The Middle East

As oil prices continue to fall amid concerns about the global economic crisis, Abu Dhabi is adjusting its expectations as the drop in revenue is expected to impact its economy and potentially its development plans.

Qatar, along with Russia and Iran, has moved towards forming a permanent organisation of leading gas-producing nations, a step that could lead to the establishment of a grouping similar to the Organisation of Petroleum Exporting Countries (OPEC), intended to give gas exporters greater control over the international market.

The outlook is mixed for Turkey's aviation industry, with the country's national flag carrier planning a massive expansion programme while some smaller lines are looking to cut routes and costs as the Turkish economy slows.

Despite the global economic slowdown, Abu Dhabi has made a move to increase its stake in US-based Advanced Micro Devices (AMD), the world's second largest maker of computer processors.

A recent report issued by the International Monetary Fund (IMF) has found no evidence of terrorist groups receiving finance through Qatar and only minimal levels of money laundering, which comes as good news for the country's international standing and for its banking sector.

As demand for homes in Abu Dhabi continues to skyrocket, the emirate is wondering how the current international financial crisis will affect the nascent real estate market.