Iraq 'could become the economic giant of Gulf'

Gulf Daily News ^ | April 20, 2003

[MeekOneGOP]

Vol XXVI

NO. 32

Monday

21 April 2003

Iraq 'could become the economic giant of Gulf'

KUWAIT CITY: While Arab stocks rally on the war and local firms bag lucrative contracts, some Gulf analysts fear a rebuilt Iraq will be a powerhouse that could squeeze the region's other economies over the long term.

It may be too early to talk about the dawn of the Iraq Decade but all the pieces will eventually be in place for the sleeping giant of Baghdad to become a dominant economic force in the Middle East in the future.

In addition to the world's second-largest oil reserves after Saudi Arabia, Iraq boasts a highly educated workforce and a relatively high percentage of farmable land, providing a solid base for its agriculture sector.

"For the long term it will be a negative for the other nations in the Gulf," says Ali Al-Nimesh, an economist in Kuwait.

"The main thing is the oil price. Once Iraq is fully producing and exporting, prices will go down. Income from the oil sector could be reduced by 20 to 25 per cent in the other Gulf nations' budgets."

So far, the war that brought about the fall of Saddam Hussein has been a boon for the region's pocketbooks.

The Kuwait stock exchange hit an all-time high before a slight correction last week, while the Saudi bourse has chalked up five straight weeks of gains and saw its capitalisation top $100 billion for the first time ever this month.

Meanwhile Kuwaiti firms are already reaping the benefits of the government's support for the war - the emirate was the main ground base for the invasion - by landing contracts to provide water, food and services across the border. While that makes for a rosy picture now, analysts underline that it will be the Americans and not the Iraqis who decide how the lucrative deals for reconstruction are doled out.

Even if the Gulf states do end up sharing a considerable slice of the Iraqi pie, however, it is the prospect of Iraq's oil taps once again flowing at full throttle that has some business nerves in the region on edge.

[Sonny M]

Alot of liberals, and especially democrats, do not believe that wealth can be created or in anything such as new wealth. It is a liberal concept that all moneies and wealth are mearly transferred back and forth, and that wealth is a limited resource. Obviousley, I do not believe such hogwash, and it amazes me that so many people are so ignorant that they do.

[Yaron]

Enough with the random bible quotes already. If you have a point then state it. Don't leave it to us to infer some "meaning" from your enigmatic words.

[Matchett-PI]

Sorry, rwt60, but I meant to primarily address this post to you because you are the one who embraces one of the various flavors of dispensationalism.

webstersII embraces the heretical doctrine of Neo-Hymenaeanism (More recent manifestations of this doctrine are known as Pantelism/hyper-preterism/full or exhaustive preterism, etc.) Those who are interested, may see an explanation of this heresy HERE

Forgiven_Sinner may wish to read the book, "Beast of Revelation" Dr. Kenneth Gentry. Based on his Th.D dissertation on the dating of Revelation, Gentry discusses the evidence thoroughly but in a popular style, and lets the reader choose for himself. But be forewarned: He has constructed an ironclad case for Nero as the Beast. This volume also summarized the evidence for a pre-A.D. 70 date for the writing of Revelation.

Dr. Kenneth Gentry is a "partial preterist" and the writer of this piece is quite perturbed by the fact that Gentry is very carful to distance himself from the full preterists, whose beliefs, as noted above, are heretical.

[kabar]

I think you are missing something. The world demand for oil remains a fairly fixed, albeit increasing, amount. If the Iraqis increase their oil supply, the price of oil will go down since the world supply will exceed demand. Countries like Saudi Arabia, Kuwait, Oman, etc. will have not only a smaller size of the pie, but also, will experience a lower price per barrel. Hence, lower revenues will result.

The economies of the countries of the region depend heavily on oil revenues. Most don't even have income tax. They also provide all kinds of subsidies to the populace including free medical care, free university educations, monetary assistance to purchase homes, etc. Without these subsidies, there could be domestic political unrest and upheaval. It will be interesting to see whether Iraq will continue to belong to OPEC and agree to limit production.

[Matchett-PI]

"I agree with [webstersII] and believe the destruction of Jerusalem was about 70 AD. People are wrong that try to link Revelation with future events."

If you're interested, SEE THIS

[webstersII]

Good grief! I had hoped for some concise answers to the questions I asked, not a cut and paste of someone else's opinions. The questions may not be comfortable to contemplate, but they are important to resolve for anyone who truly believes in a future 2nd Coming of Christ.

The New Testament disciples and writers all believed that the return would happen in their lifetime, or certainly soon thereafter. That's why they were so interested in those prophecies.

The prophecies of Daniel say to "seal up" the vision, for the time is not yet". The prophecies of Revelation say to "unseal them" because the time is nigh. These time references are critical to understanding the return of Jesus.

[webstersII]

"If you're interested, SEE THIS"

I saw it. And even though your screen name has the following comment: "Marxist DemocRATS, Nader-Greens, and Militant Islam are a clear and present danger to our Freedoms", you are engaging in a tactic of the left. You say that I am embracing a heretical doctrine; that is only one step removed from name-calling. You don't try to discuss or make any arguments, you don't refute or respond to anything, you merely state that I am embracing a heretical doctrine. Your statements are ridiculous because you provide no basis for anything. It's easier to believe what you want to believe; that way you don't get challenged by the Truth.
I hope you are living your beliefs. By that, I mean I hope that you are not embarking on any long-term projects, since you are convinced that the 2nd Coming is imminent. I have seen many people convinced that the Jesus is coming back soon but they are not living those beliefs. There is a TV preacher who tells people that Jesus could return very soon, but he wants you to enroll in his 4-year college. Does this make sense? Of course not. This is intellectual dishonesty. But it is dishonesty of the worst sort, because it is being dishonest to one's self.

[sinkspur]

Most Christians today are taught that the antichrist is alive right now

No they're not.

[RightWhale]

This thread should be a discussion of the potential of Iraq's economy. Iraq has abundant natural resources, is peopled by natural engineers, and could become an economic powerhouse without much trouble. They may start with the agriculture sector, but they could extend to other industries such as heavy manufacturing, power production, water desalinization. They could have a significant space program.

[webstersII]

You are correct. We should carry this discussion on somewhere else.

[Matchett-PI]

"....you are convinced that the 2nd Coming is imminent"

Wrong.