Tuesday, November 27, 2007

Abu Dhabi Investment Authority (ADIA) won a nice deal with Citigroup

--in the amount of $7.5 billion, ADIA will buy securities in Citigroup, which will offer an annual yield of 11%. --The bonds will eventually be converted into shares between March 2010 to September 2011, at a price of between $31.83 and $37.24 each. --Abu Dhabi's move is the latest example of the financial muscle of the oil-rich Gulf states, which have benefited enormously from booming energy prices and are now looking for new homes for their wealth.

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