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Sovereign Wealth Funds Briefing - Archive | December, 2008

Bank of America raises holding in China Construction Bank

Posted on 05 December 2008 by VRS  |  Email |Print

From China Knowledge: Bank of America Corp has raised its stake in China Construction Bank Corp (CCB), China’s top property lender, sources reported.

CCB said in a statement that the largest lender in the U.S. has bought 19.58 billion H-shares from CCB’s largest shareholder, Central Huijin Investment, at the price of RMB 2.46 per share, or 1.2 times of CCB’s third-quarter book value, lifting its holdings in CCB to 19.13% from 10.8%…… Full Article: Source

British Land revives sale of stake in flagship retail centre

Posted on 05 December 2008 by VRS  |  Email |Print

From FT: British Land has reignited talks to sell a large stake in its flagship £1.4bn ($2.3bn) Meadowhall shopping centre in the north of England. A London-listed property fund, backed by an Abu Dhabi sovereign wealth fund, is seen as frontrunner to secure the deal.

The shopping centre in Sheffield, South Yorkshire, comprises almost a tenth of British Land’s property portfolio. Meadowhall was valued at £1.4bn at the end of September according to the UK property company’s most recent set of accounts, representing a net equivalent yield of 5.7 per cent…… Full Article: Source

CIC hires former Starr International exec to lead RE funds

Posted on 05 December 2008 by VRS  |  Email |Print

From China’s sovereign wealth fund, China Investment Corp., has hired former Starr International executive Collin Lau to lead its real estate investment funds.

The former managing director joined investment firm Starr in 2006 to take charge of its $2 billion Asia Pacific private equity programme. According to sources cited in the report, Lau will join CIC late this month or in early January….. Full Article: Source

Fleischer presents a theory of taxing SWFs

Posted on 05 December 2008 by VRS  |  Email |Print

From Sovereign wealth funds enjoy an exemption from tax under section 892 of the tax code. This anachronistic provision offers an unconditional tax exemption when a foreign sovereign earns income from non-commercial activities in the United States.

The provision, which was first enacted in 1917, reflects an expansive view of the international law doctrine of sovereign immunity that the United States (and other countries) discarded fifty years ago in other contexts….. Full Article: Source

Sarkozy promises €26bn state aid package for French economy

Posted on 05 December 2008 by VRS  |  Email |Print

From President Sarkozy today promised €26 billion (£22.6 billion) of state aid and investment to revive the economy and help France’s big car industry stave off collapse in the face of foreign competition.

“This crisis is an ordeal, a painful ordeal and a terrible ordeal, but we have to keep faith in the future,” Mr Sarkozy said, in a solemn speech delivered by a Renault factory at the northern town of Douai….. Full Article: Source

International legal aspects of SWFs

Posted on 05 December 2008 by VRS  |  Email |Print

From SSRN: The prominence of the State as an investor challenges the existing rules of international economic law and of the law of State immunities.

With regard to international economic law, the focus is on the General Agreement on Trade in Services (’GATS’), since this is the only multilateral agreement that has binding rules for investment. The GATS allows the receiving States to adopt preventive measures that restrict investments by SWFs, provided specific conditions are complied with. However, it does not impose restrictions on the activities of the States that make investment by means of SWFs….. Full Article: Source

Kuwait to invest $5.4 bln in local stocks

Posted on 05 December 2008 by VRS  |  Email |Print

From Forbes: Kuwait’s sovereign wealth fund will begin investing at least 1.5 billion Kuwaiti dinars ($5.4 billion) in Kuwaiti equities this month to boost confidence in the exchange, the country’s finance minister said on Thursday.

Kuwait is seeking to reassure investors in the Gulf Arab country, where a fall of about 30 percent in the exchange’s main index this year has ignited protests among traders….. Full Article: Source

China lectures US on economy

Posted on 05 December 2008 by VRS  |  Email |Print

From FT: The US was lectured about its economic fragilities on Thursday as senior Chinese officials urged the administration to stabilise its economy, boost its savings rate and protect Chinese investments.

The message went to Hank Paulson, the US Treasury secretary, in Beijing for the strategic economic dialogue he helped launch to discuss long-term issues between the two countries…. Full Article: Source

Surprise $5bln jump in Russia’s foreign reserves

Posted on 05 December 2008 by VRS  |  Email |Print

From Catching market players offguard, the country’s foreign reserves rose by $5 billion last week, their first reported gain since the crisis took off in late September.

