Abu Dhabi is moving $27B from its massive sovereign wealth fund into the government's treasury as the oil slump has the country strapped for cash.
The country’s $500B wealth fund, the Abu Dhabi Investment Authority, is the largest in the Middle East and has $850M in NYC real estate alone, including a 1.1M SF office condo in Manhattan's Time Warner Center.
The fund’s annual report says the move isn’t unheard of—the government has taken funds out of ADIA “infrequently and usually during periods of extreme or prolonged weakness in commodity prices," The Real Deal reports.
Recent drops in oil markets have petrol-based funds like Abu Dhabi’s stashing their capital in the "safe haven" of US real estate. [TRD]
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