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Gulf SWFs part of Samena Capital-led group buying RAK Ceramics stake

Posted on 16 June 2014 by VRS  |  Email |Print

Samena Capital and a group of international investors including two Gulf sovereign wealth funds have completed the purchase of a 30.6 per cent stake in Ras Al Khaimah Ceramics, the investment firm said in a statement on Sunday. The fund, acting through Cayman Islands-registered subsidiary Samena Limestone Holdings, will have two seats on the board of one of the world’s biggest makers of floor tiles, following the acquisition.
The statement did not name the other investors in the consortium. But in a separate bourse filing, RAK Ceramics said it had amended its rules so citizens of Gulf Cooperation Council (GCC) states were treated as equivalent to UAE shareholders — suggesting the investors come from outside the UAE………………………………………..Full Article: Source

Japan’s Nomura launches Dubai office as business grows

Posted on 13 June 2014 by VRS  |  Email |Print

Japanese fund manager Nomura Asset Management has launched an office in Dubai International Financial Centre (DIFC) after its business in the region more than doubled in the past five years.
The Japan-based global asset manager has been managing sovereign wealth fund assets for over 25 years and globally it has $291 billion of assets under management………………………………………..Full Article: Source

Zimbabwe: Norway Pledges to Share Expertise

Posted on 13 June 2014 by VRS  |  Email |Print

Norway’s Ambassador to Harare Mr Bard Hopland said: “We discussed also, in general, Norwegian experience within the area of natural resources management and management of revenue from natural resources, the Sovereign Wealth Fund, as you may know.”
“If you might know, we have already provided experts in this field who were here in March and participated in the parliamentary seminar on Zim-Asset and we will also continue to discuss with the Minister of Finance how we could follow up on the issue of natural resources management and the Norwegian experience in that regard.”……………………………………….Full Article: Source

Alaska Permanent Fund plans more housing, infrastructure

Posted on 12 June 2014 by VRS  |  Email |Print

Alaska Permanent Fund Corporation is planning to invest $400m (€296m) in infrastructure and $160m in single-family homes in the US. The pension fund has launched its third joint venture with American Homes 4 Rent, providing 80% of the $200m capital to invest in rented accommodation.
The Permanent Fund provided $400m and $200m for two previous partnerships in 2012. Michael Burns, executive director for the pension fund, said: “We have been pleased with the results we have had with American Homes up to this point………………………………………..Full Article: Source

Azerbaijan sovereign wealth fund eyes renminbi-denominated assets

Posted on 12 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan intends to begin buying renminbi-denominated assets by the end of the year, subject to approval from Chinese regulators, Shahmar Movsumov, chief executive of the $37bn sovereign wealth fund, has said.
The move is part of a strategy the fund finalised at the end of last year to diversify beyond its traditional holdings of dollar- and euro-denominated fixed income, by boosting exposure to currencies other than the greenback, euro and pound from 5% to 10%, Movsumov told the Financial Times………………………………………..Full Article: Source

Russia, Qatar compete in natural gas market

Posted on 12 June 2014 by VRS  |  Email |Print

Russia has few simple relationships in the Middle East — or in other regions — but its relations with Qatar are especially complex. Russia’s cooperation with Qatar is increasingly visible in the Gas Exporting Countries Forum (GECF), an emerging international organization with the rather broad goal of “supporting the sovereign rights of member countries over their natural gas resources.”
The Qatar Investment Authority has committed $2 billion to the government-connected Russian Direct Investment Fund for infrastructure projects in Russia………………………………………..Full Article: Source

Malaysia SWF prepares rescue plan for national carrier

Posted on 11 June 2014 by VRS  |  Email |Print

Malaysia Airlines has enough cash to remain operating for about 12 months, the country’s sovereign wealth fund said on Tuesday, amid signs that Malaysian passenger traffic has started to stabilise after the initially disastrous impact of missing flight MH370. Azman Mokhtar, managing director of Khazanah, Malaysia Airlines’ biggest shareholder, said the government would unveil a rescue plan for the embattled national carrier in six to 12 months.
Khazanah owns 69.4 per cent of the airline, which was already struggling amid competition from low-cost carriers even before the disappearance of the Boeing 777 airliner three months ago on a flight from Kuala Lumpur to Beijing………………………………………..Full Article: Source

