With oil price below the price of water of same volume, a new reality started as of yesterday. We have been hearing from many nations -who also have expanding native middle classes- promises of an economy that does not depend on oil such as Saudi Arabia, United Arab Emirates and Qatar.
Yet, all of these economies and others such as Iraq, Iran, Russia have their economies highly dependent on oil and gas exports. The image below shows the exports of United Arab Emirates and how much they depend on oil/gas. (Source: Observatory of Economic Complexity)
Surely these economies will take harder hits from the current crisis and the upcoming recession. There will be implications of that in governmental actions. These are two we expect:
So, how will investors react? What do we expect the potential investors living in UAE, Saudi Arabia, Iran, Russia or Iraq to do in these circumstances? There are two strong trends we observe in our day to day business at Viya Citizenship Services:
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