I am not too sure if the Saudis and the Gulf states want to invest in countries like the Ukraine and Hungary. They would prefer domestic infrastructure projects or companies such as Barclays. It must have been a surprise for them to see Gordon Brown coming round with the hat. The Middle East countries want productive investments for their oil wealth. We are wondering what would happen if Qatar tries to take over Sainsbury's. Years ago HM Government blocked the Kuwaities when they tried to build up a major stake in BP.
Western governments much preferred the old investment destinations of Middle East oil wealth such as arms and London casinos. Sarkozy now wants the European Union to repel any boarders such as sovereign funds, if they move for European companies.
www.searchaccountant.co.uk
This contrasts with the attitude of Barclays, which has been actively courting these funds. People think it is a shame that the UK government did not set up a sovereign fund similar to Norway endowed by oil revenues.
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