Khazanah Nasional Studies Restructuring Options for Malaysia Airlines

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment arm, said Tuesday it is studying all options to restructure and turn around ailing national flag carrier Malaysia Airlines.
The airline’s efforts to recover from three years of losses have been hampered by the disappearance of Flight 370. In the first quarter of the year, Malaysian Airline System Bhd., the company that owns the Malaysia Airlines brand, reported a wider loss from a year earlier as plunging ticket sales in the aftermath of the loss of one of its Boeing 777s worsened an already weak period………………………………………..Full Article: Source

GLCs now on stronger footing - Khazanah chief

Posted on 11 June 2014 by VRS  |  Email |Print

Government-linked companies (GLCs) have strengthened their financial capacities and are on track to push themselves to be on par with local competitors or even become regional champions, even as their transformation programme comes to an end next year.
Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said with the exception of one or two problem cases, the majority of the 60 companies have done well under the GLC Transformation Programme rolled out a decade ago. “The bulk are doing well. There is a lot of wind in our sails,” Azman said after releasing the Khazanah Report 2013………………………………………..Full Article: Source

Khazanah still seeking strategic partner for SilTerra

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd, which expects its 20 largest government-linked companies’ holdings to hit a record high of RM27.1 billion in net profit this year, is still looking for a strategic partner for its loss-making manufacturer of semiconductor wafers, SilTerra Malaysia Sdn Bhd.
Talk of selling either a stake or the entire company has been around since 2008. According to Khazanah managing director Tan Sri Azman Mokhtar (pix), even though SilTerra has been mildly profitable, it still needs a strategic partner in the longer term. “It could be business-to-business partnership without equity, or with equity ownership, we’re looking at all options,” he said………………………………………..Full Article: Source

In 2013, Norway Government Pension Fund Investment in Israeli Stock Market Rose 43% to $1 Billion

Posted on 11 June 2014 by VRS  |  Email |Print

The Government Pension Fund of Norway, the largest sovereign wealth fund in the world, has increased its position in shares of Israeli companies, adding five new companies to a portfolio of 62 stocks valued at a billion dollars (NIS 3.5 billion) on the Tel Aviv Stock Exchange, Israel’s Globes business daily reported on Tuesday.
In 2013, the value of its investment in companies traded on the TASE rose by 43 percent in nominal terms, from NIS 2.4 billion to nearly NIS 3.5 billion, Globes said. “Even discounting the boom on the stock exchange, the rise is impressive: the fund’s proportionate holding in shares on the Tel Aviv 100 list grew by 21% last year, exceeding 0.5% of the total of shares listed,” the newspaper said………………………………………..Full Article: Source

Mubadala seeks to exit Nigeria’s telecoms market

Posted on 10 June 2014 by VRS  |  Email |Print

Mubudala, Abu Dhabi’s sovereign wealth fund, is keen on negotiating an exit from Nigerian telecommunications operator EMTS, in which it holds a 30-percent stake, according to TMTFinance. This move by the fund may be linked to recent reports that investor confidence in the country’s highly competitive telecoms market is dipping due to perceived structural defects in the market and a harsh operating environment.
Industry watchers say this does not bode well for long-term growth and sustainability of the telecoms industry. Mubadala could be seeking new pastures, cashing in on a telecoms industry increasingly facing higher operating costs, dwindling revenue per user and investor pullback, according to industry watchers………………………………………..Full Article: Source

