Abu Dhabi reassures US over AMD investment
We just want the money
AS US POLITICIANS become increasingly-twitchy over growing levels of foreign investment in US companies, the UAE is seeking to reassure them over its motives. Many US politicians are concerned that foreign investors could exert political influence or close down US operations and move everything offshore.
The government of Abu Dhabi has found a reputed $900 billion of loose change down the back of its sofa and has spent sizeable chunks of it on buying into companies such as AMD, Citigroup and the Carlyle Group.
A letter written to US Treasury Secretary Henry Paulson and signed by Abu Dhabi's director of international affairs, Yousef Al Otaiba, promises that Abu Dhabi's government "will never use its investments as a foreign policy tool."
Al Otaiba insists that the UAE's investment funds "are similar to pension funds, combining a strong focus on long-term capital returns to pay for public projects such as health care and infrastructure."
The letter lists some of the thinking behind Abu Dhabi's investments, such as "independent, commercially-driven investment decisions" and promises strict adherence to the laws of the countries it invests in.
Abu Dhabi bought a nine per cent chunk of AMD earlier this year. µ
L'Inq
Forbes
Comments
Money talks?
Wasn't the American slogan Money Talks?Apparently they are afraid for foreign money too....
What's next, the war on foreign money?
God those guys are paranoid.
Wow
That is an insane amount of money.Gee and I though America loved money..Oh well maybe just Oil.
re Money Talks
The USA has reached the point of needing large scale foreign direct investment in order to balance the books at the macro economic scale.They are in effect selling off the physical assets and domestic business assets of the country to raise capital.
This frightens the USA oligarchs because it presages their loss of control of the country.
On good confidence from a character at Disney...
The more apt idiom would be: What happens in UAE, stays in UAE. Amongst other morsels proffered about Dubailand: an Eye of Dubai (Sorry London, it's bigger than yours). Not to be outdone by the chaps in Dubai, Abu Dhabi is mounting a bid with the IOC, proposing a truly colossal indoor Winter Olympics venue. UAE is destined to become a tourist Mecca. And to Inq, you heard it here first!