With New Dubai Project, Number Of Sovereign Funds Grows

Banking, finance, and taxes

Published: March 16, 2008 5:45 am

Sovereign equity funds are huge pools of capital controlled by foreign governments. Most countries have one. Dubai is so rich is has decided it needs two.

The country currently has one large fund, Dubai Holdings. According to the Telegraphs "It is believed that unlike Dubai Holdings and its most high-profile investment vehicle, Dubai International Capital (DIC), the new fund is backed by state money and not just the personal wealth of the Maktoum family."

Perhaps the country got a new toaster at its bank for opening the second account.

Douglas A. McIntyre

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