Dubai wealth fund could invest in China
17 January 2008
The Dubai government is considering investments in China through its sovereign wealth fund Istithmar, the Wall Street Journal reported. "Countries such as China where we recently opened an office are very welcoming to sovereign wealth funds, so more are looking to invest there," said Istithmar head David Jackson. Large state-backed investments from Dubai have not always been welcomed elsewhere in the world. DP World, a Dubai-controlled port operator, was forced to sell five US ports it had gained in a larger acquisition in 2006 when US lawmakers changed the review process for foreign investments. Istithmar's portfolio includes the American department store Barneys and a 2.7% stake in Standard Chartered.
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