Word: oiled
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...mortgage mess. That view is reflected in a grim joke making its way around Wall Street and the City of London about the options left for laid-off bankers: "It's Dubai, Mumbai, Shanghai, or goodbye." But the reality may be even grimmer. In fact, Dubai and the other oil-enriched regions of the Arab world aren't quite the safe havens they once were. Western and Middle Eastern markets are more closely intertwined than they were during the 1970's oil boom. But recently, Arab exchanges have been hit with a double whammy. Western investors have pulled...
About three years ago, when Saddiq Khan finished college in Pakistan and began working for a real estate brokerage firm in Dubai, it seemed impossible not to make money. Foreign buyers from Europe and the U.S. were flocking to the Gulf to get a slice of the oil boom and take advantage of the region's loose tax laws and resort lifestyle. Developers competed to launched one headline-grabbing mega-project after another: a ski slope inside a shopping mall, luxury skyscrapers, condos on artificial islands shaped like a giant palm tree. "It was crazy," says Khan...
...Still, even amidst a global economic slowdown, the outlook for the Arab economies will remain sunny. As long as oil stays above $60 a barrel, governments won't have to cut their budgets, says John Sfakianakis, the chief economist at Saudi's SABB bank. And jitters on Wall Street could sharpen the eyes of Arab regulators for the kind of irrational exuberance that got American investors in hot water. "The unscrupulous spending of the past will be slowed in the months to come, which will have a positive impact overall," says Sfakianakis. "Many Gulf economies were growing so quickly that...
House Democrats passed a bill Tuesday night that would end a 26-year ban on drilling for oil in federal waters 50 miles or more from the Atlantic and Pacific coasts - in a belated attempt to find political shelter from Republican election attacks over gas prices. But even as House Speaker Nancy Pelosi steered the bill through procedural hurdles to passage during the day, Senator John McCain demonstrated the continued power of the issue on the campaign trail...
...have a lot of tail winds here, remember - the price of oil, and an economy that's on very solid ground. These can help to mitigate some of the issues that we may be having from the impact of the real-estate collapse...