> At the other end is the Middle Eastern countries. Monarchs and despots have largely enriched themselves and their families at the expense of their country and their people.

1- UAE seems to be doing well. Dubai has diversified beyond oil mainly as a finance (money laundering?) and transportation hub.

2- Kuwait has KIA which seems similar to the Norway model: https://en.wikipedia.org/wiki/Kuwait_Investment_Authority and it has considerable market cap.

3- Qatar invested heavily on local infrastructure. They have world class universities, a new extensive metro system, an excellent airport, and well maintained roads.

Sure there are some failed examples: Saudi Arabia could have been much better especially that they make lots of money from religious tourism. Libya could have been another Qatar. Iraq could have been at least stable. So...