Word: oils
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Dates: during 2010-2019
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...development company had declared it was unable to pay its debts. Officially, Dubai owes its creditors $80 billion, though a recent report by regional investment bank EFG-Hermes estimates that the city may be in the hole for as much as $170 billion. After Sheik Khalifa al-Nahyan, the oil-rich ruler of neighboring Abu Dhabi, stepped in with $10 billion to stave off an embarrassing default, the skyscraper's owners changed the building's name to Burj Khalifa. For a city used to grand statements, it was a remarkable comedown. (See pictures of the world's tallest building...
...known. What's known is that Beijing appeared to be unmoved by what it was told. Yang's speech earlier this month and several public statements by other Chinese officials similar to it still show little appetite in Beijing for U.N.-induced sanctions that might affect Iran's oil and gas industry...
...went public in isolating Beijing earlier this month, it was clear the diplomatic game had changed, and not in China's favor. Beijing had always had a partner in pushing back against the West's desire for tough sanctions against Iran: Moscow. The Russians don't need Tehran's oil and gas, but they have significant economic interests in Iran, and Vladimir Putin, much more than Hu Jintao & Co., had very much been in the business of sticking a thumb in the eye of the U.S. whenever he could (the default position of pretty much any ex-KGB officer worth...
...panic, finger-pointing and schadenfreude that has ensued, though, it's easy to forget that the gulf is more than just Dubai. Neighborhood rivals - some of them much wealthier than Dubai thanks to much bigger oil and gas deposits - have emerged from the financial crisis in better shape than their badly bruised neighbor. The gulf region is poised not only to recover from the global slump this year, but could become the second most important center of world economic growth after the economies of east and south Asia, according to John Sfakianakis, chief economist for Banque Saudi Fransi in Riyadh...
Progress will be slow. A recent government reshuffle has moved power away from technocratic experts and outside consultants, and back into the hands of the royal family, especially the crown prince, Sheik Hamdan. But without oil money of its own, Dubai has little choice but to listen to its foreign creditors and stakeholders. And wealthy as they are, the leaders of the gulf countries also know their societies have to eventually change too, says economist Sfakianakis. Oil generates wealth, but the oil industry doesn't generate many jobs. Even in rich Saudi Arabia, unemployment is officially 11.6% - and that...