With little oil, the emirate's ruling
family decided to diversify - and now they are on a worldwide
shopping spree, writes Oliver Morgan
Dubai's new prospectors strike again
Leading the way seems to be the country
that played host to the conference: Dubai. Like the other Gulf
states, the emirate has benefited from the doubling of the oil price
in the past five years, the reason for the cash glut.
Dubai-based Simon Williams, of HSBC,
says: 'Decades ago, Dubai looked at itself and said that by 2010 it
would not be producing oil any more; that it would have to diversify
its economy. And its decision was to become a service hub for the
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