Can Gulf oil producers turn boom into new riches?

Countries face last chance to leverage fuel reserves amid decarbonization

Residents of Riyadh dressed as anime and movie characters walk along a street, as they take part in a two-day costume event in the Saudi capital in March 2022. © Reuters

HIDEMITSU KIBE, Nikkei senior staff writer

September 28, 2022 20:23 JST

TOKYO -- The surge in oil prices is generating massive windfalls for Saudi Arabia and other Persian Gulf producers -- an additional $1.4 trillion in five years, according to one estimate -- as the region opens up new channels to take advantage of that excess wealth.

Commercial hubs in the Middle East had once faced concerns about a property glut, but the market has made a sharp recovery as oil money floods into these cities.