Standard Chartered has recently been expanding its interests in markets that Istithmar is also interested in. The bank recently paid $511 million for Union Bank in Pakistan where Istithmar has substantial investment interests, and last month it paid $1.2 billion for Taiwan's Hsinchu International Bank which has 10 branches across the UAE.

"The bank's strong growth and strategic alliances position is ideal for business development in the emerging trade corridors of Asia, Africa and the Middle East," according to an Istithmar statement. Istithmar already has a joint venture, Dar Istithmar Lel Aqarat, with AIG Global Real Estate to set up a fund focused on the Middle East, North Africa, India, Pakistan, Turkey and other emerging markets.

So far this year, Istithmar has spent more than $1.8 billion in markets ranging from North America to the Far East. Two weeks ago, a joint-venture consortium of UK-based London and Regional Properties and Istithmar paid approximately $1 billion for the Victoria & Alfred Waterfront in Cape Town, South Africa, which will be partly financed through a $700-million loan with South African bank Investec. And earlier this year, Istithmar bought the Knickerbocker Hotel at 6 Times Square in New York for approximately $300 million. It already owned 280 Park Ave.