“The Arabs are coming!!” As if hoisting the lights in North Church, Matt Drudge, modern day Paul Revere, splashed a red warning across the headline of his website Wednesday: “Oil Boom: Abu Dhabi to Buy Chrysler Building!” Such an acquisition is news, but the tone is worrisome. It wouldn’t have been surprising to see a subhead: “Plans to convert into world’s tallest minaret.”

Abu Dhabi Investment Authority, taking advantage of the weak dollar, has put in an $800 million offer on the 77-story Art Deco treasure, briefly the world’s tallest building in 1930 before being topped by the Empire State Building. Reminiscent of Dubai Ports World’s complicated acquisition of the NY/NJ Port Authority, backlash against this new landmark deal has been strong.

Actually, the building’s current ownership is held by Prudential Real Estate’s Investors, a German firm, and is already out of US hands. And the Chrysler Building would not be the first iconic New York building under foreign ownership. In the 1980’s, a Japanese firm purchased NBC’s 30 Rockefeller Plaza. And with ironic timing, Italian real estate group Songente announced Wednesday it was purchasing the Flat Iron Building. But this similar real estate deal has not been met with the same alarm.

Many fear that that Middle Eastern companies would use this and other acquisitions to support Islamic terrorism. While some consider the UAE to be a safe haven for combatants, it is also establishing itself as a pro-business center. Dubai and Abu Dhabi, now invested in the physical well being of America’s cities, know terrorist attack in the US would be very bad for business. Abu Dhabi investing in US property may be a positive sign that normalized relations between Western and Islamic businesses is possible.