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As a result, investment in projects will continue in the short-to-medium term. The region is just half-way through its 10-year growth cycle, so the growth mode will continue for at least another half a decade.

Oil demand is projected to reach more than 92 million barrels per day (bpd) in 2009 from the current level of 84 million, which will continue to drive the oil price high despite sizeable investment by governments in lifting capacity.

It's a trailblazing project. First, because of its scale, aimed at professional middle classes in Saudi Arabia. Second, because they're allowing a non-Saudi company to take pole position.

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