The business stories that matter, by Fortune's Colin Barr
Type Size  -  +
November 30, 2007, 7:21 am

Middle East breeding Ruperts of tomorrow?

Here come the petrodollars. On the heels of this week’s investments in Citi (C) and Sony (SNE), Middle East entities are going to be kicking the tires on U.S. media properties, Liz Rappaport writes at TheStreet.com. She reports that real estate investment firm Blumberg Capital Partners is raising $500 million from investors in the Middle East for a fund that would target newspapers, movie studios, online media outfits, broadcast news and possibly radio businesses. The interest is fueled in part by the piles of dollars flooding places like Dubai and Abu Dhabi as oil prices near $100 a barrel. By way of comparison, David Wessel notes at The Wall Street Journal that the Abu Dhabi Investment Authority’s $7.5 billion investment in Citi amounts to the proceeds from a single week of U.S. oil imports. “Given that foreign dollar reserves eventually have to come home,” Michael Shedlock writes of the Citi deal, “this deal is just a token down payment for what’s to come.”

CNNMoney.com Comment Policy: CNNMoney.com encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNNMoney.com may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNNMoney.com the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNNMoney.com Privacy Statement.
Colin Barr covers business and finance for Fortune.com. Previously he was an editor at TheStreet.com and author of the weekly Five Dumbest Things on Wall Street column, and an editor at Dow Jones Newswires.
Subscribe to Daily Briefing: RSS feed | email newsletter
Never mind the rocky market. Mutual fund manager Ken Heebner is putting up the best numbers of his career.
Never mind the rocky market. Mutual fund manager Ken Heebner is putting up the best numbers of his career.
* : Time reflects local markets trading time.† - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.• Disclaimer
Powered by WordPress.com.