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Abu Dhabi Investment Authority supports code for sovereign funds
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Sun October 12, 2008 12:00 am

UAE. Abu Dhabi Investment Authority, the world's biggest sovereign wealth fund, said it supports a code of 24 voluntary principles for sovereign wealth funds presented to a committee of the International Monetary Fund yesterday.

The International Working Group of Sovereign Wealth Funds, co-chaired by ADIA Director Hamad Al Hurr Al-Suwaidi, is also exploring the creation of Standing Group of Sovereign Wealth Funds, ADIA said in an e-mailed statement today.

ADIA, which according to the Economist Intelligence Unit has assets of about US$875 billion, set up an inter-departmental committee to oversee its compliance with the Generally Agreed Principles and Practices for the wealth funds, the statement said. 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. In his latest interview with The Gold Report, the 321gold.com founder delivers a frank overview of U.S. international policy and lambasts commentators who look to their tea leaves in search of the next market moves.
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INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
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UAE. GCC corporate earnings strength intact; Regional bonds unaffected by global shocks; Central Banks support financial markets.
INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
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