Canary Wharf, Qatar Win London Shell Centre Project Approval

Posted on 09 June 2014 by VRS  |  Email |Print

Canary Wharf Group Plc (SBD) and Qatar’s sovereign-wealth fund won approval from Communities Secretary Eric Pickles to build almost 900 homes and about 75,000 square meters (800,000 square feet) of offices at Royal Dutch Shell Plc’s London headquarters on the banks of the River Thames.
Construction on the project in the city’s Waterloo district will begin later this summer, Canary Wharf Group and Qatari Diar Real Estate Investment Co. said in a statement today. Pickles asked to review the plans in September, saying the development may affect views of the Parliament area on the opposite side of the river………………………………………..Full Article: Source

Credit Suisse Says Qatar as Holder Isn’t Why It’s Winning Deals

Posted on 09 June 2014 by VRS  |  Email |Print

Credit Suisse Group AG (CSGN), the Swiss investment bank which advised Qatar on some of its most high-profile investments, said it’s gaining deals on merit and not because of the Gulf state’s status as a key shareholder.
Qatar and Credit Suisse are boosting ties after the gas-rich nation took a stake in the bank and bought its London headquarters. Switzerland’s second-largest lender and Qatar Holding, a unit of the emirate’s sovereign wealth fund, also formed Aventicum Capital Management in 2012 to boost emerging-market investments. Hangari also heads that business………………………………………..Full Article: Source

Samruk Kazyna to launch $26 bln worth of projects within 3 years

Posted on 06 June 2014 by VRS  |  Email |Print

Kazakhstan’s Samruk-Kazyna Wealth Fund is planning to commission dozens of projects totally worth $26 billion within the next 3 years, Tengrinews reports citing the Fund’s senior director for business development and a member of the Management Board Berik Beisengaliyev.
Samruk-Kazyna is a state-run holding in Kazakhstan that owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups. Samruk-Kazyna controls $78 billion in assets, or nearly 56% of the GDP……………………………………….Full Article: Source

World’s Biggest Wealth Fund Escapes Flash Boys in IEX Dark Pool

Posted on 05 June 2014 by VRS  |  Email |Print

Norway’s $880 billion sovereign wealth fund, the world’s largest, is throwing its support behind Brad Katsuyama’s new exchange. Katsuyama’s IEX Group Inc., made famous inMichael Lewis’s best-selling book “Flash Boys,” could shield investors from the predatory habits of high-frequency traders, said the fund, which holds $521.2 billion in stocks globally and is Europe’s biggest equity investor.
“IEX is a trading venue where all players participate on the same terms,” oil fund spokesman Thomas Sevang said in an e-mailed response to questions. “We support this.”……………………………………….Full Article: Source

1MDB denies being a risk to KL’s credit rating

Posted on 05 June 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) says its debt does not pose any significant risk to Malaysia’s sovereign rating and stability. As a limited liability company, it poses limited risk to the government as a shareholder, 1MDB added.
“The government guarantees RM5.8 billion (S$2.25 billion) of the group’s total loan, of which 1MDB has significant interest cover,” the sovereign wealth fund said on Tuesday, adding that it has never missed any scheduled payment………………………………………..Full Article: Source

Bahrain’s Mumtalakat Ends Losing Streak, CEO Says Profits To Stay

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain’s Mumtalakat will remain profitable from now on, its chief executive told Reuters on Wednesday, as the sovereign fund ended five straight years of losses in 2013 due to improved performance at Gulf Air and lower impairments.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of KD82.7 million ($219 million) in 2013 compared with a net loss of KD181.7 million in the previous year, a statement said………………………………………..Full Article: Source

YTL Corp Urges Asian Sovereign Wealth Funds To Invest 30 Per Cent In Infrastructure

Posted on 04 June 2014 by VRS  |  Email |Print

YTL Corp Bhd’s Group Managing Director Tan Sri Dr Francis Yeoh Sock Ping has called for at least 30 per cent of sovereign wealth funds in Asia to be invested for infrastructure development. The move will help Asian countries provide efficient infrastructure to the people at the right price as well as boost national productivity.
However, he said most Asian countries did not produce the right amount of infrastructure as they should despite the growing wealth and high level of savings. The local government, he said, is currently making sure that the productivity towards infrastructure is being done, such as airport and railways, in order to cater to the increasing demand from consumers………………………………………..Full Article: Source

