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Wed 30 Apr 2008 11:19 AM

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EU transparency demands deter investment

Calls for transparency from wealth fund making region unattractive - Dubai.

European attempts to force greater transparency on sovereign wealth funds are making the continent unattractive for investment,the head of state-owned conglomerate Dubai World said on Tuesday.Sultan bin Sulayem said in an interview with the UK's Financial Times that such moves by regulators were discriminatory and would deter him from investing.

Bin Sulayem said Europe was now exerting more pressure on soverign wealth funds than the US, which has openly resisted Arab investment in assets deemed "strategic".

Dubai World controls DP World, the fourth-biggest port operator in the world, as well as Istithmar, a high-profile investment fund.

DP World in 2006 was forced to dispose of American operations that were part of its takeover of P&O, the UK container terminals and ferries operator, after a US government review.

RELATED: DP World sells US port assets

The fund has also been active in China and Africa. (Reuters)

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