DW increasing stake in Mirage August 24, 2008
Posted by mylastresort in analysis.Tags: Dubai, Dubai World, investment, MGM Grand, Sovereign wealth fund, uae
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New Jersey regulators have given the state owned investment group, Dubai World, approval to increase its stake in MGM Mirage by as much as 20%. MGM Mirage is one of the largest, most popular casinos in Atlantic City, New Jersey. I’m surprised at the freedom allocated to UAE sovereign funds since no other Gulf country may publicly invest in the ‘forbidden’ industries. Dubai World is already the second largest shareholder in the entertainment firm.
In more recent news according to an IMF working paper, the UAE’s oil reserves could last 100 years at present output levels and fetch the country net wealth of $1.6 trillion.
Charts & Numbers 