Issues of Bahrain, especially those of the British period, are sought after both in Bahrain and among British Commonwealth collectors, and British Royal Family issues have additional topical appeal.
Bahrain, a country of just under 800,000, has the fastest growing economy in the Arab world. With oil reserves estimated at 150-200 million barrels, Bahrain is not as oil-rich as some of the other Gulf States, but has met the challenge by successfully diversifying into banking and financial services, and is now considered a major financial center. Annual GDP growth has averaged 6.5% over the past 5 years. Bahrain is also developing its natural gas industry, as it has gas reserves equivalent to about another 580 million barrels of oil.
There are a number of scarce issues from the Gulf States which I view as bargains. Assuming that these countries can maintain their economic growth, diversify away from their current near-total dependence on oil revenues, and avoid internal political instability or military conflicts with some of their noisier neighbors, their better stamps should all do well.