Quote:
Originally Posted by JavaBlack";p="
OK, class.. Let's learn about Dubai.
http://en.wikipedia.org/wiki/Dubai
Quote:
|
Revenues from petroleum and natural gas contribute to less than 3% of Dubai's US$ 46 billion economy (2006). [6] A majority of the emirate's revenues are from the Jebel Ali free zone (JAFZ)[7] and, increasingly, from tourism and other service businesses. Dubai has attracted world-wide attention through innovative real estate projects and sports events. However, this increased attention, coinciding with its emergence as a world business hub,
|
so there goes the oil argument (no shocker... most oil rich nations suffer more than they do well)...
but...
Quote:
|
has also highlighted potential human rights issues concerning its largely foreign workforce.
|
Human rights issues? Doesn't sound very libertarian to me (never mind that as an emirate its own autonomy is highly limited)... Must look into this...
Quote:
|
Living conditions of the over 250,000 expatriate labourers in Dubai who live in conditions described by Human Rights Watch as being "less than human" [45] have often been criticized. [46] NPR reports that workers "typically live eight to a room, sending home a portion of their salary to their families, whom they don't see for years at a time." The BBC has reported that "local newspapers often carry stories of construction workers allegedly not being paid for months on end. They are not allowed to move jobs and if they leave the country to go home they will almost certainly lose the money they say they are owed. In December 2005, the Indian consulate in Dubai submitted a report to the Government of India detailing labour problems faced by Indian expatriates in the emirate. The report highlighted delayed payment of wages, substitution of employment contracts, premature termination of services and excessive working hours as being some of the challenges faced by Indian workers in the city. On 21 March 2006, workers at the construction site of Burj Dubai, upset over bus timings rioted, damaging cars, offices, computers, and construction tools
|
Sounds like what one would expect from "laissez faire"... though hardly a Utopia. It seems the trickle-down effect has not taken place there yet. |
add up the oil money
250k barrells per day @ $60 per barrel adds up to $5.5bn in oil revenues alone. $5.5bn is 12% of $46bn . add in the gas revenues and that percentage is even higher.
even in the wikipedia article it says:
"The government's decision to diversify from a trade-based but
oil-reliant economy to one that is service and tourism-oriented has made real estate more valuable, resulting in the property appreciation from 2004–2006".
The oil argument is not "blown out of the water". Everytime you fill up your petrol tank, you're making it easier for Dubai to buy up your ports and your assets.
