Just back from a course in Cairo with oil and gas companies. They were most interested in this "credit crunch" affecting the West. They have heard about it, but it in no way impacts their lives. I am tempted to say yet, but for the moment at least it is passing by the Middle East.
What is effecting them is the sudden exodus of Indian workers, who are apparently packing up from the ME and heading home to India. The booming Indian economy is driving up wages, and the poor exchange rate is making it attractive for many Indian ex-pats to return home - either to work or set up their own businesses. This is creating a vaccuum of skilled personnel in the ME, which is being filled by contracting with Indian firms. So, the same people doing the same jobs on higher wages, with the profits going to India. Interesting.
What will also be interesting is if the gap is filled with Chinese workers - that would change the look of the Middle East.
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