Abu Dhabi

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Oil-Rich Abu Dhabi Plans Nuke Plants

Emirates expected to sign nuclear co-operation deal with US today

(Newser) - Abu Dhabi is planning a shift away from fossil fuels despite being one of the world's major oil producers, BusinessWeek reports. The UAE territory, faced with surging demand for electricity and dwindling natural gas reserves, aims to build nuclear plants to supply a quarter of its power. A cooperation deal...

Gulf Oil Powers Pump Green Into Clean Technology

States invest billions to keep atop energy-economy heap

(Newser) - Though the per-capita carbon footprint of the United Arab Emirates dwarfs that of most anywhere else, it and fellow Persian Gulf oil giants like Qatar and Saudi Arabia are becoming the unlikely cradle of green technology, the New York Times reports. Wary of the world’s dependence on crude and...

Abu Dhabi Invests Another Billion in Hollywood

New subsidiary will work with 3 US producers

(Newser) - A media branch of Abu Dhabi’s government funneled $1 billion into a partnership with Warner Brothers last year—and now a subsidiary of the same firm is investing a second billion over the next 5 years with three US film producers, the New York Times reports. “Abu Dhabi...

Ambitious Director Revives the Louvre

Henri Loyrette has global ambitions that grate traditionalists

(Newser) - France's publicly funded museums once eschewed the big-money efforts that are common in American art institutions. Not anymore. BusinessWeek profiles Henri Loyrette, the ambitious director of the Louvre in Paris, who has coaxed major corporations to pony up cash, rented out its galleries for the filming of The Da Vinci ...

Weak Dollar Scaring Off Foreign Funds
Weak Dollar Scaring Off Foreign Funds
ANALYSIS
Jul 17, 2008 4:18 PM CDT

Weak Dollar Scaring Off Foreign Funds

US policy has big China, Gulf spenders looking to divest

(Newser) - With the dollar declining and US economic outlook uncertain, some large sovereign wealth funds are looking to cut down on greenbacks, the Financial Times reports. One such Persian Gulf fund has cut its dollar-denominated investments from 80% to 60%, and China’s State Administration of Foreign Exchange is aggressively exploring...

Petrodollars Snap Up Americana
Petrodollars Snap Up Americana
Jul 10, 2008 4:33 AM CDT

Petrodollars Snap Up Americana

Foreigners 'recycle' bucks with trophy buys like Chrysler Building

(Newser) - Foreign investors flush with dollars from the global commodities boom are using those greenbacks to buy flashy American properties, the New York Times reports. The government of Abu Dhabi bought a 75% stake in the Chrysler building Tuesday. Other recent "trophy" buys have included Donald Trump's Palm Beach mansion...

Abu Dhabi to Buy Chrysler Building

Sovereign wealth fund offers $800M for NYC landmark

(Newser) - The Chrysler Building—a jewel of the New York City skyline since 1930—is poised to be sold to the Abu Dhabi Investment Council, reports the New York Post. The nation's oil-rich sovereign wealth fund is offering $800M for a 75% stake in the skyscraper.

Dubai Sheik Pays $2.7M for Camel

May have been a record; then Abu Dhabi sheik shelled out $7M for pair

(Newser) - A Dubai prince broke the bank yesterday at an Abu Dhabi event billed as the world's top camel festival, spending $2.7 million on a prize-winning female. That was a record—until an Abu Dhabi sheik outdid him, shelling out $7 million for a pair of racing camels, RIA Novosti...

Dubai Is the New Mecca for Theme Parks

Abu Dhabi, Shanghai also among locations planning impressive amusements

(Newser) - The big US amusement companies—Six Flags, Universal, SeaWorld, Warner Bros., MGM—have all seen the future, and it's in Dubai. That's where the world's largest playland—a sprawling $64-billion collection of theme parks, golf courses, museums and hotels—is going up, but it's only the most dramatic of projects...

