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.
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).
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.
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).
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