Google+ Followers

Wednesday, 6 May 2009

Abu Dhabi multiplies investment arms

On the surface, a luxury German carmaker, an English football team, a New York landmark and a troubled British bank may seem to have little in common. But in the Gulf, each one has come to represent the increasing ambitions of Abu Dhabi.

Daimler, Manchester City, the Chrysler Building, and Barclays are among a growing list of global assets that have been the target of a multibillion shopping spree by various state entities acting on behalf of the oil-rich emirate. Some $15bn has been invested overseas by the emirate’s funds in the past six months.

As Abu Dhabi entities are more aggressively courted by international companies desperate for capital during the economic crisis questions have been raised about the extent of co-ordination between the various funds and also whether the diversity heightens the risk of Abu Dhabi overplaying its hand.

Reblog this post [with Zemanta]