Word: regionalization
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...option in Afghanistan, though voices in Washington and other capitals have begun to mutter about it. With 30,000 more American troops headed to fight insurgents on the ground, the U.S., rightly or wrongly, is going to be there for a while yet. As in so much of the region, they remain stuck, mired in the history of clumsy foreign interventions...
...attack North Korea - knows that in its heart and soul. It knows no such thing about Iran. Prior to Barack Obama's summit meeting with Hu Jintao last year, two U.S. diplomats quietly slipped into Beijing and, in secret, reinforced the obvious: There's this other country in the region called Israel and, well, we're just not sure what they might do. (See what Ahmadinejad's win means for other world leaders...
...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 and Crédit Agricole in Paris...
Other countries in the gulf are spinning the same line: cherry-picking the best of Dubai while avoiding the worst. Saudi Arabia, the region's behemoth, has ambitious plans for new development, and Riyadh, its capital and biggest city, is bound to host the central bank for a proposed future gulf single currency. But for all its shopping malls and skyscrapers, Riyadh will never be the region's financial center so long as there is no place for investment bankers to celebrate their deals by popping champagne corks. Most global professionals don't want to live in a country where...
...truth is, the unelected leaders of the Middle East have been happy to learn from Dubai's successes and failures without having to take such risks themselves. In part, that's because Dubai is not more but less politically free than other places in the region. Sheik Mohammed al-Maktoum, the Emir of Dubai, is able to take daring risks not just because he is a hereditary ruler, but because he is unaccountable to the vast majority of Dubai residents, 95% of whom are foreign and who live in Dubai subject to his favor. Other places in the gulf have...