"All of a sudden you create a whole new channel for wealth creation, " she says.

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The six Gulf Cooperation Council (GCC) countries-- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE)--channel their oil wealth into homeland economies and mammoth infrastructure projects.

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Last year, CNBC poached Robert Frank, the author of Richistan and The High-Beta Rich and pioneer of the wealth beat at The Wall Street Journal, to set up the Inside Wealth blog at the cable channel.

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As in most oil states, Iraq's idea is to channel the crude oil wealth into the creation of refineries, steel mills, agriculture, cement factories, as well as sundry infrastructural programs--schools, hospitals, roads and the like.

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