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Region must capitalise on petrodollar boom
Region must capitalise on petrodollar boom
The past year will be remembered in the Middle East for Iraqs tragic slide into sectarian conflict and Israels misguided war in Lebanon. Less noticed, though no less dramatic, has been the oil-fuelled economic boom in the Gulf, a surge in financial liquidity that has the potential to transform the face of the region.
Even more impressive than the oil bonanza of the 1970s and 1980s, a consequence of the four-year rise in oil prices has been to boost the economic power of Gulf Arabs, even as their political authority wanes and their regional security is violently shaken.
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