Business | Banking
Global gloom erodes value of sovereign funds in Gulf
Seven Gulf sovereign wealth funds face losing 15 per cent of their value because of the chaos in the world's financial markets, the Wall Street Journal reported, citing a report by Samba Financial Group.
- Bloomberg
- Published: 23:24 November 28, 2008
Dubai: Seven Gulf sovereign wealth funds face losing 15 per cent of their value because of the chaos in the world's financial markets, the Wall Street Journal reported, citing a report by Samba Financial Group.
Howard Handy, Samba's chief economist, said losses would amount to about $190 billion (Dh698.82 billion), effectively wiping out the funds' gains from soaring oil prices this year. Samba, Saudi Arabia's second largest bank by value, estimated oil revenue growth at $190 billion for 2008.
Samba examined the Abu Dhabi Investment Fund, Kuwait Investment Authority, Mubadala Development Co, Istithmar World Capital, which is owned by Dubai World, as well as the Qatar Investment Authority, Investment Corp of Dubai and the Saudi Arabian Monetary Agency, the Journal said.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
