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It was supposed to be the new Middle East: a quieter, neutral entrepot where Arabs and Jews, Shia Iranians and Sunni Arabs, Americans, Chinese and even Russians could all rub along in the common pursuit of profit. In the past six months that vision, championed most vigorously by leaders of Saudi Arabia and the United Arab Emirates (UAE), and embraced by chief executives the world over, has come under assault—first by Israel’s war with Hamas militants in Gaza, then, this month, by the
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