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| Oil wealth invested in local economies |
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Data: UNCTAD
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Petrodollar recycling has been a feature of the oil and gas producing countries of the Middle East for decades, however the economic boom funded by the recent dramatic rise in energy prices, coupled with the increasing importance being placed by leaders on diversifying future income away from energy based revenue streams has led to a rapid rise in the level of cross-border acquisitions emanating from the Middle East.
SMBC group have been heavily involved in recent acquisitions across the region including SABIC’s acquisition of GE Plastics, DP World’s acquisition of both CSX Terminals and P&O and Dubai World’s acquisition of a 9.9% stake in MGM Mirage.
SMBC group supports other overseas investment activity of Middle East companies and investors. A recently closed transaction for US$2.25bn was the purchase of the London Chelsea Barracks site for redevelopment by Qatar Diar.
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