Guest post: Dubai – the UAE’s hedge against oil | beyondbrics:
"The news that Dubai has overtaken London Heathrow as the world’s busiest international airport is a timely reminder that not all Middle East economies are dependent on energy as a mainstay of growth and job creation.
With oil prices plunging 60 per cent, much attention is justifiably focused on the Middle East’s traditional dependence on hydrocarbons. But it is easy to overlook a few oases of economic activity that are not only uncorrelated with oil but also starting to achieve meaningful, critical economic mass.
Among oil-producing countries, the UAE – the second-largest economy in the Middle East – has been the champion of diversification. Over two-thirds of its economic output now comes from non oil. And most of it comes from the Emirate of Dubai."
'via Blog this'
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