Arab Gulf oil-producing countries will embark this year and next on a "massive accumulation of foreign assets" as they cash in on record oil prices and soaring worldwide petroleum de-mand, a new report says.
The region will buy about $360bn (£201bn) of foreign assets, from bonds to real estate, in 2005 and 2006 - 50 per cent more than its total purchases of the past five years, according to the Institute for International Finance, the leading association of private banks. "The Gulf Co-operation Council [countries] are in the midst of a period of exceptional economic performance," says the IIF, which specialises in tracking capital flows in emerging markets.
Oh, goody goody for us. I'm sure there are a number of companies with ties to this administration that will benefit handsomely for selling off American assets. And why should the Chinese government have all the fun(d), as in T-bills.
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