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90 Comments
- jdunlop2179, on 07/10/2008, -0/+3990%...read the headline
- allaboutdatiki, on 07/10/2008, -0/+37Just wait until they buy up half the city and Bloomberg starts taxing the daylights out of them ... just before the whole island goes underwater because of global warming and zombies walk the streets ... who will have the last laugh then, Kurt Russell, perhaps? bwahahahahaa
- marm0lade, on 07/09/2008, -3/+36Abu Dhabi, Dubai, and the UAE in general are not rich as the result of oil profits, msaleem. You popularity loving, front page spamming, digger!
- altinnovation, on 07/09/2008, -1/+29Yes, I read somewhere that now less than 10% of their profit comes from oil. That's the reason that they're investing so much overseas and building so much back home. They know that their oil won't last, and they're been smart about it.
- ghaib, on 07/09/2008, -0/+19Aren't these guys already building the most amazing stuff in the world already, back home?
- craighoxton, on 07/10/2008, -0/+18"Call me Snake"
- xcheats, on 07/11/2008, -0/+17*Assets.
- bluescreentech, on 07/11/2008, -1/+17I guess nobody cares to look at the fact that it was owned by foreign interests already. I guess just because they're Arab and made their money from oil they're evil. Its unfortunate, but for years foreign investors have kept this country afloat and I don't just mean the past 8. It wasn't American owned, and its still not American owned. Lets just move on with life and quit bitching about things like this. Travelers sold to a GERMAN real estate fund in the first place so this was strictly a foreign to foreign transaction. Yea it took place on American soil, but Travelers sold out to a german fund and they turned a profit. Sounds like smart business to me. Oh wait thats right people aren't allowed to make money and be rich. Even though last time I checked that was part of the American Dream. To Try and get rich.
- cyberdork, on 07/10/2008, -1/+17This is a simple macroeconomic side effect of the mindblowing US current account deficit. The US needs a constant inflow of more than $2 billion a day of foreign capital to sustain it's economy.
From a more abstract macroeconomic viewpoint this happens by selling off debt and assets. Such as bonds to China, ports to Dubai, buildings to Abu Dhabi or AnheuserBush to Belgium.
Funny how everyone is just talking about the US dependence on foreign oil, when in fact it's economy is more dependent on foreign capital.
Currently the world likes to invest in the US and subsidize the lifestyle of Americans. But what happens when that stops? For example when other economies become more attractive and stable for investments, or the US becomes less attractive due to a steadily falling dollar... - billbugger, on 07/10/2008, -1/+16Well, they do have the only 7 star hotel.
- magic6435, on 07/11/2008, -0/+15yes.
- diggystardust, on 07/11/2008, -0/+14Dude I'd fight zombie's alongside Kurt Russell any day
/only with the eye patch on of course - inactive, on 07/11/2008, -2/+15They dont like racism?
- seks03, on 07/09/2008, -10/+22they no longer want our debt, now they want our assists, what will be next?
- frontporsche, on 07/10/2008, -1/+13They wanted our debt? Darn, I have some I would have gladly given to them.
- sovietninja, on 07/11/2008, -1/+10I call the race car (Monopoly).
- suntzusputnik, on 07/11/2008, -0/+8sounds like a cool video game
- superkendall, on 07/11/2008, -1/+9Please note that at this point when you say "Big Oil", you aren't talking American oil companies any more. The largest US Oil Company ranks 14th in the world in size compared to the others, almost all of which are national concerns and not private companies.
- ttfadia, on 07/11/2008, -0/+8Our rebounds?
- pintomp3, on 07/11/2008, -1/+8A majority of the emirate's revenues are from trade, manufacturing and financial services.[6] Revenues from petroleum and natural gas contribute less than 6% (2006)[7] of Dubai's US$ 37 billion economy (2005).
http://en.wikipedia.org/wiki/Dubai - acliffhang3r, on 07/11/2008, -0/+5I must disagree with you. The UAE in general and Abu Dhabi in particular is rich today mainly because of oil profits.
What they have done right is to invest those past profits wisely around the world and in their own development. Therefore there is nothing wrong with saying they are flush with oil profits. - AHolmes360, on 07/09/2008, -5/+10I guess they will be paying less for terrorism insurance http://en.wikipedia.org/wiki/Terrorism_insurance
- dajernts, on 07/09/2008, -6/+11I find it especially disappointing that monarchs, oligarch, and generally people who haven't earned their wealth but merely starved it from their citizens are buying large segments of American capital, even if we somewhat need the money. It also seems odd that a foreign nation would be able to buy portions of another nation. Does the US make business ventures in other countries? No sarcastic responses necessary.
