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Sovereign Wealth Funds Briefing - Archive | March, 2009

Bahrain’sSWF eyes stakes in global food, financial, telecoms firms

Posted on 31 March 2009 by VRS  |  Email |Print

From Bahrain’s sovereign wealth fund is eyeing stakes in U.S, European and Asian firms, in sectors including commodities and financial services, as it looks to boost its international portfolio, its chief executive said on Monday.

The value of investments held by the sovereign wealth fund had fallen by about 10-15 percent from around $10 billion as a result of the global economic downturn, Mumtalakat CEO Talal al-Zain told Reuters in an interview in Bahrain’s capital Manama…..Full Article: Source

Gulf sovereign wealth funds see further fall

Posted on 31 March 2009 by VRS  |  Email |Print

From The global financial distress has inflicted heavy losses on state funds from the Gulf oil heavyweights and their assets will likely erode further in 2009 because of low oil prices, according to a US study.

Even if oil prices averaged around $75 (Dh275.49) in the next few years, the asset portfolio of the sovereign wealth funds (SWFs) in the region could still suffer as high public spending means little surplus will be left for those funds, said the study by the New York-based Council on Foreign Relations (CFR)…..Full Article: Source

At Sovereign Funds, a history of bad timing

Posted on 31 March 2009 by VRS  |  Email |Print

From After becoming international wheelers and dealers just a few years ago, sovereign wealth funds have staged a retreat. Instead of hunting for bargains beyond their borders, many of these government-run investment pools seem to be staying close to home.

That may not be surprising, judging from the conclusions of a new study to be released by the National Bureau of Economic Research, Harvard Business School and the Massachusetts Institute of Technology…..Full Article: Source

Sovereign Wealth Funds and Financial Stability

Posted on 31 March 2009 by VRS  |  Email |Print

From The present financial crisis has placed financial stability at the forefront of policy discussions. At the same time, sovereign wealth funds have become much more significant players over the past two years.

This column summarises the results of some recent studies about sovereign wealth funds and their implications for financial stability. Overall, the existing research on SWFs suggests that they can be a stabilising force in global financial markets…..Full Article: Source

China Construction Bank says Temasek to raise stake

Posted on 31 March 2009 by VRS  |  Email |Print

From Reuters: China Construction Bank (CCB), the world’s second-largest lender by market value, said on Monday that Singapore state investor Temasek Holdings planned to increase its stake in the Chinese lender.

The bank did not clarify when or by how much Temasek would raise its stake, saying only that the Singapore firm would do so over the long term…..Full Article: Source

Sovereign wealth funds

Posted on 31 March 2009 by VRS  |  Email |Print

From FT: Shovel money into hole, douse with petrol, set alight. Gulf investors got burned last year after they invested billions of dollars in struggling banks. The Abu Dhabi Investment Authority and its counterparts in Kuwait and Qatar no doubt thought they were getting a great deal when they agreed to inject capital into banks such as Citigroup and Barclays. Events proved otherwise.

Big sovereign wealth funds and smaller state-controlled investment vehicles have retrenched in recent months as falling oil prices added to the pain. Still, with all that oil wealth to put to work, no one expected them to sit still for ever. And with last week’s €2bn investment in Daimler, the German carmaker, by Abu Dhabi’s Aabar Investments, the sovereigns are back…..Full Article: Source

Akpabio wants excess crude account abolished

Posted on 31 March 2009 by VRS  |  Email |Print

From “We should abolish the excess crude oil account. There should not be any money that should be called excess crude; the money must return to the states for development.”
This was Governor Godswill Akpabio of Akwa Ibom State’s recipe for resolving the financial squeeze the three tiers of government have been subjected to in the face of the global financial crisis…..Full Article: Source

Why Charles Goodyear got Temasek go-ahead

Posted on 30 March 2009 by VRS  |  Email |Print

From The appointment of Charles Goodyear as the first foreigner to lead Temasek Holdings has sparked plenty of debate since the news was announced last month.

And the debate continued in Parliament yesterday, when some MPs wanted more light shed on the decision to name a foreigner chief executive of the Singapore investment firm…..Full Article: Source

Abu Dhabi registers to sell $10 bln of bonds

Posted on 30 March 2009 by VRS  |  Email |Print

From Bloomberg: Abu Dhabi, the oil-rich emirate with the world’s largest sovereign wealth fund, has registered to borrow as much as $10 billion from international investors.

