Wednesday 18 July 2012

Gulf States Move to Diversify Income Sources - NYTimes.com

Gulf countries with plenty of money are turning their attention to mining and commodities in an effort to diversify their portfolios, and their economies.

Saudi Arabia, the world’s biggest oil exporter, has identified mining as a key investment area after oil and petrochemicals, and is spending an estimated $38 billion to develop two cities centered around mining.

“The plan is to bring manufacturing into the Gulf Cooperation Council and have everything at your doorstep. The mining industry has a role to play to bring raw materials in this case,” said Farouk Soussa, chief economist for the Middle East at Citigroup in Dubai.

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