Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 8, 2008 12:53:14 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Petrodollars Snap Up Americana

Posted Jul 10, 08 4:33 AM CDT in Business,  US 

(Newser) – Foreign investors flush with dollars from the global commodities boom are using those greenbacks to buy flashy American properties, the New York Times reports. The government of Abu Dhabi bought a 75% stake in the Chrysler building Tuesday. Other recent "trophy" buys have included Donald Trump's Palm Beach mansion and some major works by American artists.

Congress is beginning to keep a closer eye on foreign investments, while still recognizing that they play a vital role in "recycling" dollars. "This is the natural outgrowth of us exporting a huge amount of dollars through high commodity prices to countries that have to reinvest it somewhere,” said an investment expert. “These countries have to extend beyond Treasury bills, and that means equities and real estate.”

Source New York Times

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Weak Dollar Scaring Off Foreign Funds

    Jul 17, 08 4:18 PM CDT
    Weak Dollar Scaring Off Foreign Funds With the dollar declining and US economic outlook uncertain, some large sovereign wealth funds are looking to cut down on greenbacks, the Financial Times reports. One such Persian Gulf fund has cut its dollar-denominated investments from 80% to 60%, and China’s State Administration of Foreign Exchange is aggressively exploring European investments—a sign they don't trust US policy-makers to defend their currency. More »

  • Spending Spree Puts Abu Dhabi Under Spotlight

    Feb 28, 08 3:23 PM CST
    Spending Spree Puts Abu Dhabi Under Spotlight When Abu Dhabi's investment arm poured $7.5 billion into Citigroup, to bail out America's biggest bank, the move didn't escape notice in Washington. The world’s biggest sovereign wealth fund has been flexing its muscle, making increasingly aggressive investments  in foreign interests, the New York Times reports. And though there’s nothing to suggest it has any goals beyond making money, the secretive fund is raising some concerns. More »

Middle East investors were involved in the recent acquisition of the General Motors building in New York City.   (KRT Photos)
The government of Abu Dhabi has purchase 75% of New York's Chrysler Building.   (AP Photo/Adam Rountree, File)
Jeff Koons' Hanging Heart (Magenta and Gold) 1994-2006 was recently sold for $24 million to a Ukrainian steel magnate.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 1)

Tags

Abu Dhabi  • sovereign wealth funds  • foreign investment  • USA  • Abu Dhabi Investment Authority  • petrodollar  • Chrysler Building


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other US Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »