where is the Middle East business cycle?
That the Middle East is in the grip of an oil boom is not in any doubt. Oil revenues of $180 billion last year were three times higher than in 1998, although admittedly 1998 was a poor year. Liquidity is flowing into the region. Plus since September 11 there has been an exodus of funds from the US. Dubai Holding officials put this figure at around $300 billion. Thus high oil revenues and massive inward investment have combined to produce a once-in-a-generation opportunity. So far Dubai and Qatar have led the way in attracting this capital: Dubai to develop its tourism, real estate and service sectors through huge government-initiated projects; Qatar to develop its LNG reserves. But others are following. The $10 billion Blue City outside Muscat has just been unveiled. Plus Qatar, Bahrain and Kuwait have all announced land-reclamation projects that bare superficial resemblance in concept at least to Dubai’s Palm Jumierah Island which should be opened later next year. However, with more t
That the Middle East is in the grip of an oil boom is not in any doubt. Oil revenues of $180 billion last year were three times higher than in 1998, although admittedly 1998 was a poor year. Liquidity is flowing into the region. Plus since September 11 there has been an exodus of funds from the US. Dubai Holding officials put this figure at around $300 billion. Thus high oil revenues and massive inward investment have combined to produce a once-in-a-generation opportunity. So far Dubai and Qatar have led the way in attracting this capital: Dubai to develop its tourism, real estate and service sectors through huge government-initiated projects; Qatar to develop its LNG reserves. But others are following. The $10 billion Blue City outside Muscat has just been unveiled. Plus Qatar, Bahrain and Kuwait have all announced land-reclamation projects that bare superficial resemblance in concept at least to Dubais Palm Jumierah Island which should be opened later next year. However, with more th
