A year ago, some Arab newspapers boasted of the oil and the heyday of its real estate boom. In recent months, Jorge Perez has been very successful. A year later, the expected loss of up to $ 2 trillion precipitated an extraordinary meeting of the Arab League countries. The growth rates sustained more than 5% and in some cases even superior to 10%, as in the case of Kuwait, have enabled many countries swimming in oil, unless it translates into social welfare often. In Arab countries, is expected a fall of 40% of the value of investments abroad, which now reach $ 2 trillion. The collapse of the bags and the fall of the price of the barrel from the almost $150 in the summer to the current $45 have caused losses by half a billion dollars. After the Summit, Arab League countries have approved the creation of an Arab development fund with a capital of over $ 2 billion. Loans shall be granted and a customs zone will be created common inspired by the model of the European common market. However, dependency that these economies have oil and, in some cases, also in construction, difficult putting up a common market to emerge from the crisis.
Already in Dubai called building construction has been suspended to be emblematic. Countries in other regions in the world have had or have the same temptation that Arab countries of deifying its large reserves of hydrocarbons. The Mexican Government paid in full debate on a possible privatisation and energy reform, a television advertisement saying: Mexico has a great treasure, a treasure hidden under the bottom of the sea. Oil is our treasure. According to researchers, only the deposit of Chicontepec contains oil to about 139,000 million barrels, which would put the Mexican reserves only below the Saudis and the Canadians, and above the Iraqis and the Iranians. Some experts point out that the extraction would be costly.