Another day, another ambitious announcement from a Gulf sovereign wealth fund. Yesterday Qatar Investment Authority said it was to spend $15bn over the next year acquiring assets, today it is the turn of Dubai International Capital. The investment fund, owned by the ruler of Dubai, plans to invest $5 billion in China, India and Japan over three years.
"Clearly because of the growth in emerging markets, we believe companies having exposure to emerging markets will grow significantly as well," says the fund's chief operating officer, Anand Krishnan. DIC wants to raise its asset base from $13bn to $30bn by 2012.
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