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Borrowing money from middle east: re Middle East to Help US Fight Recession?

Borrowing money from middle east to pay for "C" is not a good idea.

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MIDDLE EAST, US, RECESSION, ECONOMY, POLITICS
CNBC.com
| 24 Nov 2008 | 04:34 AM ET

Middle East countries can cope with the financial turmoil better than many other countries as they have the cash to survive and even invest, Sameer Al Ansari, CEO at Dubai International Capital, told CNBC Monday.

"We are better placed than others to weather the storm," Al Ansari said, adding that economies in the region are likely to grow by between 3 and 5 percent next year while the US and euro zone are poised for recession.

On Thursday, Kuwait’s daily Al-Seyassah reported that the United States asked four oil-rich Gulf states for nearly $300 billion dollars to help it curb the global financial meltdown.

(Watch the full interview with Sameer Al Ansari to the left).

Washington has asked Saudi Arabia for $120 billion, the United Arab Emirates for $70 billion, Qatar for $60 billion and was seeking $40 billion from Kuwait, the paper said.

Depressed asset prices in developed nations have attracted sovereign wealth funds and other investment vehicles from abroad over the past months.

"There's going to be some tremendous opportunities in the next 12 months in the West and we are well placed to take advantage of them," Al Ansari said.
© 2008 CNBC.com

URL: http://www.cnbc.com/id/27885566/