A Middle Eastern economic newsletter I subscribe to reported some disturbing news this week. An Arab investment group, the Abu Dhabi Investment Authority now owns the biggest single share holding in Citigroup, bringing the total investment from Islamic investors to over 10%. A Saudi prince makes up the other part of the 10%.
This move has gone unquestioned by both regulatory and political authorities and has been approved by the Federal Reserve Bank of New York. I don’t think I am being overly sensitive, but how come it’s not OK for Arab investors to buy into US ports, but it is OK for them to buy big time into the financial fabric of the nation? If I were American, I would be concerned.
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