Word: dhabi
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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...
...training, Loyrette comes from a family of well-known French lawyers and spent more than two decades at the Musée d'Orsay in Paris, including seven years as its director. Some of what he's doing at the Louvre is experimental, he acknowledges - including the Abu Dhabi project, which he calls "a leap into the unknown." People often ask if he's planning to brand museums elsewhere, but Loyrette says he won't even contemplate other such projects until it's clear how well this one goes. (The Louvre Abu Dhabi is scheduled to open in 2013.) Still...
Fumaroli's association isn't the only one to be concerned about that. The Abu Dhabi deal alone will bring the Louvre $900 million - $600 million for the right to use the Louvre name for 30 years, and the rest for services that include lending up to 300 works. (The total deal amounts to $1.3 billion; some other French museums participating in the government-backed project will share the rest of the proceeds.) When the deal was struck last year, an Internet petition declaring "our museums are not for sale" quickly drew several thousand signatures, including those of well-known...
...also built out the tiny three-man fund-raising department that Rosenberg set up in the late '90s into a full-time operation with 19 staffers. And the Louvre is about to launch a U.S.-style endowment fund - the first in France - using the money from the Abu Dhabi deal to ensure it can finance a bevy of ambitious projects in the future, including one that would revamp the entrance under the pyramid to make it easier for visitors to access the museum and get their bearings...