The reserves stood at $454.9 billion on Nov. 28, the Central Bank said, up from $449.9 billion Nov. 21, following a $3.6 billion loss the week previous….. Full Article: Source

Mubadala buys stake in U.S.’s John Buck

Posted on 05 December 2008 by VRS  |  Email |Print

From WSJ: Mubadala Development Co. said it would buy a 24.9% stake in John Buck Co., cementing a joint venture between the Abu Dhabi government-owned investment vehicle and the Chicago developer.

The financial terms for the stake in closely held John Buck weren’t disclosed Thursday…. Full Article: Source

China’s SWF loses $6 billion

Posted on 04 December 2008 by VRS  |  Email |Print

From China’s sovereign wealth fund said it wouldn’t ‘dare’ invest in foreign financial firms after losing $6 billion on stakes in Morgan Stanley and Blackstone Group LP.

“I don’t dare to invest in financial institutions now,” Lou Jiwei, chairman of China Investment Corp (CIC), said on Wednesday at a conference in Hong Kong. “The policies of the developed nations on these institutions are not clear. Until they are clear, I don’t dare to invest in them. What if they go bust? I will lose everything.” …. Full Article: Source

Public funds are not SWFs

Posted on 04 December 2008 by VRS  |  Email |Print

From The US$178bn California public Employees Retirement System (CalPERS) is not a sovereign wealth fund (SWF) and should not be treated as such, an influential think tank has claimed.

In a research brief issued by the Centre for Retirement Research at Boston College (CRR), the authors said while there was no single, strict definition of what constituted a SWF, there was a “lively debate” as to the status of some public pension funds, CalPERS included….. Full Article: Source

China SWF unit increases holdings in 3 state banks

Posted on 04 December 2008 by VRS  |  Email |Print

From Central Huijin Investment Co., a unit of China’s sovereign wealth fund, has invested CNY1.22 billion to increase its A-share holdings in three state banks, the state-run Shanghai Securities News reported Thursday, without citing sources.

Central Huijin brought CNY763 million A shares in Industrial & Commercial Bank of China Ltd. (1398.HK), CNY177 million A shares in Bank of China Ltd. (3988.HK) and CNY277 million A shares in China Construction Bank Corp. (0939.HK) on the Shanghai Stock Exchange between Sept. 23 and Nov. 28, the report said….. Full Article: Source

China wealth fund lacks stomach for financial buys

Posted on 04 December 2008 by VRS  |  Email |Print

From Reuters: China Investment Corp, the sovereign wealth fund that has incurred steep paper losses on its stakes in U.S. financial firms, said on Wednesday it is “not brave enough” to invest in foreign financial firms and lacks confidence in the shifting U.S. financial regulatory situation.

“It’s changing every week. How can I be confident?,” Lou Jiwei, chairman of CIC, said during the Clinton Global Initiative event in Hong Kong, referring to U.S. government efforts to rescue the devastated financial services sector….. Full Article: Source

The downturn hits Dubai

Posted on 04 December 2008 by VRS  |  Email |Print

From A chill wind is blowing through the Gulf. Credit has dried up; stock exchanges have crashed; and the region’s once-vaunted Sovereign Wealth Funds, set up to save for a future when oil reserves are exhausted, have instead sustained huge losses, potentially in the hundreds of billions of dollars.

The diciest situation is unfolding in the UAE, where the sheikhs of Dubai—the second-largest of seven emirates—are at last realizing that they need to call time on a decade-long, debt-fueled building and acquisition spree….. Full Article: Source

Gulf oil countries likely to weather downturn

Posted on 04 December 2008 by VRS  |  Email |Print

From The Gulf oil states are becoming increasingly integrated into the global economy, not only through the trade of oil and natural gas around the globe, but also through their sovereign wealth funds that have invested trillions into both mature and emerging economies.

George Abed, director of the IIF’s Africa and Middle East Department, said plummeting oil prices “will clearly have a very major impact on economic performance.”…. Full Article: Source

We aren’t Moses in tsunami, China warns world

Posted on 04 December 2008 by VRS  |  Email |Print

From China is not the promised land as far as saving the world economy from the financial tsunami goes. Beijing said yesterday in no uncertain terms that developed countries should not expect it to swoop in and rescue them from their economic problems.

