Tarek Fahmy: Cultural Critic

Title: “Citigroup Buys Banking Operations of Wachovia”
New York Times

Article Link

As you may or may not know, the Abu Dhabi Investment Authority, a sovereign wealth fund owned by the world’s fifth-largest oil exporter, in December bought a 4.9 percent stake in Citigroup.

Citigroup will acquire Wachovia’s banking sector.
This is a continuing trend of the 3 giant banks
that are gobbling up smaller ones in the USA.

Bank of America, Citigroup, and JPMorgan Chase.

Further, America’s bank deposits are controlled by these three giants.

Surely, Abu-Dhabi’s $7.5bn cash infusion played a role in this purchase.
Oil money is helping this country try to bounce back from these hard financial times.

Article Title: Abu Dhabi purchases iconic New York skyscraper
LINK

Investment council takes 90% stake in landmark tower, the Chrysler Building.

:::::::OLD NEWS::::::::

• The Abu Dhabi Investment Council pays $800 million for a 90% share of the Chrysler building.

:::::::DUBAI’S PURCHASING POWER:::::::

• Investment fund Meraas Capital of Dubai paid $2.8 billion last month for the General Motors Building on Fifth Avenue.

• Dubai International Capital, said it has made a “substantial investment” in Sony.

• Dubai International Capital agrees to buy a $1.26 billion stake in Och-Ziff Capital Management Group.

• Dubai has announced the purchase of the British ocean liner RMS Queen Elizabeth 2 from Cunard Line for US$100 million, for conversion into a luxury floating hotel.

• Dubai Aerospace Enterprise announced a firm order Tuesday to buy 100 Airbus planes worth $12.6 billion for its leasing operations.

“There’s nothing subtle about Dubai. Its crowded, smoggy skyline is part Miami, part Las Vegas, and all new.”

Article Title: I’m the Designer. My Client’s the Autocrat.
LINK

The gulf states are a playground for established architects…

This article deals with prominent architects working for rapidly developing cities, specifically Dubai and Abu-Dhabi, that have issues with exploitation of migrant labor and human rights violations.

“By designing high-profile buildings that bolster the profile of a powerful client, do architects implicitly sanction the client’s actions or collaborate in symbolic mythmaking?”
OR
“…in the long run does architecture transcend politics and ideology? If the architect’s own vision is progressive, can architecture be a vehicle for positive change?”

The article also mentions China, Iran, and Hon Kong.
I focused on the UAE because I love the fact that they are investing in development, thus attracting people like me to want to work there.