On the first day of the Forbes Global CEO conference being held in Dubai editor-in-chief Steve Forbes contrasted the rosy outlook for Dubai with his lacklustre expectations for fourth quarter growth in the USA. Growth in the UAE is being driven by an even bigger boom in neighboring Saudi Arabia where record oil incomes are being spent domestically to bolster support for the regime during the Arab Spring.
‘Dubai is becoming a global crossroads between East and West. It’s become a hub, a centre for world trade,’ noted Mr Forbes. ‘The fourth quarter in the US is not going to be very good … Dubai’s performance is going against the global trend.’
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