SWF Radar ADIC

Financial News reports (subscription required) that, “The chief financial officer at Fidelity International [Chris Coobe] has left the fund manager to join the state-owned investment vehicle of the United Arab Emirates [ADIC], as sovereign wealth funds continue to attract top talent from western firms to support a surge in foreign spending.”

ArabianBusiness.com writes that, “Abu Dhabi Investment Co. (ADIC) is considering acquiring US assets that are looking attractive due to financial turmoil and the surging dollar, the state-owned group’s chief executive told newswire Reuters.”

Trade Arabia reports that, “ADIC-UBS Infrastructure Investment, the newly formed joint venture between Abu Dhabi Investment Company and UBS Asset Management said it has appointed Vincent Gilles at its new chief investment officer.”

MarketWatch reports that, “Abu Dhabi Investment Council [ADIC], a $200 billion to $300 billion sovereign wealth fund established in the capital of the United Arab Emirates, will expand its investment mandate to include Japan, the United States and Europe, according to a media report [in the Nikkei newspaper] Wednesday.”

CPI Financial reports that, “Khalifa Mohamed Al Kindi, the chairman of Abu Dhabi Investment Company (ADIC) said that Nazem Al Kudsi has been appointed as chief executive of ADIC.”

ArabianBusiness.com writes that, “The Abu Dhabi Investment Council completed its acquisition of a majority stake in the landmark New York skyscraper, the Chrysler Building, newswire Bloomberg reported on Wednesday.”

Update (July 9, 2008): Here is the Bloomberg article.

The New York Post reports that, “The latest Big Apple trophy being coveted by oil-rich sovereign wealth funds is the landmark Chrysler Building. Sources say the super-rich Abu Dhabi Investment Council [ADIC] is negotiating an $800 million deal for a 75 per cent stake in the Art Deco treasure that has defined the Midtown skyline since 1930.”

Photographer: Hey Paul

Image sourced via Wikipedia.

Yousef Al Otaiba, director of international affairs for the government of Abu Dhabi, outlines Abu Dhabi’s sovereign wealth plans in the Wall Street Journal and writes that, “In a world thirsty for liquidity, receiving nations should be mindful of the signals sent through protectionist rhetoric and rash regulation.”

The Star reports that, “Abu Dhabi Commercial Bank (ADCB) is believed to have received approval to buy a 25% stake in RHB Capital Bhd. The price is estimated at between RM7.20 to RM7.40 per share. … ADCB is 64.8% owned by the Abu Dhabi Government through the Abu Dhabi Investment Council.”

Gulf News reports that, “The Abu Dhabi Investment Company (ADIC) said on Monday it has joined hands with UBS Global Asset Management, one of the world’s leading asset management firms, to form a 50:50 joint venture that will develop, promote and manage infrastructure investment funds focused on the Middle East and North Africa (MENA) region. At a news conference here, ADIC chairman Khalifa Al Kindi, said the joint venture’s first fund, ADIC-UBS Infrastructure Fund - I, will be a $500 million fund which is expected to be launched during the first half of 2008.”

Here is the Financial Times’s backgrounder on ADIC from April 2007.