I can say that it's clear to the U.A.E.'s rulers that the oil supply is finite and they need to diversify their economy away from oil.   And they have.  They have a huge financial industry here in Dubai.  The DIFC -- Dubai International Financial Center -- where I work, is a collection of banks, insurance companies, investment companies and other financial firms.  (Qatar and Bahrain are competing with Dubai for a piece of the financial pie.)  

Tourism is also big, especially for wealthy Russians who love the beaches.   And of course, real estate development companies operating all over the Middle East.  I'll bet the fraction of GDP derived from oil is much lower today than it was 10 years ago, though I don't have the figures at hand.

We should not assume that the Gulf countries "don't manufacture the infrastructure materials...such as wiring, fuse boxes, outlets, etc."

Small- and mid-sized industries started up several decades ago, particularly in Saudi Arabia. 

Just a few examples: For many years the country has manufactured air conditioners specially designed for harsh  Gulf weather condition.  There is also a local pharmaceutical industry. The Al-Safi farm is--or was--the world's largest dairy farm.  And Mercedes-Benz has been assembling trucks at a plant in Jeddah for many years. 

These examples are just off the top of my head, but they are indicative. As Chang indicates, the Gulf countries understand that they must diversify away from their reliance on the export of crude oil and natural gas

Jagor 

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Thanks Jagor,

I haven't been there, so I'm a not knowner.  I was wondering if there is some other area that would have the growth due to the rapid expansion, something they import.

With all the rapid growth around the world, it would appear that natural resources, food, and middle income lifestyle are the long term demand items.  these won't have the same ups and downs over the next few yrs.

Check out RPFFX.  This fund, like PNVDX I mentioned earlier, is also available NTF at Schwab.  M* says it's closed, but Schwab's site says it's open and available.  RPFFX would pair nicely with PNVDX.  Both are great funds!

Baxter