Monday November 07, 2005

Arab oil money

peakoil.com -> telegraph.co.uk :

The Arabs are back in town. Nearly 30 years after Middle Eastern investors first bought up many of Europe's and America's prize assets, they're back. And, just like in the 1970s, the invasion is being fuelled by record oil prices of more than $60 a barrel.

The size of the oil windfall is staggering. The International Monetary Fund estimates that Middle Eastern and North African oil exporting countries will earn about $530bn from crude sales next year, up from $300bn in 2003. That leaves a surplus of around $200bn in excess cash - footloose money looking for a home. High-end London real estate and wax museums in Paris have all been prime targets. Last week's move by Dubai Ports World on Britain's P&O is the most high-profile attempt yet - if successful, it would end 160 years of corporate history and remove an iconic name from British ownership.

Dubai is very much at the centre of the activity. Large swathes of empty desert are being sold off to private developers, while the economic boom can be seen throughout the state as giant construction cranes dominate the skyline. The result is a world of superlatives: one that boasts the world's tallest building, tallest hotel and the world's largest theme park, Dubailand.

(2005-11-07 13:15:13 SGT) [Energy] Permalink

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