Gulf Arab states to invest surplus oil money in China and India

business-times.asia1.com.sg :

Arab Gulf monarchies Kuwait, Abu Dhabi in the United Arab Emirates and Qatar plan to channel more of their revenue from oil sales into Asian countries such as China to boost returns and strengthen ties with their fastest-growing customers. Officials from the three monarchies, which sold about US$300 billion worth of oil last year, said in interviews at the World Economic Forum's annual meeting in Davos, Switzerland they intend to tap economic expansion in India and China.

The focus of the five-day forum on China and India prompted concern the United States and Europe will lose investment. Saudi Arabian monarch last week made the first trip to China and India. 'We are in China, where we are considering expansion, and we are trying to invest in India,' Abdullah Jum'ah, president of state-owned Saudi Aramco, said in Davos.

Meanwhile, the developed world is still luring plenty of cash from the Persian Gulf. Dubai plans to set up a fund worth as much US$15 billion with other Arab Gulf states and institutions to invest in the world's biggest companies. DP World, Dubai's port company, last week agreed to pay 3.9 billion (S$11.2 billion) for the UK's Peninsular & Oriental Steam Navigation Co, trumping a bid by PSA International of Singapore.

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