Thursday, January 15, 2009
Saudi switches places with UAE
Saudi switches places with UAE: "Saudi Arabia’s sovereign wealth fund has now overtaken the value of Abu Dhabi’s, according to a new report released yesterday.
Abu Dhabi Investment Authority (ADIA) may have lost 5 billion last year, pushing the fund to second place behind the Saudi Arabian Monetary Agency (SAMA) after the global credit crisis cut asset prices, the Council on Foreign Relations (CFR) said.
Abu Dhabi’s fund was “hard hit by the recent fall in global equities”, the study added.
“A high allocation to equities, emerging market and private equity” contributed to the drop.
Abu Dhabi’s fund was managing an estimated 8 billion at the end of last year compared with 3 billion a year earlier, said the US think tank’s report, which examined the four largest Gulf sovereign funds."
Abu Dhabi Investment Authority (ADIA) may have lost 5 billion last year, pushing the fund to second place behind the Saudi Arabian Monetary Agency (SAMA) after the global credit crisis cut asset prices, the Council on Foreign Relations (CFR) said.
Abu Dhabi’s fund was “hard hit by the recent fall in global equities”, the study added.
“A high allocation to equities, emerging market and private equity” contributed to the drop.
Abu Dhabi’s fund was managing an estimated 8 billion at the end of last year compared with 3 billion a year earlier, said the US think tank’s report, which examined the four largest Gulf sovereign funds."
