Abu Dhabi wealth fund eyes U.S. bargains

Abu Dhabi Investment Company (ADIC) is considering acquiring U.S. assets that are looking attractive due to financial turmoil and the surging dollar, the state-owned group's chief executive told Reuters.

But ADIC, flush with cash from oil revenues, will be cautious about investing in Europe where regulators are not as active as in the United States in containing the crisis, he said.

"We think U.S. assets are getting very, very attractive vis-a-vis other G7 assets," Nazem Al Kudsi said in a telephone interview. ADIC has about $2 billion in assets.

"The authorities in the U.S. are taking the toxic assets off balance sheets of banks and transferring them to the government and taxpayers, so we are left with the good stuff and you have to admit that the dollar has absorbed negative news in a short period very well," he said.

ADIC is owned by state-run Abu Dhabi Investment Council.

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