“Do not expect us to save the world … China can at most save itself,” China Investment Corp chairman Lou Jiwei told a conference in Hong Kong. “Our economic scale isn’t big enough, although we have a big population.”…. Full Article: Source

India: Sovereign bond may up forex reserve, but high deficit a risk

Posted on 04 December 2008 by VRS  |  Email |Print

From As the Reserve Bank of India tries to support weakening rupee, India’s foreign exchange reserves are declining steadily. From $314 billion in April, they have fallen to $245 billion as on November 21, a fall of nearly 22 per cent in under nine months.

Even as foreign institutional investors are busy selling their investment, exports have started doing badly. With global recession spreading, demand for India’s exports have declined, particularly in the US and Europe….. Full Article: Source

GCC to see economic growth rate of 5%

Posted on 04 December 2008 by VRS  |  Email |Print

From For the GCC, the crisis has lesser impact due to the role of SWFs in the region as they are boosting their local investments. They are shifting their focus to domestic capital injections such as the promise by Kuwait Investment Authority to invest $1 billion (Dh3.6bn) in its stock market.

Jochen Duelli, head of Bain’s Middle East Private Equity and Corporate M&A Practice Group said the SWFs are reassessing their investment options after the financial crisis because majority of their investments are located in developed markets…. Full Article: Source

Australia may roll out ‘infrastructure bank’

Posted on 04 December 2008 by VRS  |  Email |Print

From The Federal Government is considering setting up a national infrastructure bank that would borrow billions of dollars to lend to the states to invest in projects.

The proposal came to light when the Opposition asked about it in Parliament yesterday, accusing the Government of planning a return to Whitlam-era policies to deal with the economic downturn….. Full Article: Source

Greens want limits imposed on infrastructure fund

Posted on 04 December 2008 by VRS  |  Email |Print

From The Greens will not back the Rudd Government’s Building Australia Fund unless it rejects roads and coal ports, focuses more on climate change and adopts greater transparency.

Greens spokeswoman on transport and climate change Christine Milne wants the fund—which will be used to finance port, road, rail and communications projects—to be overseen by a parliamentary committee….. Full Article: Source

SWFs are no longer solid gold

Posted on 03 December 2008 by VRS  |  Email |Print

From As the global downturn gathers pace, sovereign wealth funds are withdrawing their reach.Once seen as a bottomless resource, sovereign wealth funds (SWFs) are now feeling the effects of the credit crunch and are seeing a rapid downgrade to their growth outlook.

Experts say the funds are withdrawing from flashy investments abroad and may be used to prop up local economies….. Full Article: Source

Malaysia’s YTL Power to buy Temasek’s PowerSeraya

Posted on 03 December 2008 by VRS  |  Email |Print

From Bloomberg: YTL Power International Bhd., a Malaysian utilities company, agreed to buy Singapore power generator PowerSeraya Ltd. from Temasek Holdings Ltd. for about S$3.6 billion ($2.4 billion).

YTL Power will also take on S$201 million of PowerSeraya’s debt, Temasek, Singapore’s state investment company, said in an e-mailed statement today. The transaction is due to be completed early next year….. Full Article: Source

Kuwait cabinet approves $7.3 bln bourse fund

Posted on 03 December 2008 by VRS  |  Email |Print

From Reuters: Kuwait approved a $7.26 billion fund to invest in the local bourse, which has been hit by the global financial crisis, several newspapers said on Tuesday.

Kuwaiti papers al-Watan, al-Seyassah, al-Rai, al-Jarida, and al-Anbaa said in unsourced reports the cabinet approved on Monday a 2 billion dinar government portfolio to invest in the stock market….. Full Article: Source

Three Qatari banks plan sale of stake to SWF

Posted on 03 December 2008 by VRS  |  Email |Print

From Three Qatari Banks yesterday outlined plans to sell up to 20% stake in their institutions to the state’s sovereign wealth fund after presenting their proposals to shareholders later this month.

