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"I think it's great," he said. "She worked very hard to get there." cheap toms Gaza, Iraq, Syria, Libya, Yemen, Egypt are all part of a region which has been consumed by anarchy, violence and destruction since 2011. But there is another part of the Middle East which is a striking contrast to all that: the Gulf. Many outsiders think it’s only a matter of time before the turmoil that has swept other Arab countries also engulfs the rulers of the Arabian Gulf. They’ve been thinking that for close to a century.The economies of the Gulf oil exporters are expanding. Over the last decade vast wealth has been accumulated, which affords the Gulf countries a level of resilience that few in the emerging markets can match. Gulf currencies which are pegged to the greenback have offered additional stability. The elevated level of oil prices — at above $100 per barrel — is providing oil producing countries with a fiscal cushion. Thus, even as many other emerging markets try to find an equilibrium, Gulf countries will continue to do well and accumulate more reserves while sustaining high spending.Many outsiders have an image of a country frozen in time. The great giant of the emerging markets has finally awakened. Saudi Arabia’s recent announcement of the partial opening its $550bn stock-market to foreign institutional investors by the first half of 2015 is a key emerging market play over the next few years. Strong growth in domestic demand, firm macroeconomic fundamentals and ongoing economic reforms would allow for growth of the middle class. According to the OECD, the total middle class population is forecast to grow from less than 20 million today to 40 million by 2050. With reserves at around 90 percent of the country’s $750 billion GDP and public debt that is less than 3 percent of its economic size, Saudi Arabia is well placed to weather regional political turmoil and a prolonged correction in oil prices.The emirate of Abu Dhabi continues to be a beneficiary of high oil income which has fueled an increase in many infrastructure and industrial projects. Dubai’s drive in construction activity which supports its wider trade, logistics, and tourism strategy underpins the Emirate’s economy. Despite some of the recent excesses in its equity market, Dubai has taken a turn to avoid the asset price inflation of the pre-2008 period. Real estate prices have just returned to 2008 levels and inflation is still hovering in the mid single digits, a far cry of the double digit price pressures of the 2000s.The controversy around Qatar’s 2022 World Cup hosting has cast doubt on the country’s long-term economic prospects. For a country that will continue for many years to witness twin surpluses and the highest per capita income levels in the world, the worries are seem exaggerated. The spending on sport facilities directly linked to the World Cup makes up just a fraction of the country’s overall $200 billion development program suggesting subdued effects. Qatar’s principal asset will continue to be its vast hydrocarbon resources. The recent reclassification with the MSCI index of the UAE and Qatar as emerging markets is a long-term positive.Kuwait which commands the second highest per capita income in the region and the world’s seventeenth continues to tag along despite domestic political discord. Unlike most others in the Gulf, Kuwait’s labor market in the period 2000-2012 has hired fewer nationals in its public sector and exhibited less dependence on expatriate laborers. Only Oman has been able to show similar good news on its labor market make up. This should be good news for its long-term economic potential.Even as Bahrain’s economic growth prospects appear more moderate than the rest, the financial support it has received from fellow states in the region, principally from Saudi Arabia, allows it to stand on its feet. The oil it has might not allow it to meet all its annual financing needs but Saudi Arabia is always there to fill the gaps. Its future is more than ever pegged to its neighbor to the west.Each of the Gulf countries have their shortcomings when it comes to diversification, some more than others, but their prospects are far better than many other emerging markets over the medium term.—John Sfakianakis is a Riyadh-based investment strategist. He has worked as chief investment strategist of MASIC, the Riyadh-based investment and asset management company. Previously, he was chief economic adviser at the Saudi Ministry of Finance. k tory burch outlet online
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j International affairs are serious business, even if they are often conducted on the cocktail circuit, at black-tie functions and behind the scenes of ceremonial galas.At root, international affairs define the practical obligations that countries agree they owe the other. In light of the pattern of events that have occurred in the Cayman Islands since its introduction to the international financial scene up to today, we believe it is instructive to undertake a clear-eyed assessment of the true nature of our country’s relationship with the United Kingdom.No one, we would argue, is more loyal than Cayman to the Queen, but the U.K. as an entity has many distinct facets, including Parliament and popular opinion, two worlds where Cayman is not held in particularly high esteem.The usual prism through which Cayman interacts with the U.K. is the Foreign Commonwealth Office, which, it must be emphasized, is just one department within the U.K. government. Its function is not to promote Cayman’s interests to the U.K., but primarily to protect British interests abroad.Although some of the U.K.’s representatives in Cayman have made efforts to advocate for Cayman in the U.K. as well — most notably former Governors Peter Smith and John Owen — for the most part any “loyalty” between Cayman and the U.K. has flowed in a one-way direction, from us to them.The latest British-honed dagger to find its way into Cayman’s back is the U.K. Financial Conduct Authority’s “high risk country list” that placed Cayman in the company of despots, terror financiers and narcotics dens, such as Iran, Saudi Arabia and Afghanistan — despite near-universal third-party acknowledgement of the robustness of Cayman’s financial laws and regulations.Where was the FCO to defend us, or even notify us, that we were alone among British territories on the high-risk list? They were about as much help to Cayman as they were in the aftermath of Hurricane Ivan in 2004.Of course, when the U.K. does try a hands-on approach with Cayman, the results are generally negative.In December 2012, police (led by a commissioner appointed by the governor, the face of the FCO in Cayman) arrested the leader of Cayman’s government, following a wide-ranging two-year investigation.Completely independent of the guilt or innocence of Premier McKeeva Bush, about which we cannot comment, here are the facts:The arrest, and its timing, caused harm to our international reputation, led to the fall of our democratically elected leader, brought about a briefly tenured but nonetheless impactful interim government, and preordained the ascension of the current Progressives administration.This dark cloud has followed Mr. Bush through his re-election and resumption of the post of Leader of the Opposition. A year-and-a-half later, he still awaits trial on six charges related to “dishonest” use of his government-issued credit card.It gets worse. Seven years, and millions of Cayman dollars, after the start of Operation Tempura (orchestrated, executed and mishandled by the U.K.), we still don’t know exactly what happened, why it happened or who did what.It is well-known in international affairs that foreign outposts of governments are, as part and parcel of their missions, information-gathering institutions. It is no secret in diplomatic circles that U.S. embassies and consulates worldwide work hand-in-glove with intelligence-gathering agencies. The U.K., and almost all countries’ foreign services, operate similarly.Why would anyone presume Cayman is exempted from U.K. information gathering? It is an area that has never been thoroughly explored relative to Tempura.Recall the Euro Bank collapse in 1999 and the ensuing scandal that concluded with the disintegration of the trial in 2003 with revelations that Cayman’s top financial crimes police officer was pulling double duty for MI6. In other words, we were being watched.The relationship between the U.K. and Cayman might be symbiotic at certain levels, but no one should believe that the high regard in which most Caymanians hold the U.K. is anything close to mutual.The U.K. understands what poet Emily Dickinson understood: In any relationship, “it is better to be the hammer than the anvil.” tory burch outlet An important member of the Lingnan School of art, one of the most influential schools of painting in China, Si Tuqiao was also known for his friendship with the influential Chinese writer Lu Xun. (Source: China Daily)
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