Dubai started the development process in the early 1990’s; the government of Dubai took big steps toward development, and contrary to what the rest of the world think about Arab nations, the government of Dubai was actually thinking and building for the future.
On the other hand Bahrain was busy creating an Offshore and Islamic Banking center; they started working on it on the 1970’s, and despite all the competition from Dubai, Qatar, and Lebanon; Bahrain is still the leader of these 2 business divisions.
But that was the past, what about the future? How can these countries keep the business going? Well, they don’t have to keep it at the same pace, but more mature growth rate. Since they only invested in one thing until now, which is infra structure, the answer to that question is business diversification, less investment in infra structure, more investment in tourism, or light less-polluting industries (Tec Industries), or even creating an education center, a city which all scholars and researchers want to go to, study, live, and work.
I’m not writing this to tell them how to run their business – I’m in no place to give such an advice – they created the business and I’m sure that they know how to run it,
I’m writing because I was navigating through my old saved articles from different sites and I came across this sentence from an article that was published on the Arabian Business site, here is what they said “Business confidence is falling across the GCC with Bahrain and the United Arab Emirates the most pessimistic in the six-nation group” and on another site here is what I found “The Wall Street Journal reports that international "financial analysts are starting to wonder about the amount of debt the city-state is racking up." The article paints a picture of a city with dwindling oil revenues but a limitless appetite for growth. It places Dubai's debt, relative to gross domestic product, at about 42%. That's pretty high compared to Abu Dhabi's debt of 2.9% of GDP”
In my opinion, the growth will continue, maybe in a slower rate but it definitely will, I can only hope that they work as partners and brothers, not as competitors.
What do you think?
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