Don't forget the airport. They are trying to position it as a hub to Africa and Asia, so many airlines could bypass Europe.

It seems to me to be a bit like Switzerland in the Middle East; business friendly (taxes), banking center and a hub for travel. The ME needs a place like this to act as a buffer to many of the less moderate states.

So not sure that I would characterize it as a Ponzi scheme. Overheated...probably. Ready for a crash...possibly. Many worse places to invest, though.

fduvall