Morgan Stanley Managing Director and Chief Economist Stephen Roach recently visited Dubai and writes about what he sees here. He is obviously amazed: "A region with less than 0.5% the population of China is out-building the biggest construction boom in modern Chinese history". His conclusion is also interesting:
"The cranes of Dubai are emblematic of a much deeper point: We need to update our thinking about the Gulf economy -- especially insofar as its internal development efforts are concerned, but also with respect to its role in world financial markets. It was only a little over 33 years ago when rising oil prices first came into play. Since then, the economic development of Middle East oil producers has been nothing short of extraordinary. Dubai underscores a critical difference between then and now. Even if it ends up being a bubble, I suspect there will be no turning back for the new Middle East. In a world where the globalization debate is dominated by China, it is high time to broaden our horizons."
His writing is a must-read. Read it here.
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