The head of sovereign wealth fund Dubai International Capital LLC said that Citigroup will need more capital from outside investors to ride out the credit crunch. Dubai’s neighbor, Abu Dhabi, invested $7.5 billion in Citigroup in November; Citi secured $14.5 billion two months later. “It will take a lot more than that to rescue Citi and other financial institutions,” said Dubai International CEO Sameer al-Ansari. Sovereign wealth funds have about $3.2 trillion in assets. (Bloomberg)
The bottom line
March 4, 2008
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