The bonds would raise Abu Dhabi’s debt tenfold to 10 percent of forecast gross domestic product, according to Fitch Ratings, which assigned a ranking of AA, the third-highest investment-grade category…..Full Article: Source

Abu Dhabi’s $10bln sovereign bond attracts top ratings

Posted on 30 March 2009 by VRS  |  Email |Print

From The upcoming $10 billion bond of Abu Dhabi government received high rankings of “AA” and “Aa2″ from top credit rating agencies as the emirate strives hard to tap investors’ interest in its diversifying economy.

The energy-rich emirate has registered a Global Medium-Term Note, or GMTN, programme envisaging issuance of up to $10 billion in global sovereign bonds, at benchmark sizes and at medium-term maturities…..Full Article: Source

Norway ‘invests in illegal Israeli settlements in the West Bank’

Posted on 30 March 2009 by VRS  |  Email |Print

From In 2008 the Norwegian Government Pension Fund invested 5.5 million NOK (860,000 US dollars) of tax money in the Africa-Israel investment company, which has been linked to the Israeli settlement industry.

The company has built and continues to build illegal settlements in the occupied West Bank through its subsidiary construction firm Danya Cebus. Among the illegal settlements are Har Homa in Bethlehem and Ma’aleh Adumim near East Jerusalem…..Full Article: Source

Sikorsky Aerospace Services partnering with Mubadala Development to open MRO Center

Posted on 30 March 2009 by VRS  |  Email |Print

Sikorsky Aerospace Services and the Mubadala Development Company today announced “the signing of a Heads of Agreement (HOA) to form a joint venture that will establish an aviation military Maintenance Repair and Overhaul (MRO) Center serving the United Emirates Armed Forces and other military aircraft throughout the Middle East and North Africa. Mubadala is a leading business development and investment company headquartered in Abu Dhabi, United Arab Emirates.

Sikorsky Aircraft Corp. is a subsidiary of United Technologies Corp.and the parent of the Sikorsky Aerospace Services aftermarket business, which will have a leading role as a partner in the new venture…..Full Press Release: Source

Strong Libya job market lures Maghreb workers

Posted on 30 March 2009 by VRS  |  Email |Print

From The global financial crisis is a potential boon for Libya, as managers of the country’s sovereign wealth fund – the Libya Investment Authority (LIA) – look for ways to spend its $70 billion dollars on real estate, utilities and other bargains in the West.

“It is a very good opportunity for us to look for good investments which we can buy in Europe, in the United States and in other markets,” LIA chief Mohamed Layas said…..Full Article: Source

Russia no early decisions on reserve currency

Posted on 30 March 2009 by VRS  |  Email |Print

From Reuters: The Russian central bank does not expect any decisions on a new global currency any time soon with the dollar remaining the main reserve unit, First Deputy Chairman of the central bank Alexei Ulyukayev said on Friday.

Reserve holders China and Russia sparked a heated debate ahead of the G20 summit in London next week proposing to use the International Monetary Fund’s Special Drawing Rights as a new global reserve currency…..Full Article: Source

Sovereign wealth fund assets rise

Posted on 27 March 2009 by VRS  |  Email |Print

Aggregate total assets for sovereign wealth funds reach $3.22 trillion as newly established funds keep the sector growing in 2009. Released today, Preqin’s newest report, the 2009 Preqin Sovereign Wealth Fund Review reveals that the aggregate total assets for sovereign wealth funds (SWFs) has continued to climb over the past year.

SWFs have not escaped the effects of the global downturn, and some have seen their total assets fall considerably as a result of the drop in value of their investments. However, as the past twelve months have seen a number of new entities emerging, the collective might of sovereign wealth funds has not diminished as a result of the economic slowdown.