- XxLindyxX, on 07/11/2008, -0/+5Count it!
- rearlgrant, on 07/09/2008, -2/+6I thought they were buying the building from the Japanese?
- sovietninja, on 07/11/2008, -0/+4Come on his "Death Proof" car was pretty cool too... run over zombies. Yum. /zombie infestation
- bosssmiley, on 07/10/2008, -6/+10Maybe they want a monopoly on cool buildings to go with their monopoly on oil. :-)
- inactive, on 07/11/2008, -1/+5Time to move?
- dinostabOMG, on 07/11/2008, -1/+5trav is right, but let me spell it out for you. Arabs != terrorists. No matter what Fox has led you to believe.
- JustinNoland, on 07/11/2008, -1/+5Investments. They had money pouring out of their asses from oil, which they know is a finite resource, so they turned that money into infrastructure at home, and investments in both diversifying their economy as well as in foreign governments and companies.
Dubai and the UAE have vast and expansive portfolios for their revenue streams: manufacturing, technology, and oil are only a few. - SwedishNinja, on 07/11/2008, -0/+3IT'S MORE LIKELY THAN YOU THINK!
- magic6435, on 07/11/2008, -1/+4... they don't have any.... most of their case is from trade and manufacturing. only about 6% from oil.
- rocknkittyn, on 07/10/2008, -4/+7"Less than four years later, Travelers sold its 75 percent stake for $300 million to the German real estate fund, TMW."
And now 800 Million for 90% stake? Somebody made a crapload of money, the question is where is it going? - TinternAbbot, on 07/11/2008, -0/+3do you understand market forces?
- cyberdork, on 07/10/2008, -4/+7Yeah, just that all their billionaire "tourists" made their money from oil.
- cyberdork, on 07/10/2008, -0/+3The problem is that the US is spending twice as much as it is making. So no wonder debts and assets have to be sold.
- DrHoliday, on 07/10/2008, -1/+3-_-
What's that supposed to mean? You implying something? - inactive, on 07/11/2008, -3/+5all muslims are terrorists.
- fearlessfx, on 07/11/2008, -4/+6Abu Dhabis? In MY Chrysler Building??!
- waydee, on 07/11/2008, -1/+3Yes they are. Dubai is a very popular tourist destination for Europeans.
Of course oil revenue put them in the position to diversify into tourism and investment but as was said the majority of their revenue today does not come from oil. - thealsir, on 07/11/2008, -0/+2Well, for what it's worth, US investors are dumping money into foreign economies too. The recent surge of investment in Chinese companies is of note. It's just more difficult to do so in countries that have stronger currencies vs. the dollar...
- Caleb83, on 07/11/2008, -0/+2What's with the footnote about Japanese losing a lot of money? I get the 'foreign control of American property' thing, but did you really have to rub their noses in it?
- 2reflective, on 07/11/2008, -0/+2Don't worry, I think the HHO message is getting out slowly but surely. If anyone doesn't know what this is, type it into YouTube and see.
- falstaff, on 07/11/2008, -0/+1Read the article. Most of the amount was already owned by a German company (the actual sale was for a 90% stake in the building, 75% of which was previously foriegn-owned). This is mostly a stock sale between two foriegn companies.
- dannybuntu, on 07/11/2008, -2/+3An assist is not an assist if it is *taken* away. That is a steal.
- SwedishNinja, on 07/11/2008, -2/+3THEY CAN TAKE OUT ASSISTS (???), BUT THEY CAN NEVER TAKE... OUR FREEDDDDOOOMMMM!!!!
- sovietninja, on 07/11/2008, -1/+2Remember that video with Gorbachev? Yeah, now imagine that but a ninja wrapped in cripsy zombie deterring Chernobyl-grown bacon. Delicious and Deadly!
- Yakovzoya, on 07/11/2008, -1/+2Don't feel too bad, according to the article the building was already partially owned by German real estate investors, so it's still almost as much ours as it was. If by "ours" you mean "Tishman Speyer's".
- trollick, on 07/11/2008, -0/+1How much will it cost for them to ship it to Abu Dhabi?
- banderwocky, on 07/11/2008, -0/+1I find this very funny.
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