Dubai Poised To Acquire Large Stakes in N.Y. Banks
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
The Dubai government, whose purchase of six American ports sparked a political furor, is poised to acquire substantial stakes in Citigroup and other New York-based banks mired in subprime mortgage debt.
Omar bin Sulaiman, the governor of the Dubai government’s investment arm, DIFC Investments, is currently on a spending spree, spurred by the bargains that have resulted from the low value of the dollar and the sinking of the stock markets caused by the subprime mortgage crisis. Last year, Dubai caused a political storm in America when its Dubai Ports World company acquired six major American ports as part of its purchase of the British company P&O. Opposition to ownership by an Arab country of such sensitive properties at a time when America is waging a war against Islamist terrorists obliged Dubai to sell the port management companies to the American insurance company AIG amid anxieties about port security.
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