The aggregate assets under management for sovereign wealth funds is currently standing at $3.22 trillion, which although is not as big a growth as we have seen in previous years, still represents a 6% increase from one year ago when the figure stood at $3.05 trillion, and represents a 59% increase from the 2007 figure of $2.02 trillion. This growth is primarily due to the reclassification of China’s $312bn SAFE Investment Company as a SWF following its purchase of a number of public and private equity interests in 2008. Khazakstan has also incepted a new fund - the $29bn Samruk Kazyna National Welfare Fund over the course of 2008, while Korea is one of the existing funds that has boosted the assets of its SWF over the past year. These funds have counteracted the effects of declining total assets of some SWFs that have suffered as a result of poor investment returns in the wake of the global economic downturn.
….Full Press Release: Source

Sovereign wealth fund boom or blah?

Posted on 27 March 2009 by VRS  |  Email |Print

From A foreign policy expert on Thursday told Markets Media that while sovereign wealth funds grew last year, it is unlikely the sector struck funding levels of more than $3.2 trillion dollars as estimated in a new report.

The report, released Thursday by financial consulting firm Preqin, estimated that that sovereign wealth funds increased more than 6 percent from $3.05 trillion in 2008, despite the global economic downturn. Sovereign wealth funds are traditionally difficult to value, because they are government-sponsored pools of capital that are often not required to disclose public funding figures and are some of the world’s largest and active institutional investors…..Full Article: Source

Gulf SWFs to keep a low profile after slowdown

Posted on 27 March 2009 by VRS  |  Email |Print

From Heavy losses caused by the collapse of global markets will ally with the crash in crude prices to force Gulf state funds to slow down their investment push into the West and other countries, a key Saudi investment fund has said.

NCB Capital, an offshoot of the Saudi National Commercial Bank, said the sovereign wealth funds (SWFs) in the six-nation Gulf Co-operation Council (GCC) have received a severe blow from the global economic crisis as the bulk of their assets are based abroad…..Full Article: Source

Middle Eastern wealth funds seek mining investments

Posted on 27 March 2009 by VRS  |  Email |Print

From Bloomberg: Sovereign wealth funds from the Middle East, and Japanese and Korean companies are seeking mining acquisitions and investments after asset values dropped, competing with Chinese companies, UBS AG said.

“This is the time to do that because asset values are low,” Paul Knight, managing director and joint global head of metals and mining with UBS, said today. “The Koreans are looking at acquisitions, and the Japanese to some extent.” ….Full Article: Source

Sovereign wealth funds prefer equities

Posted on 27 March 2009 by VRS  |  Email |Print

From FT: Sovereign wealth funds are overwhelmingly exposed to equities and fixed income, according to the latest data from Preqin, a research firm which focuses on alternative asset classes.
SWFs’ appetite for Western assets - notably financial institutions, is on the wane, with many funds turning to domestic and regional investments…..Full Article: Source

Norway’s global pension gamble

Posted on 27 March 2009 by VRS  |  Email |Print

From BBC: The Government Pension Fund of Norway comprises two separate sovereign wealth funds, one dubbed the “oil fund”, which invests Norway’s oil and gas earnings overseas.

It all came to a head earlier this month when it was revealed that the fund suffered a loss of more than $90bn (£61bn) last year…..Full Article: Source

Oil fund revamps risk measurement

Posted on 27 March 2009 by VRS  |  Email |Print

From The Government Pension Fund-Global is re-evaluating its risk processes to include credit and liquidity risk after losses in the fund’s fixed income portfolio.
Norwegian Ministry of Finance investment director Thomas Ekeli said the fund’s traditional risk measurements didn’t sufficiently evaluate liquidity and credit risk within fixed income and that the Ministry has asked officials at the so-called oil fund to include those as “complementary factors” in the overall risk analysis.″ target=”_blank”>Source

Temasek hires CEO for oil exploration unit Orchard

Posted on 27 March 2009 by VRS  |  Email |Print

From Reuters: Singapore state investor Temasek Holdings has hired a CEO for its year-old offshore oil and gas exploration unit, indicating the state investor is preparing to invest in the energy sector.

Tony Tan, who previously headed exploration and production at Singapore Petroleum Co, has joined Orchard Energy as chief executive, a source familiar with the 100 percent-owned unit of Temasek said on Thursday.″ target=”_blank”>Source

Adih eyes US, Europe distressed assets

Posted on 27 March 2009 by VRS  |  Email |Print

From Abu Dhabi Investment House (Adih) aims to capitalise on opportunities in distressed assets in the US and European countries, said its Deputy Chief Executive Officer Fawaz Al Jowder.

