As the Gulf states sign more checks out to western corporations, Mohammed El-Husseini asks where cultural import boundaries have gone.

Last month the government of Abu Dhabi signed an agreement with France to help the emerging emirate in building its own Louvre in the Saadiyat Island. The $27 billion island, the new tourist hub, is the latest in a series of real-estate projects that Abu Dhabi is currently developing, with plans to turn it into yet another orthodox heaven.

The island of Saadiyat will include six exquisite districts, 29 hotels, three marinas that can accommodate 1,000 yachts, two golf courses, and residential skyscrapers. The final element of the mix includes a dash of exported art, flavored by a number of museums, including the famous Guggenheim, and of course, the Louvre.

According to the “cultural” agreement signed between the two capitals, the Louvre Abu Dhabi will borrow famous art pieces from the mother museum. Meanwhile, the French will be assisting the new museum in cultivating its own artistic crop.

It all sounds virtuous so far, but such a bohemian rhapsody triggered a reality-check question: what is in it for the French? Well, not much. France gets $525 million in exchange for a steady stream of art over a 30-year period and the right to franchise the Louvre.

Now it seems more of a business deal than a cultural one; a win-win situation, regardless of how the average person feels about it. And whether it’s art or anything else, the Gulf states are enjoying a shopping spree, with a list that includes only the finest and sexiest of western assets.

Three weeks ago, a consortium led by British motor veteran, David Richards, bought 78% of Aston Martin for $925 million. A wave of cheers hit the English people, who were happy that the car made famous by James Bond movies returned to British ownership after years of American custody. At least, that is how the story was told according to the British media.

What the western PR machine was trying to hide is a small eastern detail; the consortium is not that British after all - it is also Kuwaiti. The biggest players in the consortium were Kuwait-based Investment Dar and Adeem Investments, who together secured a whopping 78% stake in Aston Martin. Both companies were not even mentioned when the BBC first reported the story in one of its bulletins.

And while Kuwait is driving the Aston Martin, Qatar is looking into flying high in Airbus jets. Qatar Investment Authority is currently negotiating a 10% ownership of EADS, the mother company of European Airbus. The government authority, which manages more that $40 billion, is also considering buying out a chunk of Sainsbury, the British supermarket chain made famous by the Naked Chef Jamie Oliver.

The list goes on to include Dubai’s $1 billion stake in Daimler Chrysler and their latest acquisition of Mandarin Oriental, the famous hospitality spot in New York.     

It comes as no surprise that western businesses are becoming more and more familiar with the Gulf’s investment organizations and vehicles. Nevertheless, the friendly welcome that international investors show to Middle Eastern partners comes in sharp contrast to the hostile reaction often displayed by the wider public, who are more and more allergic to Arab-based organizations and businesses at large.

This sensitivity has materialized at alarming levels since 9/11, and was crystallized by the American people’s raw opposition to the idea of having six of their strategic ports managed by DP World, a mega company owned by Dubai. DP World, which is the biggest port operating company in the world, had the right to operate six U.S. ports when it successfully bought the British company P&O. Nevertheless, the post 9/11 Arab-phobic advocates altered the shape of the deal. Last month, DP World sold the U.S. assets to American-based AIG Investment Group for an undisclosed price, rumored to be around $700 million.

The French government’s deal with Abu Dhabi to clone the Louvre received some sharp criticism from around the world. “The Louvre in the Sands” was one of many taglines used to hammer the agreement. Yet Abu Dhabi remained on track with its master plan to turn the emirate into a high-end tourism club designed exclusively for high spenders. The Louvre is only a minor detail in Abu Dhabi’s strategy to boost its tourism sector, which has generated around $2.3 billion last year alone.

It’s a material world, and capitalism has never been more transparent in our everyday life. Free markets is no longer a term exclusive to the conversations of bankers and financiers, it’s becoming a universal language, similar to the languages of music and art.

So, if you thought that money can’t buy you love, think again. It just bought the Louvre.        

Mohammed El-Husseini is the program editor for business news in Al Arabiya TV.