Jean Nouvel Wins Pritzker Prize
 Jean Nouvel Wins Pritzker Prize 
Mar 31, 2008 2:45 AM CDT

Jean Nouvel Wins Pritzker Prize

Pritzker jury praises Guthrie designer Jean Nouvel's 'inquisitive mind'

(Newser) - The French designer of the Arab World Institute in Paris and Minneapolis’ Guthrie Theater has won architecture's top award, the Pritzker Prize, reports the New York Times. Jean Nouvel’s projects "greatly expanded the vocabulary of contemporary architecture,” the Pritzker jury noted. “His inquisitive and agile mind...

Sovereign Funds Agree on Conduct

Treasury's Paulson works deal on keeping investment from crossing political bounds

(Newser) - Investment funds bankrolled by the governments of Abu Dhabi and Singapore agreed today with US Treasury Secretary Henry Paulson on guidelines aimed at allaying fears of political interference by the sovereign wealth funds, the Wall Street Journal reports. Decisions should be “based solely on commercial grounds," a statement...

Spending Spree Puts Abu Dhabi Under Spotlight

After US grabs, officials focus on secretive sovereign wealth fund

(Newser) - When Abu Dhabi's investment arm poured $7.5 billion into Citigroup, to bail out America's biggest bank, the move didn't escape notice in Washington. The world’s biggest sovereign wealth fund has been flexing its muscle, making increasingly aggressive investments  in foreign interests, the New York Times reports. And though...

Arabs Building First Green City
Arabs Building First Green City
Feb 10, 2008 5:14 PM CST

Arabs Building First Green City

Run on solar power, Masdar City will cost $22 billion and take 8 years to construct

(Newser) - Earth's first carbon-free city is being built in the United Arab Emirates and will take 8 years and $22 billion to complete, the BBC reports. Called Masdar City, it will run on solar power and shuttle residents on travel pods via magnetic tracks. But critics say the $22 billion project,...

To Save Energy, Prince Charles Beams to UAE

Hologram speaks up for environment at international summit

(Newser) - Prince Charles popped over to Abu Dhabi yesterday to underscore the importance of finding a solution to global warming, then went out like a light. And he used as much energy as a light bulb—instead of spewing 20 tons of carbon waste into the air by taking a jet,...

For Hurting US Companies, World Supplies Band-Aid

In economic sea change, 'we need the money,' one US Rep. says

(Newser) - The subprime collapse has US financial institutions in uncharted waters—asking for help from foreign investors and governments, the Wall Street Journal reports. Citigroup, Merrill Lynch, and Morgan Stanley all have recently sought bailouts, a dramatic switch from a tradition that saw US banks coming to the “rescue of...

UBS Writes Down $10B; Sells $11.5B Stake

Subprime exposure will cost bank Q4 profit, result in loss for the year

(Newser) - Investors from Singapore and the Mideast will breathe $11.5 billion in new capital into UBS as the Swiss banking giant announces that it will write down an additional $10 billion in subprime holdings, Bloomberg reports. The bank said the subprime losses, the biggest  by a European bank, will wipe...

Banks Seeking Cash Spur New Merger Round

Citigroup blows off BoA for Abu Dhabi, but it's just the beginning

(Newser) - An informal merger overture from Bank of America to cash-starved Citigroup was recently rejected, the Wall Street Journal reports, in favor of a smaller, $7.5 billion infusion from the Abu Dhabi government, approved by the bank today. But the offer, quickly disavowed by BoA, underscores the fact that a...

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot...

Abu Dhabi Bails Out Citigroup With $7.5B Deal

Cash infusion for 4.9% stake will make it Citi's largest shareholder

(Newser) - Staggered by the weight of subprime mortgage losses and with its stock trading at its lowest level since 2002, embattled Citigroup last night announced a $7.5 billion cash infusion from the government of Abu Dhabi, the Wall Street Journal reports. The deal strengthens Citi’s capital base and investor...

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up...

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