Throughs from a European Summer: (2) World City?

Let me expand on my thoughts about the Arab world in Lond0n.

Although Central London have always been a favourite destination for the Arabic world especially during the summer, I could not recall ever seeing so many in London. My vantage point, staying with a relative of ours right in the middle of Mayfair did little to help with a fair and impartial view. Mayfair is, of course, a favourite location as the London base for Arab princes, embassies and other government outposts. From my daily walks, I could see large presence especially from the Qataris, Saudis. The other concentration in the Edgware Road area are mostly middle-class Arabs from Lebanon and from elsewhere in the Levant.

Last Sunday, while I was out jogging in Hyde Park, I could see that at least half the people out-and-about in the park are of Arabic origin: groups of men, women, children, whole families of Gulf Arabs enjoying strolls, at play or sitting down under a tree for a picnic. I could not help but notice how relaxed and happy they looked. Perhaps they come to London to feel free - from the governments, extended family, religious authorities and other nosey-parkers - and for a chance to be themselves.

The same can probably be said for the wealthy from Russia, Central Asia and from the Indian Subcontinent. London may no longer be the center of the British Empire, but it has obviously become the favourite external base (and second homes) for wealth from large parts of the world. Aside from being a welcoming and comfortable place to stay and spend money, London is seen to be a safehaven for money and personal investments.

As I watch little Arab children and teenagers having a good time in Hyde Park, I believe London will continue to have an enduring (and endearing) place in the hearts of whole new generation of Arabs. I believe London will continue to attract a whole gush of oil money for years to come. Whenever money gets made in Nigeria, Russia, Pakistan, Kazhakstan or Iraq they flow right out into London. It is an enviable position to be in.

Its main competitor is, of course, New York. New York plays that role for money from Latin America, the rest of North America and from East Asia such as Korea, Taiwan, Hong Kong etc. (but which tend to prefer California and Vancouver). But London has the upper hand in terms of being geographically closer to the Middle East, former-Soviet Union, Africa and South Asia. Traditional i.e., colonial, ties with Africa and the Indian sub-continent is also an undeniable factor. Paris used to be another competitor, exerting a pull on Middle-Eastern (especially Iranian and Lebanese) money. But elsewhere, the only competitors I could see are Melbourne and Perth in Australia, being safehavens and retreats for people from Southeast and East Asia.

As the center of gravity of global wealth shifts gradually eastward, i.e. further away from London and even further away from the US, I am tuning in for somewhere within 6-8 hours' flight from China and India, with a nice climate, safe haven for wealth, politically influential and stable, an attractive city as a place to live and to spend money and with some emotional links to the new wealth. If I were Singapore, I would throw the doors of my universities open wide to the best and brightest kids from Southeast Asia, China and India. One day, they will return with their money.