As a rider to a New York Times article that indicates some worry in Dubai and a slowing down of big projects, an article that appears in the Chicago Tribune paints another picture indicating a ‘seismic transfer of wealth’ to the Gulf States. Here are some snippets:
“While the U.S. reels under the weight of its financial crisis, the sparsely populated sheikdoms of the oil-rich Arabian peninsula are wallowing in more money than they know what to do with.”
“But now, flush with profits from the soaring prices of oil and natural gas, these countries are emerging as glittering economic powerhouses with the ability to exert influence in the volatile Middle East and beyond.”
“Collectively, the six nations that make up the Gulf Cooperation Council are estimated to control $1.9 trillion in assets. That puts them second only to China, a seismic transfer of wealth from the pockets of consumers in America, Asia and Europe to this small corner of the world.”
To read the entire article, follow this link:
Liz Sly, Oil Wealth Flows into Wary Gulf States, Chicago Tribune, 5 October 2008.
Dr Geoff Pound
Image: UAE and Gulf States are ‘Wallowing in Money’.
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