It is surely only a matter of time before the higher oil prices determined by Peak Oil theory return to give the Gulf Oil States another bout of serious economic growth. Indeed, cash flow from oil this year is set to bounce back from $570 billion in 2009 to around $720 billion.
Outside the UAE and Bahrain orders are already picking up. Saudi Arabia is placing multi-billion dollar construction contracts. Qatar has not slowed down much, and Majid Al Futtaim has just started building Doha’s largest shopping mall.
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