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Despite the recent rises in oil prices since the start of 2002, the oil-producing nations of the Arabian Gulf appreciate that they must increase their efforts to diversify their economies, with Dubai often taken as an example.
Following the IMF’s most recent loans to Turkey, the World Bank has approved a $1.35m loan to strengthen the country’s economy.
Official reactions in Turkey to Israeli action in the West Bank underline the contradictory nature of Ankara’s position in Middle East affairs.
The International Monetary Fund approved a further $1.1bn loan tranche for Turkey on April 15th amidst reports cautioning that economic indicators were not showing signs of recovery.
In a landmark agreement between the two traditionally hostile neighbours Turkey and Greece have signed an agreement to construct a $300m natural gas pipeline from the north western Turkish city of Bursa to Komotini in north eastern Greece.
The UAE has said that it will not back any US military intervention in Iraq and has called on Washington to focus on curbing Palestinian-Israeli violence.

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