Why Gas Is Up, Our Economy Down.
Built in Germany and sunk in Dubai harbor, this underwater restaurant offers a unique dining experience. Yes, those are palm trees.
Dubai is one of the little emirates in the United Arab Emirates in OPEC, UAE for short. The UAE is considered as one “country” among the OPEC nations, even though the emirates are actually a group of 7 little kingdoms banded together the same as states in a country.
Dubai is one of the richest because of its oil production and is engaged in massive housing projects.
Here’s the kicker: One FIFTH of all the construction cranes in the world are in little tiny Dubai. Dubai is fast becoming the new Mediterranean, and a favored vacation spot for Europeans. The sheiks who own the joint are out spending money like water, buying up toys all over the planet. This week in Australia, one Sheik Mohammed went a long way towards not just talking about the Australian racing industry but owning it. He paid $500 million to buy the country’s biggest thoroughbred breeding and racing operation, which now makes him Number One in Australia.
Dubai’s rulers are heavily investing in other world markets, such as a partnership agreement with Gaussin SA, France, in a joint venture to set up AED130 million (about $35.3 million) plant for hi-tech port trailers & industrial vehicles. This is all small change compared to these futuristic plans. You really should look at that one. And this one. Unbelievable! You really have to see this to understand why Europeans are flocking there and why oil prices have risen so high.
Capitalism is what runs the marketplace, competition sets the prices and what they do with their wealth is their affair as long as they aren’t using it to attack us. Of course, they’re destroying their desert ecology and depleting their source of wealth like crazy, which makes them a lot more like us than I care to delve into deeply, but at least they aren’t building war machines with the money. Now if Iran and the Saudis would just do the same.
March 30th, 2008 at 7:56 pm
Yes their money is almost surreal. I know a guy who escaped Lebanon and is now living in Australia who said that one prince came to Lebanon with an entourage of 5,000 people! He said they’re rude and disrespectful to Lebanese girls and they drink up a storm while they’re there. If they like a particular singer or dancer at a nightclub they visit, she might just get a Mercedes as a gift. Incredible. So next time you gas up and pay that extra ten dollars to fill the tank than it was not so long ago, that’s what you’re financing.
Great post and blog. I’m blogrolling you.