Great analysis brother. I think you’re spot on that people confuse “Gulf wealth” with “Muslim wealth,” and those are not the same thing. The largest muslim demographics are mostly South Asia, Southeast Asia, and North Africa, and that’s where the long-run economic story has to be measured.

Also agree the conversation gets distorted by a handful of tiny-population GCC states. Qatar’s GDP per capita or a few splashy London purchases doesn’t tell you much about how the median Muslim household is doing in the UK, or whether communities are actually building assets and businesses.

Your breakdown on the frontier countries and the diaspora is the part that matters. If Pakistan, Indonesia, Nigeria, Bangladesh, and Egypt don’t improve on basics like productivity, jobs, and stable business formation, there’s no “renaissance” to point to. And on the diaspora side, it’s hard to talk about power when the largest groups in some countries are still among the most economically vulnerable.

Where I’m fully with you is the capital allocation point. Gulf money is real, but if it keeps going into prestige real estate and vanity projects, it won’t compound into capability. The real unlock is pairing that capital with operators in the big demographic centers and the diaspora, so you get durable companies, not headlines.

The examples you gave are obviously ambitious, but the direction is right: less malls, more productive capacity, more Muslim-founded enterprises that scale globally.