The last global recession the world had was in 2001. Nymex crude oil prices, which had gone above $35 a barrel in September and October 2000, fell briefly below $20 a barrel in late 2001 before recovering in April 2002 to above $26 a barrel.

The oil price required for a marginal cost player to return its cost of capital is $65-75 per barrel.

Economic necessity is often cited as important in the price level. The lowest breakeven oil price that would bring the 2008- 2009 budget into balance in Saudi Arabia is $30 per barrel. The level in the UAE is $40 and in Qatar it is $55. The average breakeven for GCC is $50 per barrel.

The closest thing to an ETF market in the Middle East at this point is Turkey, where there are five ETFs from two asset managers

Abu Dhabi, the major Middle East financial center, says it's preparing to create a platform to launch exchange-traded funds.

In detailing plans on Thursday, Rashed Al Baloushi, the deputy chief executive of the Abu Dhabi Exchange (ADX), credits increasing ETF demand by retail and institutional investors in the Middle East for the exchange's decision to build an ETF-specific platform.

Across the Middle East, ETFs and other traded securities are proving more popular and catching the attention of exchanges. The Dubai International Financial Exchange (DIFX), as well as exchanges in Oman and Saudi Arabia, have also shown interest in adding ETFs.

The latest ETF plans are also part of ambitious efforts by many Middle East markets to diversify away from oil wealth and become true, global financial centers.

Earlier this year, the Abu Dhabi Securities Market

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We've discussed this many times in the past [Jan 21: A Tour Through the Middle East] and as I wrote in January While we wring our collective hands about how the infrastructure companies are going to lose all their business as crude drops from $100 to $75, and projects will be cancelled due to their rich customers actually giving a rat's behind if crude is $100 or $75 let's take a look at reality. I noticed a story in the NY Times this weekend on Saudi Arabia - so I'd like to overlay that with just a snapshot of what is going on in some of the other countries in this part of the world - the Kuwaits, the Oman's, the Abu Dhabi's, the Qatar's.... ... because perhaps I think most of us still are very inward looking as Americans and do not realize ...

BioShaft Water Technology Inc. (OTCBB: BSHF), developer of innovative wastewater treatment technologies, today announced it has secured an agreement with Al Tawfeeq, a wholly-owned subsidiary of Qatar-based Al Hashemi Group. Per the agreement, Al Tawfeeq will provide BioShaft with a local contact, which will familiarize the company with the opportunities for wastewater treatment plants in Qatar. Al Tawfeeq will assist BioShaft with the submission of tenders, strategies on participation, and assistance with staffing in Qatar’s market. Al Tawfeeq’s networking will help the company secure its business operations in Qatar state. “This agreement with Al Tawfeeq gives us a local presence in Qatar with a well established company. They will assist us with potential bid opportunities and work with BioShaft to establish a presence in the region so that we can build our business in Qatar,” Dr. Hans Badreddine, CEO of BioShaft stated in the press release. In addition, Al Tawfeeq will assist in ...