New subsidiary will work with 3 US producers
New York Times Sep 3, 08 6:50 AM CDT
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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 Media Company is fulfilling its ambition to become a global player in the media industry,” said its chairman.
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Henri Loyrette has global ambitions that grate traditionalists
BusinessWeek Jul 29, 08 10:04 AM CDT
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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 Code , and reaped millions for the museum with touring exhibitions.
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ANALYSIS
US policy has big China, Gulf spenders looking to divest
Financial Times (UK) Jul 17, 08 4:18 PM CDT
(Newser)
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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 European investments—a sign they don't trust US policy-makers to defend their currency.
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Foreigners 'recycle' bucks with trophy buys
like Chrysler Building
New York Times Jul 10, 08 4:33 AM CDT
(Newser)
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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 and some major works by American artists.
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Sovereign wealth fund offers $800M for
NYC landmark
New York Post Jun 11, 08 10:02 AM CDT
(Newser)
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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.
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May have been a record; then Abu Dhabi sheik shelled out $7M for pair
RIA Novosti (Russia) Apr 9, 08 12:28 PM CDT
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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 reports. The more expensive of that duo was also a contest winner.
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Abu Dhabi, Shanghai also among locations planning impressive amusements
Los Angeles Times Apr 3, 08 3:56 PM CDT
(Newser)
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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 in the works all over the Middle and Far East, the Los Angeles Times reports.
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Pritzker jury praises Guthrie designer Jean Nouvel's 'inquisitive mind'
New York Times Mar 31, 08 2:45 AM CDT
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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 propels him to take risks in each of his projects."
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Treasury's Paulson works deal on keeping investment from crossing political bounds
Wall Street Journal Mar 20, 08 5:35 PM CDT
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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 reads, "rather than to advance … the geopolitical goals of the controlling government."
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After US grabs, officials focus on secretive sovereign wealth fund
New York Times Feb 28, 08 3:23 PM CST
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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 there’s nothing to suggest it has any goals beyond making money, the secretive fund is raising some concerns.
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Run on solar power, Masdar City will cost $22 billion and take 8 years to construct
BBC Feb 10, 08 5:14 PM CST
(Newser)
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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, funded by the city of Abu Dhabi, belies the oil-rich emirate's overall gobbling of resources.
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Hologram speaks up for environment at international summit
Daily Telegraph (UK) Jan 22, 08 11:39 AM CST
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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, the eco-friendly royal sent a hologram instead, the Daily Telegraph reports.
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In economic sea change, 'we need the money,' one US Rep. says
Wall Street Journal Jan 16, 08 12:02 PM CST
(Newser)
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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 nations and businesses across the world."
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