The Middle East is seeing an economic boom. Roaring oil prices are set to bring in huge amounts of money and as a result the entire region is bursting with activity. Theme parks, airports, sprawling malls, exclusive townships are sprouting all over the place.

Last week, oil prices crossed a record high of $ 60 per barrel. From less than $ 10 per barrel not so long ago to nearly $ 60 per barrel, oil continues to be the bread-earner for the Middle East. However, this year is turning out to be particularly good for the region.

In ’04-05 the governments of Saudi Arabia, Kuwait, Qatar, Oman, Bahrain and the UAE pocketed over $ 182bn by way of oil sales. This year, according to initial estimates, it could be in the range of $ 540bn to $ 550bn. This has helped the governments pump in more funds for development.

The best place to figure out where the oil money’s heading is Dubai, a small and “Westernised” island in the Middle East. The city now has plans for virtually everything modern-day living requires. The new airport – which Dubai promises to be biggest in the world – is being built, innumerable skyscrapers – amongst which would be the tallest building in the world – are dotting the Dubai skyline along with an amusement park double the size of Disneyworld.

Dubai, already the biggest holiday destination in the region, receives over 50 lakh visitors a year and is investing $ 30bn in various development project to aimed at doubling the number of visitors in the next few years.

According to officials, currently $ 100bn-plus worth of real estate is being developed in Dubai alone. Add to it the $ 4bn that are being spent on airport expansion. Besides these, plans are afoot to create Dubai Festival City, Dubai Healthcare City, and Burj Dubai, the world’s tallest building that is expected to be ready by ’08.

And then there is Dubailand, a $ 5bn theme park twice as big as the famous Disneyworld in the US. It will have six different theme parks and 200 individual projects.

“Dubai is a modern face of the region. Though the whole region is attracting large investments, it is more visible here in Dubai,” an official said. Following Dubai’s footsteps, neighbouring Qatar too is hoping to double the number of visitors. Last year it received around seven lakh visitors. The country recently launched its $ 15 bn master plan that promises to build 40 new hotels in the next three years along with other infrastructure for attracting tourists. Kuwait expects its

revenue to double this year from the last financial year. It has currency reserves and overseas assets of over $ 100 bn. Oman too has recently launched a tourist project in the Arabian Sea entailing an investment of $ 15 bn, sources said.

Girish KUBER</B>