CBRE warns oil decline could take toll on overseas ambitions of GCC sovereign wealth funds | The National:
"Slumping oil prices could prevent the GCC’s vast sovereign wealth funds from buying trophy assets abroad, experts have warned.
The property broker CBRE is predicting that if the price of Brent crude continues to drop for a sustained period then the huge government-owned funds tasked with spending surplus cash on assets abroad may cut back on their ambitious plans to buy European trophy assets.
“The biggest impact is potentially on the international property markets than the local markets,” said Nick Maclean, the managing director of CBRE’s Dubai office. “Because we see that the principal component of the surplus where oil is priced and production costs goes to the sovereign wealth funds in the region."
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