Nigerian Sovereign Wealth to Work With GuarantCo to Assist Infrastructure Shortfall

Posted on 04 June 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) has entered into an arrangement to explore the possible creation of a Nigerian Credit Enhancement Facility (NCEF).
By partnering with GuarantCo, a local currency development finance fund, the facility would provide credit enhancement for domestic infrastructure projects by improving their credits ratings toward investment grade……………………………………….Full Article: Source

Abu Dhabi set for windfall from $3.35bn RAC listing

Posted on 03 June 2014 by VRS  |  Email |Print

Abu Dhabi’s Mubadala Development Company could be set for a multi-million dollar windfall as rumours gather pace that British breakdown firm RAC is about launch a listing which could double its value to around $3.35bn.
RAC was bought by US-based private equity firm Carlyle Group for £1bn ($1.67bn) in 2011 and it was reported by the Express newspaper that the firm was currently in the process of hiring investment banks ahead of a forthcoming listing………………………………………..Full Article: Source

Norway Oil Riches at Stake as Political Brinkmanship Sets Agenda

Posted on 03 June 2014 by VRS  |  Email |Print

The minority coalition, in office since October, is Norway’s first in almost a decade to rely on opposition parties to push through laws. Those include how to manage the nation’s $880 billion sovereign wealth fund and how to develop key offshore oil projects.
Norway is facing lawsuits from investors in the nation’s gas pipelines, including Allianz AG and Abu Dhabi’s sovereign wealth fund. They are seeking to reverse the previous government’s decision to cut gas transport tariffs………………………………………..Full Article: Source

Chinese SWFs need co-investors

Posted on 02 June 2014 by VRS  |  Email |Print

China’s biggest sovereign wealth funds need, and want, co-investment opportunities in real assets and private equity and are open to new partnerships with international investors of the right credentials, and the longer term the partnership the better.
This is the feedback of Michael Wadley, a specialist lawyer of Australian origin based in Shanghai, who runs a consultancy advising both domestic and foreign investors on acquisitions, tax and compliance. The need for such partnerships is not just because of the way these funds have grown in line with the relentless rise in the Chinese economy since 1998, but to their high weighting to overseas assets in mining, real estate, infrastructure and private equity…………………………………..Full Article: Source

MPIC hospital unit eyes Asean expansion

Posted on 02 June 2014 by VRS  |  Email |Print

The healthcare group of Metro Pacific Investments Corp. (MPIC) and its Singaporean sovereign wealth fund partner are looking at establishing a presence in Southeast Asian neighbors in the coming years even as the hospital chain continues to strengthen its market leadership locally.
The overseas expansion will cater to the needs of the developing healthcare sector in the region while taking advantage of possible synergies with other MPIC businesses also going abroad, an executive said last week. Last month, Government of Singapore Investment Corp. (GIC) poured in P10.2 billion for shares and exchangeable bonds in MPIC’s healthcare group, the market leader in the Philippines…………………………………..Full Article: Source

GIC to sell Florida golf property

Posted on 30 May 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is planning to sell the Great White Course, a 53ha Greg Norman-designed golf property adjacent to the luxury Trump National Doral Miami resort that may fetch US$200 million (S$250 million) as real estate prices surge in southern Florida.
GIC hired CBRE to market the course, which it bought in February last year as part of its US$1.5 billion acquisition of bankrupt resorts owned by a group led by hedge fund Paulson & Co. The land has permits for residential, office and retail development, said CBRE vice-chairman Robert Given and senior vice-president Gerard Yetming………………………………………..Full Article: Source

