High oil prices are good...

..for some.

While in some parts of the globe, people might be freaking about sub-prime mortgage defaults and freefalling currency: Elsewhere life is good. How many cranes can you count on this picture alone?

http://www.burjdubaiskyscraper.com/2007/07July/wtb-burj-0803.jpg


Today, Burj Dubai became the world's tallest skyscraper!
http://www.burjdubaiskyscraper.com/index.html

 

Dubai's economy is actually based on foreign-direct investment. Oil is only about 15% of GDP.

 

It's amazing what no taxes whatsoever and super cheap labor can do, eh?

 

Less than 3% according to wikipedia. Damn, who knew.

 

The question is is the 'foreign-direct investment' coming from oil producing nations?