Could be good for an english language western-focused site, perhaps featuring news, etc from the region.
I doubt most locals in those countries think of themselves as "mideast" folks (as opposed to Egyptian, Jordanian, etc or their local language equivalents)
Brandable, but needs development or a concept, as I do not think it has a natural constituancy otherwise
Addendum: Here is your competition:
http://www.middleeasttv.com/
