Middle East: Call for Arabs to Plan for the End of Oil Age
Burj Al-Arab, Dubai, United Arab Emirates
This article in Arab newspaper, Dar Al-Hayat, calls on Arab Countries (e.g. Saudi Arabia, Kuwait, Iraq, Jordan, Qatar, Dubai, Abu Dhabi) to invest in the future by preparing for the end of the oil age.
The Economist recently estimated that $600m a day in oil revenues are flowing into the Gulf. The monarchies of the region are likely to earn an extra $35 billion this year.
The article warns "Arabs should beware. The bonanza will not last for ever. Instead of frittering away their oil wealth on conspicuous consumption, on real estate extravaganzas [such as the Burj Al-Arab hotel pictured above - Ed] and uncertain overseas investments, the Arabs should devote every surplus dollar to preparing their societies for a post-oil economy".
Dar al Hayat Article