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November 28, 2007
A Petrodollar Investment Tsumani
As long as oil prices remain about $70 a barrel, McKinsey Global Institute calculates, roughly $2 billion of new petrodollars will enter financial markets every day. [Source: Financial Times] Even with oil prices at $50 a barrel, McKinsey projects petrodollar foreign assets will grow to $5.9 trillion by 2012. (You can find the McKinsey study here.)
Consequently, it's hardly going on a a limb to expect more deals like the Abu Dhabi Investment Authority's $7.5 billion investment in Citicorp and Dubai International Capital's investment in Sony.
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