Gulf states invest oil bonanza at home

Gulf governments have more than tripled their investment in domestic infrastructure projects, buoyed by $70 a barrel oil prices and driven by a desire to diversify their economies away from hydrocarbons.

The staggering scale of the investments points to growing confidence among Arab oil producers that crude prices will remain strong for years.

While vast sums of petrodollars are being recycled overseas, economists say the emerging trend in the present oil boom is the greater focus on investing at home, where unemployment pressures have built up, particularly in Saudi Arabia.
Financial Times