Sovereign wealth funds should begin moving some of their foreign reserves into local companies, says Abdul Aziz Abdullah al Ghurair, the chief executive of Mashreqbank.
Speaking at the World Economic Forum in Davos, Switzerland, he joined other economic leaders in calling for the funds to help meet financing needs, which have intensified since the onset of the financial crisis.
Mr al Ghurair, who is also the Speaker of the Federal National Council, urged the Government to use sovereign wealth funds (SWFs) and “other governmental tools” to pump “more liquidity into the banking system, so banks can continue lending and keep the economy turning”.
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