Inside the Abu Dhabi Investment Authority
It was a whirlwind of negotiations for Citigroup and the Abu Dhabi Investment Authority (ADIA). For a week, dealmakers from both sides, some dressed in traditional white Arab robes and others in Western suits, worked furiously across the globe. Then, on the Monday after Thanksgiving they signed a deal, with the biggest bank in the U.S. agreeing to sell a 4.9% stake to the world's largest sovereign wealth fund in ADIA's new headquarters, the tallest skyscraper in Abu Dhabi. Citigroup (C) chairman Robert E. Rubin, on hand as Citigroup's top official, shook hands on the deal with Sheikh Ahmed Bin Zayed Al Nahyan, ADIA's managing director and the 12th son of Abu Dhabi's late patriarch Sheikh Zayed, before dashing off to meet the Crown Prince of Abu Dhabi Mohammed bin Zayed al Nahyan. Forty eight hours later, the investment arm of the richest Gulf emirate, wired $7.5 billion to a Citigroup account.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.