A 1957 Ferrari race car was sold at auction in Italy on Sunday for a record $12 million, according to the Italian automaker.
Citigroup's newfound $7.5 billion cash infusion from Abu Dhabi's state investment fund may not cure all that ails the embattled bank, but it heralds the growing influence of sovereign wealth funds.
More business news from the Middle East: Dubai International Capital acquires Alliance Medical for $1.3 billion; Saudi Arabia inflation rate at highest in 10 years; Emirates posts record half-year figures; MGM Mirage to build $3 billion resort in Abu Dhabi by 2012
While U.S. and European markets try to gauge the bottom of the sub-prime lending crisis, government-controlled funds in the Persian Gulf have been on a spending spree, investing billions of dollars in companies around the world.
Khaldoon Khalifa Al Mubarak is CEO of Mubadala Development Company. In this role, he oversees the delivery of an aggressive investment strategy, generating significant financial returns and driving sustainable economic development in the United Arab Emirates.
This week Marketplace Middle East interviews Khaldoon Mubarak, CEO and Managing Director of Mubadala Development Company.
Next year marks the 40th anniversary of sponsorship in Formula 1. Before 1968 cars were decorated with colour schemes representing national flags with only discreet hood badges identifying the manufacturers (though Honda and Lotus blazed a trail by painting their names on their cars in 1966).
Bahrain will host a Formula One grand prix until well into the next decade after announcing a long term contract extension.
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