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World Cup: Why the Gulf is partying while it can
The joy of hosting the tournament in an oil and property boom will not last unless productivity improves.
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Dancers perform during the opening ceremony of the Qatar 2022 World Cup on Nov 20, 2022.
PHOTO: AFP
Ruchir Sharma
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If you want to escape the global gloom, just take a flight from its epicentre, London, to any leading capital of the Gulf, the only region in the world where economic growth forecasts are rising.
As host of the Fifa World Cup, Doha has been bubbling over with anticipation, as have its neighbours, who are welcoming the overflow from Qatari hotels. Dubai is enjoying yet another real estate boom. Regional rivals like Riyadh are racing to be the next Dubai, funnelling oil profits into property mega projects.