Safeguard Ghana’s Stabilization Fund

Posted on 30 May 2014 by VRS  |  Email |Print

The Africa Centre for Energy Policy (ACEP) is worried about Government’s abuse of the fiscal discipline provided in the Petroleum Revenue Management Act 2011 (Act 815). According to a recent report signed and released by the Executive Director ACEP, Mohammed Amin Adam, after the campaign by some Government officials for the use of the Ghana Heritage Fund failed, some preliminary checks have alleged that Government has now shifted its plan to the Ghana Stabilization Fund.
“This must not be allowed at these formative years of the petroleum revenue management law,” the statement noted. ACEP calls on Parliament to investigate the utilization of the excess revenues from the Ghana Stabilization Fund. The report also calls on the Public Interest and Accountability Committee (PIAC) to demand answers from Government on this anomaly………………………………………..Full Article: Source

Lessons From 1 of the World’s Largest Sovereign Wealth Funds

Posted on 30 May 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund is one of the largest wealth funds in the world and also considered to be one of the best managed, hardly feeling any effect of the financial crisis. Can private investors learn anything from this sovereign behemoth?
Norway’s Government Pension Fund was set up in 1990 as a fiscal policy tool to support the long-term management of Norway’s petroleum revenue. The fund today is estimated to be worth $860 billion; it is growing every single day and the wealth is technically public. The fund own 1.3% of all listed companies and returned a staggering 15.9% during 2013, its best performance ever and a total gain of roughly $120 billion………………………………………..Full Article: Source

Singapore fund firms outline RQFII plans

Posted on 28 May 2014 by VRS  |  Email |Print

Fullerton Fund Management and Nikko Asset Management Asia have become the first Singapore-based fund firms to receive renminbi qualified institutional investor (RQFII) licences from China.
Fullerton, a subsidiary of Singapore state investor Temasek Holdings, yesterday said it had received approval. The firm plans to launch two RQFII mutual funds - actively managed equity and bond products………………………………………..Full Article: Source

African sovereign wealth funds could boost domestic growth (Video)

Posted on 28 May 2014 by VRS  |  Email |Print

African sovereign wealth funds are emerging to save and invest resource revenues. If efficient, they could also boost domestic growth and credit ratings. For more on the newly created sovereign wealth fund in Senegal, CNBC Africa spoke to Amadou Hott, the Director General of FONSIS.……………………………………….Full Article: Source

Temasek fund unit gets broader access to China markets

Posted on 27 May 2014 by VRS  |  Email |Print

Fullerton Fund Management, the asset management unit of Singapore state investor Temasek Holdings (Private) Ltd, said it has been awarded a license that gives it more access to China’s mainland capital markets, joining international funds like BlackRock.
Fullerton was granted Renminbi Qualified Foreign Institutional Investors (RQFII) status by the China Securities Regulatory Commission, the firm said in a statement………………………………………..Full Article: Source

Norway likes the look of Goodman Fielder

Posted on 26 May 2014 by VRS  |  Email |Print

Norges Bank Investment Management has emerged on Goodman Fielder’s register just one week after Wilmar and First Pacific secured a recommendation from the Goodman board for their $1.37 billion takeover for the food group.
According to an ASX filing on Friday Norges Bank, the investment manager of Norway’s massive sovereign wealth fund, has built up a 5.06 per cent stake in the maker of Wonder White bread and Meadowlea margarine………………………………………..Full Article: Source

Zero-growth France woos foreign investment

Posted on 26 May 2014 by VRS  |  Email |Print

France, the fifth largest economy in the world, is beset by structural issues of a bloated public sector and restrictive labour laws that stifle economic growth. “France is too big to ignore . . . there are more Fortune 500 companies headquartered in Paris than anywhere else in Europe,” said Laurent Vigier, chairman and CEO of CDC International Capital, a subsidiary of French sovereign wealth fund Caisse des Depots Group.
He plans to come to Singapore in June to meet officials at Temasek Holdings and the sovereign wealth fund, the Government of Singapore Investment Corporation (GIC). France is partnering other sovereign wealth funds from Qatar, the UAE and Russia in a one billion euro (S$1.7 billion) investment fund aiming to take equity stakes in French company- involved projects in real estate and infrastructure………………………………………..Full Article: Source

