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Dubai ruler firm sees more funds to US banks -paper
DUBAI, March 27 |
DUBAI, March 27 (Reuters) - Dubai Group, an investment firm owned by the ruler of Dubai, expects sovereign wealth funds to invest more in U.S. and European financial services companies which need funds, Emirates Business reported on Thursday.
"Sovereign wealth fund money will continue to flow to the U.S. and Europe in the coming years as financial institutions will continue to need liquidity," Tom Volpe, Dubai Group chief executive officer said, according to the newspaper.
Emirates Business is also owned by ruler Sheikh Mohammed bin Rashid al-Maktoum.
Concerns over the motives of state investment agencies will dissipate, Volpe said. Abu Dhabi Investment Authority and the Kuwait Investment Authority are among sovereign wealth funds which have invested billion in banks such as Citigroup Inc (C.N) and Merrill Lynch & Co MER.N.
"People are really sensitive to it right now but I think that apprehension will start to disappear over time," Volpe is quoted as saying.
Dubai Group, which is targeting at least 20 percent returns, has been buying up stakes in financial services companies and owns shares in Greece's Marfin Financial Group (MRFr.AT) as well as Oman's Bank Muscat BMAO.OM. (Writing by John Irish; Editing by David Holmes)
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