The move by Doha Bank, Rayyan Al Masraf and Ahlibank comes against the backdrop of the Qatar Investment Authority (QIA) recently preparing a mammoth QR5.3bn package for listed banks as part of efforts to restore investors’ confidence, which has been shaken due to the global financial crisis….. Full Article: Source

North sea oil fields transferred

Posted on 03 December 2008 by VRS  |  Email |Print

From BBC: Several Shell operated North Sea fields have been formally transferred to an Abu Dhabi company. TAQA Bratani, which has a base at Westhill, has bought the Tern, Kestrel, Eider, Cormorant and Pelican Fields as part of a deal worth $631m.

It has also acquired a quarter share in the Sullom Voe oil terminal….. Full Article: Source


Posted on 03 December 2008 by VRS  |  Email |Print

From CRR: Sovereign Wealth Funds (SWFs) are the subject of intense debate. While these funds are hard to define in precise terms, all agree they are government-sponsored pools of financial assets.

With roughly $3 trillion under management today and forecasts that suggest this number could approach $10 trillion in under a decade, many wonder what role these public investment funds will play in private markets….. Full Article: Source

S.Korea govt faces more pressure to push bank mergers

Posted on 03 December 2008 by VRS  |  Email |Print

From Reuters: Deteriorating financial markets, looming corporate failures and a falling capital base could trigger the first major shake-up of South Korea’s banking industry since the Asian financial crisis a decade ago.

The government is publicly baulking at using taxpayers’ money to protect the industry from the global financial crisis and wants banks to work on ways to rescue themselves, saying it is ready to act as a catalyst for possible banking mergers in the world’s 13th-largest economy….. Full Article: Source

Former AOL boss Jonathan Miller seeks funds for Yahoo! deal

Posted on 03 December 2008 by VRS  |  Email |Print

From The former chief executive of AOL, the internet provider, is drumming up interest from investors for a bid for all or part of Yahoo!.

Jonathan Miller, who was credited with turning around AOL’s fortunes before he was ousted in November 2006, is talking to private equity investors and sovereign wealth funds in an attempt to put together a bid worth $20 to $22 per Yahoo! share. Shares in the internet search engine rose more than 9 per cent to $11.74 after news of the potential offer and were trading up 6.5 per cent at $11.46 at 2pm yesterday….. Full Article: Source

Fixed deposits: GIC and Temasek Holdings should accept them

Posted on 03 December 2008 by VRS  |  Email |Print

From Singapore’s GIC and Temasek are two of the best managed funds in the world, with a pool of exceptionally good managers with an excellent track record.

The Government should look into the possibility of enabling GIC and Temasek to accept fixed deposits by Singaporeans, especially the older and less educated citizens. …. Full Article: Source

Temasek plays musical chairs with assets

Posted on 03 December 2008 by VRS  |  Email |Print

From Singapore Airport Terminal Services (SATS) yesterday announced that it has agreed to buy a 69.68% stake in Singapore Food Industries (SFI) for S$334.5 million ($219 million). The stake is being sold by Ambrosia Investment, a wholly owned subsidiary of Temasek Holdings.

SATS also counts as a Temasek company since it is 80%-owned by Singapore Airlines, which in turn is 54.4% owned by the Singapore investment firm. It is a service provider that offers ground handling and catering services at Singapore’s Changi Airport. Via a number of joint ventures, it provides food services at 40 airports across nine countries….. Full Article: Source

China’s CDB relaunches as stockholding company

Posted on 03 December 2008 by VRS  |  Email |Print

From WSJ: China Development Bank, one of the country’s three policy lenders, became a stockholding company Monday as part of its transformation into a commercial entity that may eventually lead to a stock market listing.

The relaunch, which includes a new board of directors, comes after Central Huijin Investment Ltd., an investment vehicle under China’s sovereign-wealth fund, injected $20 billion into CDB…. Full Article: Source

East Timor kills Chinese power deal

Posted on 03 December 2008 by VRS  |  Email |Print

From A US$390 million power project tendered to Chinese investors was to be the defining action of the Parliamentary Majority Alliance (AMP) coalition government, with the infrastructure seen as crucial for improving livelihoods and attracting foreign investment to this impoverished island nation.

It was announced in October that the Chinese Nuclear Industry 22nd Construction Company had been awarded the tender to build two power generating stations - one in Manatuto district in central Timor and another on the country’s south coast - and an electricity grid, with the project budgeted over four years….. Full Article: Source

Caution urged on China financing

Posted on 03 December 2008 by VRS  |  Email |Print

From RFA: U.S. regulators should exercise caution as cash-strapped companies turn to China for financing in troubled economic times, experts say. A recent report by a Congressional watchdog panel raises concerns that China could use its financial clout to further political agendas as Beijing invests overseas.