QIA commits $2bn investment to Russia

Posted on 26 May 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund the Qatar Investment Authority (QIA) is allocating $2bn to Russia via joint investments with state-backed private equity fund the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, the CEO of Russia’s fund said.
The RDIF invests alongside foreign partners and has previously attracted money from the Middle East and Asia including the Kuwait Investment Authority, Abu Dhabi’s Mubadala and the Abu Dhabi Department of Finance………………………………………..Full Article: Source

Saudi Arabia’s investments: Oil-fuelled caution

Posted on 23 May 2014 by VRS  |  Email |Print

Gulf countries disclose scant details about their sovereign-wealth funds (SWFs), but Saudi Arabia is the most cautious investor, says Michael Maduell of the Sovereign Wealth Fund Institute, an American outfit which tracks them. Most of the $750 billion hoard it has piled up over the past decade of high oil prices is sitting at the Saudi Arabia Monetary Agency, the country’s central bank.
It invests its reserves mainly in bonds and equities, rather than less liquid but more lucrative assets such as property. In 2008 the government set up a more adventurous investment arm, Sanabil. But it holds assets of perhaps $5 billion, compared with the Abu Dhabi Investment Authority’s $773 billion or Kuwait Investment Authority’s $410 billion………………………………………Full Article: Source

Azerbaijani State Oil Fund diversifies currency portfolio

Posted on 23 May 2014 by VRS  |  Email |Print

As of the first quarter of 2014, some 51.2 percent of the total volume of the investment portfolio of the Azerbaijani State Oil Fund (SOFAZ) is in U.S. dollars ($18.6 billion), SOFAZ said on May 20. As of January-March, the total sum of SOFAZ’s investment portfolio amounted to $36.344 billion or 99.3 percent of total volume of assets, according to the report.
Around 36.9 percent of the investment portfolio is concentrated in euros (9.75 billion euros), 5 percent in British pounds sterling (about 1.08 billion pounds sterling), 1.2 percent in Turkish Lira, 0.5 percent in Australian Dollars and 1.2 percent in Russian rubles, 0.6 percent in Korean won. The rest of the portfolio at 3.5 percent ($1.26 million) is concentrated in gold………………………………………Full Article: Source

Sovereign Wealth Funds increase investment in European real estate markets

Posted on 23 May 2014 by VRS  |  Email |Print

Sovereign Wealth Funds, the top investors in Europe’s key real estate markets increased their activity last year and now account for total investment volumes of €5.5 billion, a year on year rise of 30%. They are making key deals in Belgium, France, Germany, Ireland, Italy, Netherlands, Poland, Spain, Sweden and the UK, according to a new survey from international property consultants Savills.
The top SWFs identified by the report comprise of five funds from the Middle East and Asia Pacific and the average deal size per investor group during this period was €700 million, up on €247 million in 2012, with two of their nine transactions being portfolios………………………………………Full Article: Source

Temasek looks to ride Modi govt’s likely reform push

Posted on 22 May 2014 by VRS  |  Email |Print

Temasek Holdings, the Singapore government’s investment arm, is looking forward to opportunities from a reforms push by the new government in India of Narendra Modi. It is bullish on small companies in the health care and biotechnology space in India and will look for sectors that might get opened for foreign direct investment (FDI), a senior Temasek official said here.
Stephen Forshaw, its managing director, strategic and public affairs, said, “We always had a very strong interest in India. We have two offices there and are fundamentally optimistic in the long term about India. All signs with the change of government, though it is still early days, are very positive about the reform agenda.”……………………………………Full Article: Source

Indian eBay Affiliate Snapdeal Lures Temasek, BlackRock

Posted on 22 May 2014 by VRS  |  Email |Print

Indian eBay Inc. affiliate Snapdeal.com on Wednesday, May 21, announced its second financing round of the year. The $100 million fundraising from an international investor group is understood to value the company at as much as $1 billion and provides cash to invest in infrastructure and winning new customers.
Snapdeal, of New Delhi, said its backers were Singapore sovereign wealth fund Temasek Holdings Pte. Ltd., New York’s BlackRock Inc., Myriad Asset Management and Tybourne Capital Management Ltd., both of Hong Kong. Premji Invest, the investment vehicle of Wipro Ltd., and Wipro Chairman Azim Premji…………………………………….Full Article: Source

