Since the slump in the oil price during the latter part of last year, the headlines have been unrelenting. “Age of Plenty Seen Over for Gulf Arabs as Oil Tumbles” ran one. “Falling Oil Price Dims Arabian Nights” ran another. The inference is simple: a lower oil price means less revenues for government coffers, leading to lower spending and a slowdown in economic growth as a result. However, judging by the recent budget announcements by some Gulf states, 2015 looks very much like business as usual.
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