Wealthy baby boomers would ' boost Dubai's economy'

Technically Arab countries will experience a rise in median age as well because of declining birth rates and increasing life expectancies.

However, the over-65 cohort is almost a footnote in the demographics of Arab countries representing only a small fraction of the total population.

By far the overwhelming trend is currently biased to a greater proportion of the prime working-age population between the ages of 15 and 64.

Of course, this means a forward boom in the number of older people in future decades. Of course, Dubai could reasonably be depicted as the land of opportunity for younger generations.

Residency laws technically admit workers only up to age 60 with some exceptions. So Why would Dubai consider a policy of actively attracting older people?

Two ready reasons suggest themselves. First, they would become property owners and their spending would boost the economy. Referring to the boomers, Dr Donelda McKechnie, Associate Professor of Marketing at the University of Wollongong in Dubai, says frankly, boomers "are a wealthy bunch of people."

Over the past few decades, through their working years, boomers have benefited immensely from significant economic growth in the developed countries.

They have also received highly productive training and education.

"They know how to create," says McKechnie who has doubts about whether that strength is being adequately transmitted to the younger generation.

McKechnie also believes that older people are one key to 'self-actualising' younger people.

Without the support and guidance of older people, it's hard to see, she says, how younger people will be able to achieve their goals.

Moreover, the presence of older people, even those who are retired, is likely to result in casual participation in the economy.

Financiers, venture capitalists, professors, journalists, medical doctors, engineers and business people may consult or provide guidance for entrepreneurs through volunteer activity. But even this casual participation in the economy could significantly affect the overall economy's productivity, stability and continuity.

Could it be that Dubai can continue to create something new and enduring by adapting something old?

Could it be that the shift in the economic balance from developed nations like the United States and those in Europe to the new "generation" of global powers would be facilitated by making use of the generation that the developed nations seem intent on wasting?