Walmart can't match this discount!

I recently came across some research on middle eastern markets by one of the multinational asset managers. One graphic in particular caught my attention. A scattergram with trailing PE on the x-axis and 2005 earnings growth on the y-axis plotted selected MENA (Middle East and Northern Africa) countries. Basically the farther down and to the right, the more expensive and the cheaper for the inverse (upper left). Most markets were within +- 20% of the trendline. However, what caught my eye was UAE which was extremely high up the earnings growth axis (>100% growth) AND low on the PE axis (13x). Tell me where I can find a similarly priced security in the US? You won't find one! So why the discount? My guess is the whole fog of war that surrounds the entire Middle East. When the situation in the middle east calms down I think the discount will shrink, how much is the question.