The Organisation of Petroleum Exporting countries began their meeting at the weekend to determine whether or not to raise the price of their oil.
AERIAL VIEW: Dock project.
GV: Crane lifting building unit into place.
SV: Sheikh Rashid and dignitaries look on.
LV: Building unit put into place.
AERIAL VIEW: Aluminium smelting factory.
CU PAN: Sheikh Rashid walking through smelting works.
MV: Mahdi Al Tajir walking through garden with reporter and into living room. (2 SHOTS)
CU: Mahdi Al Tajir speaking, (3 SHOTS)
TRANSCRIPT: REPORTER: "Oil money is transforming the sands of Arabia, so even the tiniest Sheikhdoms spend their wealth on huge projects designed to keep them in business after the wells run dry. This is the biggest project of all, a huge new port and industrial complex in Dubai providing for factories, a car plant, a steel mill. It's the daring dream of Dubai's ruler Sheikh Rashid who looks on as just one more 45 ton concrete block is slotted into place like 'Leggo' to build Quays that will be a mile long. And not all the money is his own. For instance, to build this five hundred million pounds aluminium smelter he's getting a 99.9 percent loan from western banks, secured by oil revenues. But the Sheikh and his right hand man, Mahdi Al Tajir, diplomat, millionaire, businessman and banker still have their worries. Oil revenue is falling because of the declining dollar while inflation in the west has put up the cost of materials by 50 percent this year alone. To recoup their losses they need a raise but are realistic about getting it.
AL TAJIR (SEQ. 8): "I think the experts think it will be billions of dollars. But I don't think that will push the ... oil producing countries...this year, to increase their prices. But if they are pushed hard; if the Americans do nothing about their dollars; if the world cannot control its inflation, then there is no other choice, for the oil producing countries, but to push their prices."
REPORTER: COLIN CHAPMAN
Script is copyright Reuters Limited. All rights reserved
Background: The Organisation of Petroleum Exporting countries began their meeting at the weekend to determine whether or not to raise the price of their oil. Observers felt that despite disagreement, the outcome of the meeting, in Geneva, would be a continued freeze on oil price increases. Meanwhile, forward thinking oil producers in the Middle East are working to offset the day when the oil runs out. Colin Chapman of the BBC reports from Dubai, one of the United Arab Emirates.