Middle East sovereign wealth funds may boost investments in emerging markets to 25 percent of new ventures by 2016 as economic growth surges in the developing world, according to Credit Suisse Group AG.
The funds will invest in Africa, Brazil, China and India because “so much wealth is being created” there, George Pavey, a managing director at Credit Suisse’s global markets solutions group, said in an interview today in Dubai. “I wouldn’t be surprised if five or seven years from now a quarter of their new capital is directed to emerging markets,” he said.
Gulf Arab states, including the United Arab Emirates, Qatar, Kuwait and Saudi Arabia, pump about 20 percent of the world’s crude oil and are flush with cash after oil climbed to a record $147.27 in July 2008. The Abu Dhabi Investment Authority managing $328 billion at the end of 2008, economists at the New York-based Council on Foreign Relations estimated in January. The Kuwait Investment Authority had $228 billion, and the Qatar Investment Authority managed $58 billion, the report said.
No comments:
Post a Comment