ALMOST overnight, the oil‐exporting nations, particularly the Arab states of the Middle East and Moslem but non‐Arab Iran, have become major economic forces with the money and power to shape the history of these last three decades of the century. Following the fourfold increase in oil prices that followed the 1973 Middle East war, the Arab nations have been piling up wealth at a rate estimated at £30,000 per second, equal to around £2,600 million a day. And most of this astronomical wealth is being used for grand and grandiose schemes for internal development, transforming the dusty Arab capitals into veritable Eldorados and making the whole region a Mecca for exporters. Like the resources of Araby itself, the opportunities in the Middle East for British industry are infinite. This special Industrial Management survey highlights them.
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