Shake-Ups At Kashagan

Posted on 22 May 2014 by VRS  |  Email |Print

Samruk-Kazyna is Kazakhstan’s sovereign wealth fund — it is like the big winner in a game of Monopoly. It owns the railroad company (Kazakhstan Temir Zholy), the electric company (KEGOC), the nuclear company (Kazatomprom), KMG and all or part of other companies that include an airline and the postal service.
KMG Kashagan BV owns 16.8 percent of the Kashagan project. The KMG press release said the company has an interest in making a new deal on “agreement about contribution and transference of KMG Kashagan BV shares between KMG, CooperativeKazMunaiGaz and KMG Kashagan BV.”……………………………………Full Article: Source

Ghana’s $450 million petroleum funds rated high in governance assessment

Posted on 21 May 2014 by VRS  |  Email |Print

The natural resource funds that the Ghanaian government uses to manage oil revenues have been adjudged to be relatively well-governed. The Revenue Watch Institute, a New York-based NGO with an office in Accra, in its recently released research, indicated that the Ghana Petroleum Funds met 13 of 16 good governance fundamentals. Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance.
“Together, the Ghana Stabilisation Fund and the Ghana Heritage Fund manage more than $450 million,” said Emmanuel Kuyole, Africa regional coordinator for Revenue Watch. “Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything.”………………………………..Full Article: Source

State Oil Fund of Azerbaijan suffered investment losses due to events in Ukraine

Posted on 21 May 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan suffered investment losses due to the events that took place in Ukraine. According to SOFAZ, budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3.005 bn manats, while budget expenditures constituted 2.443 bn manats meaning that the budget was implemented with actual surplus of AZN 561.7 million.
Nevertheless, revenue of AZN 3.006 bn was received from the implementation of oil and gas agreements, including AZN 2.991 bn from the sale of profit oil and gas, AZN 2.3 million as transit payments, AZN 13.3 million as bonus payments…………………………………Full Article: Source

Why Sovereign Wealth Funds Are a Bank’s Best Friend

Posted on 20 May 2014 by VRS  |  Email |Print

If you have a capital problem, if no one else can help, and if you can persuade them, maybe you can cozy up to one of the world’s sovereign wealth funds.Certainly these investment vehicles, usually set up by oil-rich countries to manage state savings, have proved themselves willing to back a whole host of banks since the credit crunch.
And in case anyone thought the era of seeking help from deep-pocketed friends was over, Deutsche Bank has reminded us that it’s not. It’s just secured backing from the The Qatari royal family to the tune of €1.75 billion ($2.38 billion) via its investment vehicle Paramount Holdings……………………………………..Full Article: Source

Temasek maintains optimism in Thailand’s long-term investment allure

Posted on 20 May 2014 by VRS  |  Email |Print

Singapore’s Temasek Holdings is still confident in the Thai economy for its long-term investments despite the political limbo, a high-ranking executive says.
“The situation in Thailand is obviously complex but what we think about Thailand is that there is a large population and the country is mixed with a large number of investment opportunities. The regulatory political cycle needs some time to resolve [itself],” Stephen Forshaw, managing director for strategic and public affairs at Temasek, said……………………………………..Full Article: Source

Russia-China fund puts $1b into deals

Posted on 20 May 2014 by VRS  |  Email |Print

The Russia-China Investment Fund has sunk about $1 billion into three infrastructure, tourism and logistics deals, and a senior executive told China Daily that investing in agriculture and natural resources sectors will be next on the agenda.
“China is Russia’s largest trading partner and an important partner of RDIF,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said on Monday. “With deals in infrastructure, tourism and logistics made, we will pay attention to opportunities in sectors including agriculture and natural resources.”…………………………………….Full Article: Source

Kazakh Sovereign Wealth Fund completes deal on Temirbank and Alliance Bank share sale

