One of the world's most influential bankers Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs, has held talks with top brass at the Dubai Electricity and Water Authority (Dewa).
The Goldman Sachs boss, whose take home pay for last year was recently revealed to be $19 million (Dh101m), met with Saeed Mohamed Al Tayer, managing director and CEO of Dewa, who pressed the case for 'mutual collaboration' between the organisation and the banking giant on energy-related matters.
Mr Blankfein was also joined by Wassim Younan, CEO-MENA, Dubai and Richard Gnodde, Co-CEO, Goldman Sachs International, London.
A statement issued by Dewa said: "The two sides exchanged their views on the whole economic situation and the opportunities for investment in the energy sector."
His visit comes ahead of next week's Global Energy Forum in Dubai, where experts from around the world will gather to discuss the financing of future power projects.
It is understood that Mr Blankfein plans to fly back to the US early this afternoon where Goldman Sachs is at the centre of a controversy surrounding the manipulation of the price of derivatives linked to subprime mortgages in 2007. A senate committe yesterday published a 650-page report that followed a two-year investigation into the financial crisis.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
More from Neighbourhood Watch:
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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