Friday, August 27, 2004

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


Blogger Stumbling Bumbler said...

That is probably excellent advice, but the kleptocracies in the region will never take it, because aside from alternative energy, investing in their countries would inovolve things like education that might lead to the creation of a middle class that might demand real political freedom. The Qataris and, to a lesser extent, the Kuwaitis, seem to be planning for the future, but the Saudis are just hopeless.

5:27 pm, August 28, 2004  

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