In an interview with CNBC Arabiya, he said the company has extended its operations to North Africa including Morocco and Tunisia, and Southeast Asia.” target=”_blank”>Source

Global reserve currency talks legitimate : IMF

Posted on 27 March 2009 by VRS  |  Email |Print

From In a significant development, the IMF on Wednesday said talks on a new world reserve currency to replace the dollar were legitimate and could take place in the coming months.

Speaking to reporters here IMF managing director Dominique Strauss-Kahn said, “I think the discussion about a new currency is absolutely legitimate”” target=”_blank”>Source

UN panel touts new global currency reserve system

Posted on 27 March 2009 by VRS  |  Email |Print

From AFP: A UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.

“A new Global Reserve System — what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity,” the panel said.” target=”_blank”>Source

SWF admits risk management failure

Posted on 26 March 2009 by VRS  |  Email |Print

From The world’s second-largest sovereign wealth fund said it had misjudged the risk in its fixed income portfolio over the financial crisis, two weeks after it announced investment losses that wiped out almost a decade of positive returns.….Full Article: Source

SWFs eye commerical real estate

Posted on 26 March 2009 by VRS  |  Email |Print

From Sovereign wealth funds could invest as much as US$725 billion in global commercial real estate by 2015, according to a new report published by property consultant CB Richard Ellis (CBRE). CB Richard Ellis’ research suggests commercial real estate could account for seven percent of total SWF assets within seven years.

With nearly US$4 trillion of total assets currently under sovereign wealth fund (SWF) control, a 7 percent allocation would bring total worldwide commercial real estate investments to US$280 billion, the report estimates……Full Article: Source

MPs question Temasek’s CEO choice

Posted on 26 March 2009 by VRS  |  Email |Print

From There is still six months to go before the new boss takes over Temasek’s hot seat. But already, the questions are coming in thick and fast.
In Parliament yesterday, the hot topic was on how and why Temasek decided to have an American - Mr Charles Goodyear (right) - take over the reins when current CEO Ho Ching steps down on 1Oct…..Full Article: Source

Protecting Temasek from rogue CEOs

Posted on 26 March 2009 by VRS  |  Email |Print

From With a foreigner set to take the reins of Temasek Holdings in October, will Singapore’s strategic assets be vulnerable to an opportunistic chief executive out to make a quick buck?

How about the risk that he may divulge state secrets that he might be privy to, at the expense of national interests? ….Full Article: Source

Temasek mulls more mining investments

Posted on 26 March 2009 by VRS  |  Email |Print

From Temasek Holdings, the sovereign wealth fund that hired BHP Billiton’s former chief, will consider further investments in resource companies as slumping prices force producers to seek partners.

“We’re opportunistic,” Mr Nagi Hamiyeh, managing director of investments, said yesterday on the sidelines of the :Asia Mining Congress here. “The resource sector is going to be a very good proxy for economic growth, especially of emerging economies of Asia and the rest of the world.” ….Full Article: Source

Central Huijin buys 76.6 mln A-shares of Bank of China in 2008

Posted on 26 March 2009 by VRS  |  Email |Print

From China Knowledge: Bank of China, one of the country’s Big Four banks, said the Central Huijin Investment Co Ltd.,the wholly-owned subsidiary of China’s sovereign wealth fund China Investment Corp (CIC), bought approximately 76.6 million A shares of the company last year, sources reported.

According to BOC’s latest financial report, Central Huijin now holds 171.40 billion shares of the bank, including 2 million shares of the Chinese lender on Sep. 23, 2008…..Full Article: Source

Mumtalakat says no selling of assets now

Posted on 26 March 2009 by VRS  |  Email |Print

From The head of Mumtalakat Bahrain, the country’s sovereign wealth fund, told Reuters he does not expect the company to divest its holdings in local firms this year because of low market valuations.
Mumtalakat had been planning to sell-off assets in which it has a majority position and buy into foreign companies as part of a strategy to diversify Bahrain’s assets…..Full Article: Source

Future Fund chairman cautious about exec pay clampdown

Posted on 26 March 2009 by VRS  |  Email |Print

From ABC: Future Fund chairman David Murray has warned the Federal Government to be wary of putting general restrictions on incentive payments for executives.

