Friday, August 19, 2005

UAE reaping the fruits of diversification :: GN

There's a huge amount of construction going on, fueled by the sale of oil. There's a considerable amount of personal services to the well-to-do nationals, services provided by non-nationals who comprise at least 3 quarters of the population and remit much of their income back to their home countries. Yes, Dubai attracts tourism and has been able to fill its hotels, but there's no way to tell whether these enterprises are profitable or are underwritten by oil money.

Most of UAE's diversification comes from investing in companies and real estate around the developed world. At least that's my guess.


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