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OVER RECENT decades the oil-rich economies of the Gulf have shown a taste for flashy government projects with dubious payoffs. In the early 2000s Dubai spent an estimated $12bn building an artificial archipelago shaped like a palm. Last year Qatar splurged around $220bn hosting the football World Cup. Saudi Arabia, the region’s gorilla, is building a pair of 120km-long skyscrapers in the desert—for roughly $1trn.
Amid the vanity projects, some serious efforts at economic diversification are also being pursued. One such
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