Gulf states are trying to diversify away from oil and gas. They also feel like they're in a good moment to do that right now because the war in Ukraine has driven up energy prices. The UAE will start collecting corporate tax this summer, income tax,. subsidies for fuel and utilities have been reduced. So governments trying to raise new revenue and decrease spending.
The petrostates of the Gulf are modernising their economies, growing more tolerant and liberalising their social contracts as they prepare for a world run on fewer hydrocarbons—but who will be left behind? A Chinese maker of electric vehicles prepares to steal a march on Tesla. And a look at Britain’s newest islands reveals they are made of wet wipes.
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