The annual report of the U.S.-China Economic and Security Review Commission (USCC), released in November, highlights the risks of relying on Chinese state-controlled funding….. Full Article: Source

S.Korea November FX reserves drop $11.7 bln, seen falling more

Posted on 03 December 2008 by VRS  |  Email |Print

From Guardian: South Korea’s foreign reserves dropped by $11.7 billion in November to their lowest level in almost four years, a reflection of liquidity injections into the banking system to combat the global credit crisis.

Statements from the central bank and the finance ministry suggested reserves would continue to fall as they spend dollars to keep the financial system stable….. Full Article: Source

AIG bank may sale to Abu Dhabi investors for $254mn

Posted on 03 December 2008 by VRS  |  Email |Print

From AIGhas sold its Swiss-based private bank to an investor group from Abu Dhabi, marking its first significant disposal since it was taken over by the US government in a massive bail-out.

Aabar Investments PJSC, a quoted investment group linked to the Abu Dhabi government, said it paid SFr307m ($254m) for the private bank, and would also assume outstanding loans of up to a maximum of SFr100m….. Full Article: Source

Kuwaiti investment fund may rival LUKoil bid for Spain’s Repsol

Posted on 03 December 2008 by VRS  |  Email |Print

From The Kuwait Investment Authority (KIA) could rival a bid by Russian oil company LUKoil to buy a 20% stake in Spanish oil company Repsol YPF, the Finmarket website cited Spanish newspaper ABC as reporting.

Repsol shareholder Spanish builder, Sacyr Vallehermoso SA, is also reported to be considering other proposals after Russia’s largest independent crude producer first signaled it was interested in acquiring the Repsol stake….. Full Article: Source

2009 Permanent Fund dividend likely to shrink but not vanish

Posted on 03 December 2008 by VRS  |  Email |Print

From ADN: Will the sinking U.S. economy scuttle Alaskans’ Permanent Fund dividend checks too? The dollar signs sure look grim. The fund has lost $9 billion over the past four months.

Right now, the fund’s market value is more than $1 billion under the total amount deposited in the Permanent Fund over the past 32 years. This year is one of only two in the fund’s history — the same thing also happened in 2003 — that the fund’s value has dipped below the sum of its deposits….. Full Article: Source

SWFs and close UAE-African ties discussed at Crans Montana Forum

Posted on 03 December 2008 by VRS  |  Email |Print

From UAE Minister of Foreign Trade H.E. Sheikha Lubna underlined the importance of Sovereign Wealth Funds in accelerating the growth of developing economies and lauded productive and harmonious ties between the UAE and Africa.

This year’s edition, which adopts the theme ‘Strengthening the GCC-Africa Cooperation,’ is being held in association with the OPEC Fund for International Development (OFID), the Organisation for Economic Co-operation and Development (OECD) Development Centre. Many high-level officials attended the opening rites, including Prime Ministers and senior ministers from more than 20 African countries….. Full Article: Source

Brazil may tap SWF to fuel economic growth

Posted on 02 December 2008 by VRS  |  Email |Print

From Bloomberg: Brazil may tap 15 billion reais ($6.35 billion) put aside for a yet-to-be-approved sovereign wealth fund to ease the impact of the global credit crisis next year, Finance Minister Guido Mantega said.

Brazilian companies have been unable to meet 25 percent to 30 percent of their financing needs as external credit dried up, Mantega said. The wealth fund might help the state development bank known as BNDES boost lending to local companies, former central bank director Carlos Thadeu de Freitas Gomes said in an interview….. Full Article: Source

SWFs share the world’s financial troubles

Posted on 02 December 2008 by VRS  |  Email |Print

From Slumping financial markets are taking a heavy toll on investors everywhere, including big sovereign wealth funds that are being looked to for help to finance a global economic recovery.

Losses of up to 40 per cent on their stock holdings this year, combined with sliding oil prices, have cut the size the Gulf’s sovereign funds by at least a quarter according to new estimates by two New York-based economists who track the funds….. Full Article: Source

China’s CDB adopts joint stock company structure

Posted on 02 December 2008 by VRS  |  Email |Print

From Reuters: State-owned China Development Bank (CDB) has completed its conversion into a joint stock company, marking another step in the policy lender’s transformation along commercial lines, the bank said on Monday.

