Abu Dhabi outlines investment code for soverign fund-Taqiyya at its best!

In a three-page letter sent to US Treasury secretary Henry Paulson and other Western finance officials last week, Abu Dhabi also spelled out for Western finance officials a set of principles that it says guides its investing.In the letter, Yousef Al Otaiba, Abu Dhabi’s director of international affairs, writes that the emirate “has never and will never use its investments as a foreign policy tool.” Instead, Abu Dhabi entities “have always sought solely to maximise risk-adjusted returns”. The emirate wants “to ensure that financial markets remain open, that investors that play by the rules are not discriminated against, and that the regulatory process remains transparent and predictable,” the letter says.Estimates of the Abu Dhabi Investment Authority’s portfolio range from $500bn (€317bn) to $900bn.