Oil, gas and cryptocurrencies: review of The Economist magazine new cover

In two months, the Gulf states will open doors to thousands of football fans who will arrive in Qatar, Dubai and Abu Dhabi for the World Cup to see the largest cities of one of the most developed regions of the world firsthand.

The Economist magazine with a cover dedicated to the energy boom currently taking place in the Persian Gulf, not only pays tribute to the economy based on fossil fuel, but also explains how the reorganization of global energy flows, which began in response to Western sanctions against Russia and the transition to a multipolar world will affect the creation of a new type of economy in the Gulf countries.

Qatar, Saudi Arabia and, of course, the United Arab Emirates (UAE) are preparing to enter a new era. Born literally out of sand, but having huge reserves of fuel that is so necessary for the whole world, these countries have been actively increasing investments in the oil industry in recent years with a long-term prospect of becoming economies with the lowest production costs.

The golden sand on which two figures on camels are moving towards the recognizable outlines of Dubai is exactly what the Persian Gulf countries are moving towards, gradually increasing the share of oil and gas imports over the past 20 years. The economic weight of the Gulf countries in the Middle East is at its highest level since 1981 and accounts for 60% of regional GDP with the prospect of even more active growth.

If you look closely, you will notice that there are a large number of construction cranes in the silhouettes of buildings on the horizon. And this is not only a demonstration that the region continues to build, but also an obvious reference to the numerous investment programs that the rulers of Qatar, Saudi Arabia and the UAE are implementing outside their countries. In a little less than ten years, the number of investments in the economies of the nearest neighbors, as well as India and some Asian countries, increased by more than 20% and, according to experts, amounted to more than $3 trillion.

A special place in the investment policy of the Persian Gulf countries, and especially the UAE, is occupied by high technologies and attracting the most promising campaigns and developers of high-tech products to the country. Dubai and Abu Dhabi have a special program to encourage companies related to cryptocurrencies and blockchain. Abu Dhabi positions itself as the first jurisdiction in the world to implement a comprehensive regulatory framework for blockchain and cryptocurrency projects.

IslamicCoin is the first cryptocurrency blockchain project based on the laws of Islam and Shariah has already received recognition in the UAE and continues to actively develop its presence in the region. The mission of the project is to provide the Muslim community of the world with a financial instrument for a new digital era in which unhindered financial transactions are implemented, innovation and philanthropy are supported. The members of the Executive Board are the leaders of the Islamic financial market and advisors from various countries with extensive experience in building reliable financial systems.

An important role in the success of IslamicCoin is played by investment initiatives supported by financiers of the UAE and Saudi Arabia, who show great interest in the project.

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