The Productivity Commission will investigate executive remuneration, including links between performance and pay, and the processes used to set executive pay…..Full Article: Source

Super fund winners announced

Posted on 26 March 2009 by VRS  |  Email |Print

From There were some familiar names as the annual SuperRatings awards were handed out at the Conference of Major Superannuation Funds yesterday.

SuperRatings managing director Jeff Bresnahan presented the SuperRatings Eligible Rollover Fund (ERF) of the Year Award to last year’s winner Ausfund…..Full Article: Source

Aabar’s Daimler foray a step in right direction: UAE paper

Posted on 26 March 2009 by VRS  |  Email |Print

From WAM: In a bold move, Abu Dhabi government-linked Aabar Investments has taken advantage of the low prices for shares in global companies and bought a 9.1 per cent stake in German carmaker Daimler.

This brings investment in international companies by UAE entities to more than Dh134 billion over the past two years. Dubai World and Mubadala Development Company are among the companies that have snapped up stakes in infrastructure and financial services groups, among others, across the world, as the UAE increasingly seeks to diversify its investments…..Full Article: Source

The recession won’t moderate Russia’s foreign policy

Posted on 26 March 2009 by VRS  |  Email |Print

From The Kremlin has already announced $2 billion loans to Kyrgyzstan and Belarus, a $3 billion contribution to Kazakhstan’s sovereign wealth fund, and plans to establish a $10 billion regional bailout fund for post-Soviet states.

And as Ukraine’s internal political volatility continues to hamstring international lending there, Russia is poised to extend a similar amount to Kiev…..Full Article: Source

Central Bank President says Chile doesn’t need IMF credit line

Posted on 26 March 2009 by VRS  |  Email |Print

From WSJ: Chile’s central bank president Jose De Gregorio on Wednesday applauded the International Monetary Fund newly announced overhaul, but said the South American nation doesn’t need any of the new credit lines.

“Thankfully, thanks to our solvency levels, sovereign debt rating and international liquidity, Chile doesn’t need this extraordinary financing,” De Gregorio said…..Full Article: Source

UK’s Brown says world has reserves to beat crisis

Posted on 26 March 2009 by VRS  |  Email |Print

From Reuters: The world has more than enough reserves to help restore financial stability, British Prime Minister Gordon Brown said on Wednesday, but a way needs to be found of unlocking the funds.

Speaking on the second leg of a three-continent tour to drum up support for the G20 summit in London next week, Brown said countries with high reserves, such as China, needed an insurance policy to protect them while encouraging them to lend…..Full Article: Source

US backing for world currency stuns markets

Posted on 26 March 2009 by VRS  |  Email |Print

From Telegraph: US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance…..Full Article: Source

US$10bln aid funds to target Dubai SWF firms

Posted on 25 March 2009 by VRS  |  Email |Print

From Funds from an emergency $10 billion rescue plan will target Dubai World, Dubai Holding and domestic firms in the emirate’s sovereign wealth fund’s portfolio, Dubai’s finance department head said on Tuesday.

A five-man fiscal committee, headed by Emirates airline chairman and local power broker Sheikh Ahmed bin Saaed Al-Maktoum, was re-established a month ago to assess the companies’ requirements and decide how the funds would be used, Nasser Al-Shaikh told Reuters in an interview on Tuesday…..Full Article: Source

Vale says welcomes sovereign wealth fund investment

Posted on 25 March 2009 by VRS  |  Email |Print

From Reuters: Brazil’s Vale, the world’s biggest iron ore miner, wants sovereign wealth funds to invest much more in its business after thus far hesitant steps into the mining industry, a senior executive said on Tuesday.

From Singapore to the Middle East, sovereign wealth funds still flush with cash are showing signs of picking up bargain priced mining assets, with China’s $200 billion fund making its interest clear earlier this month and Singapore appointing BHP Billiton’s former top executive to run one of its funds…..Full Article: Source

Abu Dhabi investment house plans distressed fund

Posted on 25 March 2009 by VRS  |  Email |Print

From Reuters: With the global economy slowing down, ADIH is planning to capitalise on the opportunities in distressed assets. This could be the first distressed assets fund from the Middle East. The Abu Dhabi Investment House (ADIH) is planning to launch a fund to acquire distressed assets.

