Gulf loan marks a significant shift in balance of power

28 Nov 2007

The two defining forces of world business in 2007 – the credit crunch in the United States and the assertion of petrodollar power from the Gulf – coincided in the early hours of the morning yesterday at the headquarters of Citigroup in New York: America’s largest bank announced that it had secured $7.5 billion (£3.6 billion) in fresh funding from the Abu Dhabi Investment Authority (ADIA). Full Story

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