Oil Rich Countries Eye Asset Sales as Black Gold Prices Slide

According to the latest reports Abu Dhabi is said to be exploring asset sales and strategic partnerships for the UAE as the slump in oil prices continues to dent income. Saudi Arabia is also pushing to diversify the country's economy and is reported to be issuing a $5 billion bond sale over the coming weeks. While Kuwait's sovereign fund has suggested an asset sale to cover its increasing deficit. 'The spending patterns that a lot of national oil companies have pursued in the Middle East over the last decade were contingent on oil being much higher than its going to be,' said Stuart Glickman, analyst at S&P Capital IQ. 'I think there's a realization now that perhaps we're not going to be heading back to that old environment any time soon,' he added. Bloomberg news reports that Bank of America (BAC), JP Morgan Chase (JPM) and Credit Suisse (ADR) are all currently pitching for mandates as the United Arab Emirates reviews its largest state owned companies. According to sources these may include Abu Dhabi National Energy and International Petroleum Investment, but no decisions have yet been confirmed. TheStreet's Amelia Martyn-Hemphill reports.