Couldn't agree more. What this region needs more than anything else is a sound infrastructure to support its growth, rather than yet another glitzy skyscraper or 7-star hotel. Dubai, for instance, has a chronic waste disposal issue – I read recently that drivers of waste removal trucks were just dumping their loads straight into the city's storm drains rather than waiting the seven or so hours it would take to queue for access to the waste disposal plants. The ecological consequences alone make the mind boggle, never mind the economic impact of having tourists (Dubai's new economic engine, don't forget) swimming in effluence off the hundreds of miles of newly created coastline. Maybe the credit crisis is an opportunity to focus on real areas of need?

Couldn't agree more about the need for basic infrastructure, I'm just unsure as to whether there's the appetite to build it. The Gulf's development up to now has been fueled by glamour construction, as developers tried to outdo each other with their next magnificent erection.

If the market for megahotels and leisure parks grinds to a halt, are these same developers going to falling over themselves to build mundane things like roads and sewage treatment plants?

Joachim, there is definitely the appetite for these companies to get involved with infrastructure projects, if only to keep them ticking along until the economy gets back on its feet.

And who says that these infrastructure projects have to be boring - surely it's time for the Middle East to do what they do best and start glamorising infrastructure, companies will be jumping over each other to win these contracts - expect to see some 7-star waste disposal plants coming soon.