Oasis Economies
by Joe Saddi, Karim Sabbagh, and Richard Shediac. April 10,2008

Surrounded by tension and unnoticed by many observers, the nations of the Middle East are building their own kind of sustainable prosperity.

Five years ago, Dubai’s Palm Island didn’t exist. Where there are now three human-made land masses — the largest the size of a major city — arranged in the shape of a tree, five years ago there was merely the sparkling blue water of the Arabian Gulf. Then the government of Dubai decided to accelerate the diversification of its economy, from a purely oil- and trade-based system to a business and recreation hub designed to lure investors and tourists. ...

Joe Saddi, a senior vice president with Booz Allen Hamilton based in Beirut, leads the firm’s business in the Middle East, and is a member of the firm’s board of directors. His work covers multifunctional assignments in the sectors of water, oil, gas, mining, steel, automotive, consumer goods, and petrochemicals; it includes policy formulation, corporate and business strategies, organization, and governance.

Karim Sabbagh is a vice president with Booz Allen based in Dubai and Riyadh. His work focuses on economic and corporate development, with an emphasis on information and communication technology, and includes policy formulation, business strategies, mergers and acquisitions, governance, and implementation.

Richard Shediac is a vice president with Booz Allen based in Abu Dhabi. His work focuses on the public sector and the health industry, and includes policy formulation, corporate and business strategies, organization and governance, and implementation.

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Resources:

Reza Aslan, No god but God: The Origins, Evolution, and Future of Islam (Random House, 2005): The story unfolds from Mohammad to today’s reform movement, including implications for the next phase of Middle East culture.

Barney Gimble, “The Richest City in the World,” CNNMoney.com, March 12, 2007, Anatomy of Abu Dhabi’s growth trajectory.

Zamir Iqbal and Abbas Mirakhor, An Introduction to Islamic Finance: Theory and Practice (Wiley, 2006): Overview of new banking and financial market innovations emerging from the Middle East. John Irish, “The Quiet Reformer: King Abdullah’s Reform Agenda Has Been Slowly Progressing behind the Scenes,” Middle East Economic Digest (MEED), December 8, 2006, Profile of Saudi Arabia’s monarch and his “ambiguous yet determined” approach.

Charles Issawi, An Economic History of the Middle East and North Africa (1984; Routledge, 2005): A 200-year view of the evolution of the region’s economy, from pre-industrial trade and knowledge hub to oil provider and beyond.

Hatem Samman et al., “How to Succeed at Education Reform: The Case for Saudi Arabia and the Broader GCC,” Booz Allen Hamilton Ideation Center, Working Paper, 2008, www.ideation-center.com: Experiencebased guide to this critical type of social improvement.

Seth Sherwood, “Is Qatar the Next Dubai?” New York Times, June 4, 2006, Western traveler’s view of the remarkable economic expansion in Qatar and other Gulf states.

World Economic Forum on the Middle East, “Putting Diversity to Work,” May 18–20, 2007, World Economic Forum Report, Overview of the region’s economic prospects, based on its diverse culture, from a seminal conference held in Jordan.

World Economic Forum on the Middle East, “The Promise of a New Generation,” May 20–22, 2006, World Economic Forum Report, The education, innovation, regulatory, and foreign relations needs for the future, according to regional leaders.

The World Bank: Middle East and North Africa Region, “2007 Economic Developments and Prospects: Job Creation in an Era of High Growth,” Focuses on the link between sustainable prosperity and long-term job growth in the region.

Saudi Arabian General Investment Authority Web site, www.sagia.gov.sa/en/: Describes the “economic cities” strategy and other pro-business initiatives and prospects.

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