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T&T should take a page out of Dubai’s experience as it moves way from oil and gas in its attempt to diversify the Middle Eastern economy, said Ricardo Hausmann, director of the Centre for International Development at Harvard University. “Dubai is a very interesting story. They thought that Dubai was running out of oil and, like all oil producers, they always fear the day that oil is going to run out. They thought that because they had a lot of oil wealth, they would consume more and increase their standard of living. They built airports, malls, banking systems, golf courses. “These are also the same things that tourists need.
So they did not add value to the mineral resources that they already had. Instead, they used the capabilities they had accumulated to service the domestic market and repackaged them to service the foreign markets in tourism and financial services and so on. So that was their move out of oil,” said the Venezuela-born Hausmann. He was speaking on Monday night during a presentation entitled, Achieving Sustainable Prosperity in T&T, at the Learning Resource Centre at University of the West Indies (UWI), St Augustine.
