As reported in The National. One hopes erroneously.
"At the same time, Mr al Suwaidi said, increased regulations of sovereign wealth funds by the West may deter the funds from making foreign investment. “More questions will be asked, more forms will become necessary, and more disclosure and transparency will be demanded. Faced with all this nonsense, sovereign wealth funds will certainly come to the conclusion that it is time to change strategy.”"
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3 comments:
LOL!!! The beauty of Freudian slips. And that by him, of the "Old Guard" who are supposed to guide Dubai out of the shlamassl? Precious.
Sadly all too representative of prevailing attitudes. Too many in the GCC still see transparency and good corporate governance as "obstacles" to be somehow either circumvented or (at best) paid merely lip service. Just imagine the bleating if GCC sovereign wealth funds (or other semi-ivestors) were on the receiving end of Damas-like scams. It is wonderful how short memories are - BCCI or the Kuwaiti investments in 1980's Spain anyone?
I like that it's a threat: 'Oh you want us to be more transparent? Hey no problem, we'll just invest someplace where they don't ask so many silly questions.'
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