A league of their own

Gulf sovereign wealth funds are still active on the market and loaded with cash. These conservative and often secretive funds, however, are in no mood for splashing out – at least not in the cee region. and The bad news? This is not likely to change anytime soonMladen Petrov  In July 2008, the landmark Chrysler Building in New York, the world-famous art deco masterpiece, changed hands. The previous owner – Tishman Speyer Properties – was paid USD 800 mln for a 90 pct stake in the building. The new majority stake owner – the Abu Dhabi Investment Authority (ADIA), an arm of the Gulf emirate government – later made the much bigger purchase in America of 4.9 pct of Citigroup’s shares, rescuing the bank from bankruptcy. ADIA, which was established in 1976 with its main source of funding being the financial surplus from oil exports, is now one of the&