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United Arab Emirates' Sheiks Sow Billions as They Reap Benefits of Oil Boom

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Abu Dhabi, UNITED ARAB EMIRATES — This tiny Middle Eastern country sitting on one-tenth of the world's oil is experiencing a building boom as the sheiks who rule the United Arab Emirates are spending their petrodollars on a series of projects and charities that reach out to the West.

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The Rulers' Suites, the hotel's most expensive, are open only to presidents and kings of Gulf Cooperation Council countries. The Palace Suite, which recently housed Tony Blair, is more modest — just $15,000 a night.

There's also a special icing on the Emirates Palace cake. Pastry chefs use 1,000 pounds of gold each year just for decoration, and cappuccinos come sprinkled with gold dust instead of the more traditional chocolate shavings.

And while money can't buy happiness, Abu Dhabi is hoping to build it, launching a $30 billion project off its coasts on Saadiyat Island, which is Arabic for "Island of Happiness."

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Reply#1 - Fri Jul 11, 2008 6:15 PM EDT
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