A ceremony to mark the creation of China Development Bank Corp, a new shareholding company with limited liability, was held in Beijing on Monday, the bank said in a statement published on its website (, confirming what banking sources earlier said….. Full Article: Source

Ex-UBS China chief to head CIC unit

Posted on 02 December 2008 by VRS  |  Email |Print

From Reuters: China Investment Corp, the country’s sovereign wealth fund, has appointed a former China head of investment bank UBS AG as its head of alternative investments, a source with direct knowledge of the matter told Reuters on Monday.

Zhou Yuan, who was UBS’ senior banker in China between 1994 and 1998, will be based in CIC’s Beijing headquarters, said the source who declined to be identified before an official announcement is made….. Full Article: Source

SWFs getting out at the bottom

Posted on 02 December 2008 by VRS  |  Email |Print

From Sovereign wealth funds, many of them state-owned investment funds from the Middle East, are rapidly retrenching, shifting their sights from New York and London and now financing firms closer to home.

These funds, located in Kuwait, Dubai, Qatar, and Abu Dhabi, are altering their investment strategies after they have lost billions of dollars in shares in ailing American and European banks. …. Full Article: Source

Aabar snaps up AIG Private Bank

Posted on 02 December 2008 by VRS  |  Email |Print

From Aabar Investments, an Abu Dhabi-based investment company, will acquire AIG Private Bank from its parent company, the troubled American International Group (AIG), for 307 million Swiss francs (Dh931.2m).

The acquisition comes less than three months after the US government took emergency measures to rescue AIG from financial difficulties. “This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth management and to further develop it in our region,” said Khadem al Qubaisi, the chairman of Aabar….. Full Article: Source

Dubai to hold property roll out as Emaar, Nakheel merger denied

Posted on 02 December 2008 by VRS  |  Email |Print

From The Dubai government has indicated that it is looking at holding down the roll out of upcoming housing units to steady the emirate’s real estate market.

The announcement comes as the authorities also denied that a rumoured merger between the city’s two biggest developers, Emaar and government-owned Nakheel Properties, was on the cards….. Full Article: Source

Capital invested abroad is coming home, say experts

Posted on 02 December 2008 by VRS  |  Email |Print

From Capital from the region, which used to flock the US and Europe, are now coming back. “There is no central bank tracking down the capital coming home but talk to investors, high network investors, financial institutions and SWFs and you would hear that the focus is now here,” Philip Southwell, head of Global Banking Central and Eastern Europe, Middle East and Africa, Deutsche Bank.

Dubai International Capital, for one, has been zeroing its eyes in the Middle East, China and India….. Full Article: Source

Arab economies to grow despite setbacks

Posted on 02 December 2008 by VRS  |  Email |Print

From Arab sovereign wealth funds possess at least $1.53-trillion in assets, with considerably more in reserves and accumulated private wealth.

Buoyant investment activity is now and will continue to be supported by oil income and wealth: The current account surplus of oil economies is expected to double to some $132-billion (U.S.) in 2008 against $77-billion in 2007….. Full Article: Source

Russia’s Reserve, National Prosperity Funds show growth in Nov.

Posted on 02 December 2008 by VRS  |  Email |Print

From Russia’s Reserve Fund has grown by 88.59 billion rubles ($3.2 bln), while the country’s National Prosperity Fund has increased by 440.98 billion rubles ($16 billion) since November 1, the Finance Ministry said on Monday.

As of December 1, the Reserve Fund totaled 3.661 trillion rubles ($132.63 billion), while the National Prosperity Fund stood at 2.109 trillion rubles ($76.38 billion). …. Full Article: Source

Acquisition of foreign assets by GCC exceeds $900bn

Posted on 02 December 2008 by VRS  |  Email |Print

From The cumulative acquisition of foreign assets by the Gulf Cooperation Council (GCC) exceeded $900 billion in the five years ended June 2008.

Traditionally, the US has been the destination for the bulk of GCC capital. According to Samba Financial Group report — Tracking GCC Foreign Investments: How the Strategies are Changing with Markets in Turmoil — interest in the US market has remained strong in recent years, accounting for almost half the foreign assets accumulated during the past five years….. Full Article: Source

December 2008
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