Beyond Oil

Development in the Arab world is centering on tourism as the area attempts to diversify.
August 26, 2004, 5am PDT | Chris Steins | @urbaninsight
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"Recent development in the Persian Gulf countries indicates a shift from a heavy reliance on oil to more economic diversity, reflecting the region’s ambition to become a major tourist and financial center. The past four years in particular have seen strong income from high oil prices, which has given the private and public sectors more funds to invest in real estate. Also, the Iraq war has led Arabs to spend more of their leisure time within the region. While Iraq’s future remains uncertain, a number of the country’s neighbors—Dubai and the rest of the United Arab Emirates (U.A.E), Qatar, Bahrain, Kuwait, and Lebanon—are moving ahead with a number of large-scale tourism, commercial, and residential projects."

Thanks to Urban Land Institute

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Published on Tuesday, October 25, 2005 in Urban Land Magazine
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