Word: abu
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...July 22, General Electric announced a string of deals with the Mubadala Development Company, a government-controlled investment fund in the tiny Persian Gulf emirate of Abu Dhabi. Among other things, GE and Mubadala pledged to invest $8 billion in a joint venture to sell financial products in the Middle East and Africa. Ultimately, said Mubadala, it plans to be one of GE's 10 largest investors...
Flush with profits from huge oil and gas reserves, sovereign wealth funds like Mubadala have been on quite a spree of late, particularly in the U.S. Eager to reduce Abu Dhabi's economic dependence on energy, Mubadala has bought stakes in chipmaker Advanced Micro Devices and private equity giant the Carlyle Group; another sovereign wealth fund, the Abu Dhabi Investment Authority, paid $7.5 billion to become Citigroup's largest shareholder; and this month the Abu Dhabi Investment Council offered $800 million for a 90% stake in Manhattan's iconic Chrysler Building, pictured above...
...Abu Dhabi's funds, and those in such places as Kuwait, Saudi Arabia and Qatar, are part of an epochal shift in the economic balance of power toward the energy-rich Gulf. It helps that the downturn in the U.S. economy and the anemic dollar are offering up relative bargains. Shares in GE - the great symbol of American management prowess - have fallen by more than a quarter in the last year...
...missed her by an inch". He added: "At first I thought it was an accident, but then he kept going in a zig-zag down the slope of King David, overturned a car and hit a few cars. The whole thing happened very quickly." The driver, identified as Rassan Abu Tir, 22, was shot and wounded by an armed civilian, but kept on driving until he was killed by shots from a Border Police officer. His bulldozer careened to a halt within sight of the King David hotel...
...Police suspect that Abu Tir was carrying out a copycat attack, similar to one on July 2 in which an Arab worker, apparently after a salary dispute with his boss, turned his bulldozer into a lethal weapon, killing three people on a main street in Jerusalem before he was shot dead. The July 2 attacker appears to have acted alone, with no ties to any Palestinian militant group. Although Tuesday's attacker, Abu Tir, was part of the extended family of a jailed Hamas member of the Palestinian legislature, no militant group has claimed responsibility for his attack...