Why Opec should move to the UAE

It is pretty odd that the Organization of Petroleum Exporting Countries should be based in Vienna where it has enjoyed diplomatic status since setting up shop in 1965.

Austria is not an oil producer. Indeed, as a member of the European Union its flag is firmly planted on the side of oil consumer nations. And from time to time Opec officials do run their slide-rules over alternative locations.

Presently Beirut is being considered, and will probably be rejected. Officials point to security issues in Beirut plus the more mundane matters of affordable housing and the lack of international schools. However, if they were being more serious about looking for an alternative to Vienna perhaps they ought to be considering the UAE.

Most multinational corporations based in the Middle East now choose this safe haven with its liberal traditions and excellent modern infrastructure. What is good enough for DaimlerChrysler, HSBC, Oracle, Microsoft and others, should be seen as sufficient for Opec.

Moreover, the concept of relocating an organization dedicated to the oil producers' interests back to a major oil producer country is surely not that controversial. The anomaly is that Opec is located in Austria which is an oil consumer and not a producer.

How odd when the UAE can offer a lower cost of living, better accommodation, superb airport connections worldwide, and similar entertainments to Vienna. If Opec wants value-for-money it will find it in its own backyard these days.

Also what better symbol to Arabs of Arab money returning to the Arab world to benefit Arab citizens than to relocate the headquarters of the oil cartel to the Middle East's commercial hub?

So it is to be hoped that when Opec considers the expected offer from Lebanese Prime Minister Rafiq Hariri later this year that Beirut is not the only name on its shortlist of candidates for the new home of Opec. The UAE would be a better choice.