Report: Gulf Sovereign Funds Lost Big

By Adam Schreck

Dubai, United Arab Emirates -- Gulf Arab governments' funds are billions of dollars poorer despite record oil prices because of losses in stocks and other investments, a report due out Wednesday said.

The Council on Foreign Relations' paper also suggests that the world's largest such fund is considerably smaller than some earlier estimates have claimed.

Holdings of that fund, the Abu Dhabi Investment Authority, and another pool of money controlled by the Persian Gulf emirate together shed more than a quarter of their value last year, the report shows. ...