The likely size of the fund or the timeline of the launch is not known. The firm is however looking at new sectors like cleantech and pharma, and expanding to newer geographies. ….Full Article: Source

Mumtalakat rules out assets sale

Posted on 25 March 2009 by VRS  |  Email |Print

From Bahrain’s sovereign wealth fund, Mumtalakat Bahrain, said on Tuesday it did not expect to divest its holdings in local firms this year because of low market valuations.

Mumtalakat had been planning to sell-off assets in which it has a majority position and buy into foreign companies as part of a strategy by the small Gulf Arab oil producer to diversify its assets…..Full Article: Source

USA sovereign wealth fund

Posted on 25 March 2009 by VRS  |  Email |Print

From It seems that the market’s 500 point positive reaction to the US Treasury’s Public Private Invesment Program was a resounding vote of confidence. Then again, given the many headfakes the market has given us over the last year (anyone remember October’s 900 point day?), the market doesn’t seem the greatest judge of fiscal policy effectiveness.

So, what exactly is this new plan and why is it going to save the day? ….Full Article: Source

Abu Dhabi flexes international dealmaking muscle

Posted on 25 March 2009 by VRS  |  Email |Print

From FT: A few years ago, the only investment vehicle that attracted much interest in Abu Dhabi was the Abu Dhabi Investment Authority, estimated to be the world’s largest sovereign wealth fund.

But the number of funds seeking to make international deals is rapidly increasing. Aabar, which has risen to prominence with its acquisition of a 9.1 per cent stake in Daimler, is publicly listed and started life focused on oil and gas-related business. ….Full Article: Source

Fortescue Metals says CIC investment talks continuing

Posted on 25 March 2009 by VRS  |  Email |Print

From Bloomberg: Fortescue Metals Group Ltd., Australia’s third-largest iron ore exporter, said investment talks are still continuing with China Investment Corp., the $200 billion sovereign wealth fund.

“We can confirm that we are continuing to talk to CIC but clearly those discussions are both incomplete and confidential,” Chris Catlow, director of investment and business development at Perth-based Fortescue, said in an interview in Singapore today…..Full Article: Source

FountainVest fund eyes China consumers

Posted on 25 March 2009 by VRS  |  Email |Print

From Reuters: Private equity firm FountainVest, backed by Singapore state investor Temasek, will focus on Chinese consumer demand, urbanization and sustainable development as it puts its first $1 billion fund to work.

FountainVest will look to take minority stakes in privately held firms that will benefit from Beijing’s moves to boost domestic consumption, Chief Executive Frank Tang told the Reuters Private Equity and Hedge Funds Summit…..Full Article: Source

Germany should send a thank you letter to Abu Dhabi

Posted on 25 March 2009 by VRS  |  Email |Print

From Abu Dhabi’s stake in Daimler is a resounding vote of confidence in German industry and is even fueling desperate hopes of an economic recovery, write German media commentators.
It is also being seen as a negative signal for ailing automaker Opel, which has yet to attract buyers…..Full Article: Source

Abu Dhabi’s goals

Posted on 25 March 2009 by VRS  |  Email |Print

From FT: News that an Abu Dhabi-based investment fund is to take a strategic stake in Daimler will excite envy among other carmakers scrabbling for capital, along with the familiar sneers about Arab investors with more money than sense.

But we should look closer at what the oil-rich city-state is buying. Sitting on 8 per cent of the world’s crude reserves and the senior partner in the United Arab Emirates, Abu Dhabi is clear if not always transparent about its ambitions…..Full Article: Source

Arab Sheiks looking for treasure in Germany

Posted on 25 March 2009 by VRS  |  Email |Print

From Abu Dhabi’s stake in Daimler may herald a wave of Arab investments in German companies that are now available at bargain prices in the economic crisis. It’s a view shared by many sovereign funds in the Middle East, and there are strong signs that Arab investors will become increasingly active in Germany and Central Europe in the near future.

Despite the financial crisis, they have ample cash. Besides, the stock value of major companies has nosedived and governments are so busy trying to rescue their economies that their resistance to supposedly dangerous foreign investors has evaporated…..Full Article: Source

March 2009
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