Abu Dhabi

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Dow Up 30 on Dubai Rescue
 Dow Up 30 on Dubai Rescue 
MARKETS
Dec 14, 2009 3:10 PM CST

Dow Up 30 on Dubai Rescue

Exxon down 4.7% after XTO Energy acquisition

(Newser) - Stocks posted solid gains off the news that Abu Dhabi had given Dubai $10 billion to head off its credit woes, soothing worries of a sovereign default, the Wall Street Journal reports.
  • The Dow rose 29.55 points to close at 10,501.05.
  • The Nasdaq gained 21.79, closing
...

Abu Dhabi Sinks $10B Into Dubai

Regional markets up on news of funds to pay Nakheel's bond

(Newser) - Dubai markets soared today on news that the troubled sheikdom has received $10 billion in financing from neighbor Abu Dhabi. The funds come just in time for $4.1 billion to repay an Islamic bond of Dubai World's real estate arm, Nakheel, which matures today. The remaining money will be...

Will Cash-Rich Abu Dhabi Bail Out Profligate Dubai?

Weak UAE statement stokes fears of tension between emirates

(Newser) - The United Arab Emirates’ vaguely-worded statement of support yesterday for Dubai—which didn’t actually mention the city-state by name—isn’t reassuring investors, who fear rocky relations between emirates, the cash-strapped Dubai and oil-rich Abu Dhabi. The latter could easily wipe out Dubai World’s delinquent $59 billion debt,...

UAE Backs Dubai Banks
 UAE Backs Dubai Banks 
Nov 29, 2009 11:20 AM CST

UAE Backs Dubai Banks

Central bank steps in to reassure jittery markets

(Newser) - The UAE got behind domestic and foreign banks in troubled Dubai today, with its central bank setting up a "liquidity facility" on the eve before battered global markets were to re-open after a holiday break. The move was widely seen as countering the perception that Dubai might be the...

Abu Dhabi Won't Bail Out Dubai With Blank Check

UAE capital will 'pick and choose' its aid

(Newser) - Investors who hoped that oil-rich Abu Dhabi would write a blank check to cover the massive debts of Dubai—its flashier UAE sister city—got some bad news today. The capital city will instead "pick and choose" where to help. "We will look at Dubai's commitments and approach...

Stocks Flat After Big Rally
 Stocks Flat After Big Rally 
MARKET Open
Jun 2, 2009 8:52 AM CDT

Stocks Flat After Big Rally

(Newser) - Stocks were essentially flat at today's open on the heels of yesterday’s huge rally. The Dow inched down 15 points, while the Nasdaq and S&P fell 0.5% and 0.3%, respectively. Commodity prices were backing off, though oil still hovered around $68 a barrel. Financials were mixed,...

'Torture Sheik' Detained
 'Torture Sheik' Detained 
May 10, 2009 6:16 AM CDT

'Torture Sheik' Detained

(Newser) - An Abu Dhabi prince captured on videotape torturing a grain merchant has been detained by authorities, CNN reports. Sheik Issa bin Zayed al-Nahyan is under house arrest pending an investigation, officials of the United Arab Emirates have told the US State Department. The videotape shows the prince beating, burning and...

Torture Video Derails US-Emirates Nuke Deal

(Newser) - Video of a member of the UAE’s royal family brutally torturing an Afghan salesman threatens to sink a nuclear trade deal between the UAE and the US, the Times of London reports. Sheikh Issa bin Zayed al-Nahyan, a brother of the UAE president, is shown beating the trader and...

US Puts UAE on Fast Track to Nuclear Power

Abu Dhabi could have electricity program by 2017

(Newser) - An Arab state may be on the fast track to developing nuclear power—with the help of the US, the Wall Street Journal reports. American experts have been jetting to Abu Dhabi in recent few months to support the UAE’s nuclear aspirations, which could be speedily realized by 2017...

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...

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