Sovereign wealth funds move away from Western markets
Middle East: Wednesday, November 26 - 2008 at 10:18
Sovereign wealth funds in the Middles East are shifting their focus away from Western stock markets to help boost their local economies and protect themselves from losses in the City and on Wall Street, reported London's The Times. The Kuwait Investment Authority has moved $4bn from Western markets into its own bourse and the Qatar Investment Authority has begun a bailout of local banks. Dubai International Capital is concentrating on emerging markets and rumours have spread that the Abu Dhabi Investment Authority, a $700bn oil fund, is retreating to local markets, the newspaper reported.
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Jeff Florian, Senior ReporterWednesday, November 26 - 2008 at 10:18 UAE local time (GMT+4)
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