Markets & Investment Risk · Strategic Memo
A navigation strategy. Most Western analyses of the Gulf consumer economy share a single error: they speak of a ‘Gulf middle class’ as if it were the same category as a Berlin or Toronto middle class. The category does not exist in the Gulf in that form. The consumer economy of the GCC is, structurally and numerically, an expatriate economy — and that fact, properly understood, is the engine of the most attractive middle-income consumer market in the world right now.
A navigation strategy for the Gulf consumer economy. Why do most Western analyses of the GCC middle market share a single structural error? What does it mean that this market is, numerically, an expatriate economy? And which five questions should you ask before any GCC investment trade? The full argument — including the El-Erian barbell — is in the attached PDF below.
MLA format · 9 pages · with full citations and Works Cited · PDF
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