Cramer's 'Mad Money' Recap: Middle East Petrodollar Plays

Click here for an archive of Cramer's "Mad Money" recaps.

---

"We've been playing the BRIC [Brazil, Russia, India, China] game for a long time, and now it's time to go even more global," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

"Say hello to 'BRIC-ME,'" which is BRIC plus the Middle East, he said. Caterpillar (CAT Quote) and Cummins (CMI Quote) tell us this is the new capital of global capital investment. Cramer owns CAT for his charitable trust, Action Alerts PLUS,

In addition, Cramer's past two infrastructure plays in the Middle East have been red hot, he said. McDermott International (MDR Quote) is up 13% since last Friday. Also, Foster Wheeler (FWLT Quote), Cramer continued, was up an "astonishing" 14 points today, much of that coming from infrastructure work around the Middle East.

Infrastructure is "hot," he said, and the Middle East is the center of that action. Even though Cramer believes that Foster Wheeler, which closed at $87.75 Wednesday, could still go to $100, he doesn't want people to be too piggish with the stock. Instead, Cramer said, he wants to find the next great play on infrastructure.

What investors should consider getting into now is Chicago Bridge & Iron (CBI Quote), Cramer said. The company, which is actually based in the Netherlands, is originally American.

The weak dollar means strong earnings for CBI, and this one definitely fits the theme as it has exposure to the Middle East, he said. CBI recently reported a good quarter but has not had a Foster Wheeler-like run yet. "It's time for CBI to play catch-up," Cramer said.