Abu Dhabi bucking economic downturn - 24 Sep 08

While the United States staggers through a financial crisis, the contrast couldn't be bigger in Abu Dhabi, in the United Arab Emirates.

It's now building the first ever branch of the Louvre on a man-made island, paying $520 million to the French museum for the right to use its name.

A New York landmark is also now owned by Abu Dhabi. It spent $800 million buying a 75 per cent stake in the Chrysler Building back in July.

And three weeks ago, it forked out around $370 million for a 90 per cent stake in English football club, Manchester City.

From Abu Dhabi, Hashem Ahelbarra reports on the economy bucking the global trend.

Category:

News & Politics

Tags:

• Al
• Jazeera
• aljazeera
• Abu
• Dhabi
• UAE
• spending
• wealth

[sososayma]

Haters! Long live UAE !!

[GuyInvincible111]

It would be helpful if the Gulf states changed the relationship with the rest of the Islamic world. At present, much of the money is invested in the west, or in emerging economies in Asia. It bypasses poor Muslim economies that could actually post good returns on investment.

[RylycyXohahet]

these backdoor babes are unreal watch tiny(dot)cc/mygfsucksyou

[jigglyfidda125]

two of the 9/11 hijackers were from UAE, abu dhabi and dubai

[FakieSk8er67]

Fail XD

[scarab08]

europe would and is investing in egypt, jordan and morocco. also, i think in 50 years iraq could become westernised after this war. this is my opinion though.

[PauloGVieira]

You do realise that Sudan and Jordan have enjoyed huge levels of foreign investment over the last few years.

[fdama]

Who the hell would want invest in other Islamic countries which are either extremely corrupt and dictatorial like Egypt, Jordan, Bangladesh and Morroco or engaged in wars and are unstable like Somalia, Afghanistan, Sudan and Pakistan.

[aikido776]

Our (The US's) grip is getting weaker not just because of war, but because of ridiculously stupid government spending, management, etc. We would of entered recession even if we didn't have this war. It's obviously speeding it up and making it worse though.

[bluesbegedel]

The American grip is getting weaker & weaker because of war. Meanwhile tiny country like UAE takes the opportunity to control their landmarks. very ironic.

[Type59]

Its important to invest wisely and they have too much cash but they do not know where to park it. But the 60 percent is in banks. Norway, Russia and Kuwait have oil stabilisation funds money tooked away for when oil runs. Their money is earning interest. Note of caution my figure is few years old plus economists can get things wrong. Like I said before only high profile spending is covered by mainstream media.