The Middle East has always been an important region for the tanker industry. Underpinned by strong oil prices, a recovering world economy and prospects of Iraqi reconstruction, the region is currently enjoying economic growth and increased activity. As the centre for OPEC oil production, numerous refineries and swelling chemical trades, the regional influence on world tanker markets is undisputed. Dubai is a regional hub and is fast becoming a global shipping and business centre. In September 2003 Dubai hosted the annual meetings of IMF and the World Bank, and the government has revealed ambitious plans to attract shipping companies to its fast growing Dubai Maritime City.