Word: dhabi
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...billions of dollars of subprime losses, raising concerns that some of Citigroup's assets might have to be sold off at fire-sale prices just to keep the company sufficiently capitalized. But on Nov. 26, New York-based Citi was handed a lifeline by an unlikely rescuer. The Abu Dhabi Investment Authority, a $625 billion sovereign wealth fund run by the tiny Persian Gulf emirate, announced it was forking over $7.6 billion to take a 4.9% stake in the company. While Citi still faces difficulties, the cash infusion helped stabilize its plunging stock price and signaled to rattled markets that...
...investment by Abu Dhabi, part of the United Arab Emirates, also marked a turning point of sorts for sovereign wealth funds (SWFs). These enormous pools of wealth, controlled by governments in countries that have been getting fat off high oil prices and a booming global economy, are viewed skeptically by those who fear foreign powers might use them to gain competitive advantages or push political agendas. But now, thanks in part to the Citigroup deal, some fears have been allayed; companies in need of capital are courting investments from oil-and-gas-rich states such as Abu Dhabi and Russia...
...governments have surplus foreign exchange to play with - and because of the falling dollar, they are increasingly interested in investing their cash where it can earn greater returns than U.S. Treasury debt, the traditional safe haven. The largest SWFs - the so-called Super Seven, which includes China, Russia, Abu Dhabi, Kuwait, Norway and two Singapore funds - control up to $1.8 trillion. By 2011, assets under management at SWFs worldwide are projected to grow almost fourfold to nearly $8 trillion, according to Merrill Lynch. By comparison, hedge funds - unregulated private investment funds - control between $1.5 and $2.6 trillion, according to estimates...
...artistic revival." Sarkozy's appointment of Christine Albanel as Culture Minister looks like a vote for individual initiative: as director of Versailles, she has cultivated private donations and partnerships with businesses. The Louvre has gone one step further by effectively licensing its name to offshoots in Atlanta and Abu Dhabi...
...these guys, anyway? Dubai's Sheik Mohammed bin Rashid al-Maktoum, Qatar's Sheik Hamad bin Khalifa al-Thani and Abu Dhabi's Sheik Khalifa bin Zayed al-Nahayan are sons of gulf royalty. But these are not their fathers' investments. Gulf money 20 years ago was being sunk into safe-bet, low-yield U.S. Treasury bonds--or the arms bazaar. Some recent deals--Dubai's brief holdings in DaimlerChrysler and Madame Tussauds, for example--have been opportunistic. But Dubai's bid for NASDAQ is part of a vision for positioning the city-state as a world-class business center...