There were doubts earlier on but now the Gulf’s rulers might be feeling positively foolhardy for basing the future of their economies so heavily on such a capricious industry as financial services. What now of the Gulf’s dreams to host some of the world’s capitals of capital?
In coming years, Gulf cities probably will become slightly less insignificant as global financial centres, rather than just Gulf regional ones – provided the oil price holds up. If it does, the credit crisis, paired with cash surpluses, will give Gulf cities slightly more of a competitive advantage in financial services.
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