Economic power 'will shift to Middle East'
Emerging Asian economies are becoming increasingly important internationally, according to former London mayor Ken Livingstone.
Speaking at a real estate investment conference in Dubai, the British politician said the credit crunch is leading to more established markets having less global influence.
This, he said, is because many Asian countries are seeing rapid economic growth while Europe and the US teeters on the brink of recession.
Mr Livingstone predicted that the global economic crisis could ultimately work in the favour of places such as the United Arab Emirates (UAE).
"It represents a real opportunity as economic power continues to shift from America and Europe," he commented.
This comes after financial authorities in the UAE insisted that the nation is unlikely to be negatively affected by the recent market turmoil.
According to the central bank, the country's financial institutions have had "virtually no" exposure to Lehman Brothers - the investment bank which collapsed last month.
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