It’s always hard to cope with a shock, good or bad. But the Gulf states are getting better at dealing with them. HSBC estimates that the cumulative excess liquidity generated in the region since oil prices began to soar in 2002 totals at least $300bn.

Like other recipients of unanticipated wealth, the Gulf states have historically frittered it away. This time things look different. Current account surpluses have ballooned – the United Arab Emirates’ rose from 10 to 20 per cent of gross domestic product last year. But, in contrast to the 1970s and early 1980s, much more is being spent domestically – notably on infrastructure, construction and diversification away from energy. In the UAE, real non-hydrocarbon growth has averaged 9.4 per cent over the past three years, boosted by deregulation as well as rising government expenditure.