A total of 17 candidates secured the All India Rank (AIR) 1 as per the final results while earlier the number was 67
This is translating into an investment armoury the GCC is using to acquire stakes in some of the world's most well known companies and financial institutions. Just as well — recent investment in financial groups such as Citigroup and Merrill Lynch probably prevented a much more catastrophic subprime fallout and amounted to a bail out by any other name.
According to a recent estimate by Professor Robert J. Shiller, professor of economics at Yale University, there is as much as $100 trillion of oil in the ground, meaning that state investment or sovereign wealth funds (SWFs) are likely to become very large indeed. Yesterday's news that GCC's foreign assets will reach $3.5 trillion by 2010 demonstrates the pace with which Gulf economies are diversifying oil income. Kuwait Investment Authority (KIA) alone is planning to as much as triple investment in Japan to $48 billion according to the finance minister.
Given the strategic nature of these investments it is likely there will increased calls for SWFs to clarify their investment intent. The GCC has frequently stated investments will be passive and long-term in nature. However this may not be enough to allay some concerns regarding national interest by recipient governments. Track back to DP World having to relinquish ownership of P&O's US assets just over two years ago as a recent example.
The GCC is home to some of the world's largest SWFs including ADIA (Abu Dhabi Investment Authority) and KIA. In order to address worries the GCC in particular would be well served in considering a transparent set of guidelines. The EU, with Germany very much the driving force is already considering a regulatory code that may curtail investment by SWFs.
As with most things in life anticipating and addressing the concerns of others usually makes for a positive outcome.
A total of 17 candidates secured the All India Rank (AIR) 1 as per the final results while earlier the number was 67
Authority said the exercise will involve movement of military vehicles and urged residents to stay away from designated areas
'I am proud of you. This is going to be historic,' the former first lady told Harris in a live video call
The application will be operational from Thursday, August 1
Prices for affordable apartments in popular areas have witnessed a rise of up to eight per cent compared to the second half of 2023
Residents have been warned not to approach the area
The number of arrests in days of violence in the country passed the 2,500 mark in an AFP tally
This new store in Fujairah is the second of its kind in the UAE, following the successful launch of the small store concept in Al Wahda Mall in 2020