Abu-Ghazaleh Lectures about Global Financial Crisis at Oman Chamber of Commerce and Industry

The price of one barrel of oil will reach $100 and will remain unchanged in anticipation of new political changes ? Mr. Abu-Ghazaleh

MUSCAT --- July 8, 2010 --- Under the patronage of Vice-President of Oman Chamber of Commerce and Industry Mr. Jamil Bin Ali Sultan, Chairman and CEO of Talal Abu-Ghazaleh Organization (TAG-Org) Mr. Talal Abu-Ghazaleh delivered a lecture entitled the ?Global Financial Crisis and its New Economic Implications? at the Chamber?s headquarters in Muscat.

During the lecture which was attended by regional financial and economic experts, Mr. Abu-Ghazaleh addressed several economic topics related to the crisis.

?The financial crisis which started in 2008 will continue to affect the United States for a longer time, this is attributed to the need to change the economic infrastructure and to fundamentally deal with and address economic questions and hardships such as corruption, arrogance, greed and high-level decisions taken by the US economic institutions,? Mr. Abu-Ghazaleh said.

According to Abu-Ghazaleh, China has currently become the second largest economy internationally and is soon expected to advance to the first rank stating Russia as another example for a country?s economic prosperity during time of crisis.

He continued to say that Africa will be the future of the world?s economy although poverty and starvation prevail in this continent; however, it is presently working on improving its economic restructure utilizing its rich resources.

Concerning oil and its price fluctuations, Mr. Abu-Ghazaleh expected that the price of one barrel of oil will reach up to $100 and will remain invariable in anticipation of new political changes mainly with the tendency of launching a war against Iran, by then, Mr. Abu- Ghazaleh said that the price of one barrel of oil is expected to skyrocket to reach thousands of US dollars per barrel.

From another side, Mr. Abu-Ghazaleh tackled the impact of the financial crisis on Dubai stressing that Dubai is an international economic center which is comparable to Hong Kong and logically it will be influenced by the crisis due to its direct interaction with the global economy. Yet, he reiterated that the economic infrastructure in Dubai has not been affected by the crisis and its markets are still witnessing tangible commercial prosperity.

Mr. Abu-Ghazaleh warned of future more dangerous effects created by the crisis which erupted in 2008 refuting all claims about the economic recovery of the European markets which entail exaggeration and mistakes. On the contrary, ?the world is approaching another severer wave as a result of the economic crisis unless the developed countries take an action to rectify their economic systems.?

At the end of the lecture, Mr. Abu-Ghazaleh extended his gratitude to the Omani Chamber of Commerce and Industry and organizers for hosting this event.


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