Wednesday, September 5, 2007

The Gulf Boom

by Mshari Al-Zaydi from Al-Awsat

The International Finance Corporation (IFC) upholds that, “Oil has enabled the Gulf States to reap huge sums [of money] over the past five years, reaching US $1.5 trillion.” It appears that matters will continue to progress along the same course: “By the end of 2007, the Gulf Cooperation Council [GCC] will have acquired an additional US $540 billion – a figure that exceeds the exports of Brazil, India, Poland and Turkey combined,” according to the IFC ... According to Georgetown University’s Jean-Francois Seznec, Saudi Arabia is moving towards becoming the number one producer of petrochemicals in the world. He estimates that it will attain this rank by 2015. The Saudi private sector currently contributes 60% to the GDP of the Gulf States – after a former 10% in the 1970s.

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