Posted on 20 May 2014 by VRS  |  Email |Print

Sovereign Wealth Fund Samruk-Kazyna joint-stock company completed a deal with businessman Bulat Utemuratov for shares in Temirbank and some shares in the Alliance Bank, the fund said on May 15.
Samruk-Kazyna and Bulat Utemuratov completed the deal on 79.88 percent of ordinary shares of Temirbank to the amount of 35.7 billion tenge and 16 percent of ordinary and preference shares in Alliance Bank to the amount of 1.5 billion tenge,” according to a statement. Moreover, Temirbank additionally paid Samruk-Kazyna dividends worth $ 9.1 billion tenge from retained earnings in 2010-2012……………………………………..Full Article: Source

Kazakhstan’s President Nursultan Nazarbayev meets Chinese President Xi Jinping

Posted on 20 May 2014 by VRS  |  Email |Print

Kazakhstan’s President Nursultan Nazarbayev has met Chinese President Xi Jinping. The two sides have signed a total of 5 documents. Notably, the two foreign ministries have signed a joint declaration. Samruk-Kazyna Sovereign Wealth Fund and China’s China International Trust and Investment Corporation (CITIC) have signed an MoU to develop relations in the O&G sector and the mining industry.
Besides, Development Bank of Kazakhstan and China’s Exim Bank have signed a memorandum to provide $1 billion to modernize Shymkent-based oil refinery……………………………………..Full Article: Source

KIA chairman meets Tunisian PM

Posted on 20 May 2014 by VRS  |  Email |Print

Executive Director of General Reserve at Kuwait Investment Authority (KIA) Bader Ajeel Al-Ajeel met on Monday night with Tunisian Prime Minister Mahdi Jomaa to explore ways to promote joint investment. Speaking to reporters following the meeting, Al-Ajeel said he had fruitful talks with the Prime Minister on the prospects of the partnership between the two sisterly countries.
“We have assessed the progress of the investments and projects being funded by KIA’s financial arm in Tunisia the Kuwaiti-Tunisian Development Group,” he said……………………………………..Full Article: Source

Libya’s sovereign wealth fund to invest to improve the country

Posted on 16 May 2014 by VRS  |  Email |Print

The Libyan Investment Authority (LIA), the oil producer’s sovereign wealth fund, plans to invest billions of dollars in the local stock market to help fund badly needed infrastructure projects, its new head said. Chairperson Abdulmagid Breish, also said the LIA, which owns assets worth $66 billion, plans a special fund to cover future budget deficits - a timely idea as protests at oil facilities undermine public finances.
Little has been disclosed about the fund’s future investment strategy since the overthrow of Muammar Gaddafi in 2011. The LIA has been busy getting released assets temporarily frozen abroad during the 2011 uprising war………………………………………..Full Article: Source

Singapore SWFs are most acquisitive in 2013

Posted on 15 May 2014 by VRS  |  Email |Print

GIC and Temasek Holdings are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013. The US$15.7 billion (S$19.6 billion) spent by both companies accounted for about a third of direct investments by state investors globally last year, data compiled by the London-based Institutional Investor’s Sovereign Wealth Center showed.
This year, major investments have already been announced: Temasek and one of its units announced two purchases in March, amounting to US$8.9 billion, or 57 per cent of what the two firms invested last year, data compiled by Bloomberg showed………………………………………..Full Article: Source

GIC, Temasek Seen Leading Global State Investors: Southeast Asia

Posted on 14 May 2014 by VRS  |  Email |Print

GIC Pte and Temasek Holdings Pte, Singapore’s state-owned investment firms, are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013.
The $15.7 billion spent by both companies accounted for about a third of direct investments by state investors globally last year, according to data compiled by the London-based Institutional Investor’s Sovereign Wealth Center. Temasek and one of its units announced two purchases in March that amounted to $8.9 billion, or 57 percent what the two companies invested last year, according to data compiled by Bloomberg………………………………………..Full Article: Source

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