Well, uh. OP is off to a bad start, but...
I saw the Dictator last week, and didn't really find it worked particularly well. For starters, Cohen is playing an African dictator, whilst all stereotypes on which the character is based are clearly arabic.
Secondly, whereas in Borat, you had a character making these bizarre offensive remarks in regular situations, and half of the joke was the reactions of the unsuspecting victims of his pranks, the Dictator is a scripted movie. This means you don't have the awkwardness of people reacting to racist jokes, you just have racist jokes.
That's not necessarily a bad thing; it depends on how good those jokes are- but the Dictator's were quite hit and miss. It certainly had its moments- the helicopter scene, the first ten minutes("Do you want the Aladeen news, or the Aladeen news?"), etc- the rest just fell flat.