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Sovereign Wealth Funds Briefing - Category | Fund Profile/New Launches more

Sovereign fund taking shape

Posted on 25 November 2016 by VRS  |  Email |Print

The government is seeking to set up an investment holding company next year for government shareholdings, part of a wider effort to improve the performance of state enterprises. A law to boost the governance of such firms and enable the creation of the holding company may be enacted by March, according to Ekniti Nitithanprapas, the director general of the State Enterprise Policy Office.
“We’d like the holding company to work in an efficient way like Temasek or Khazanah,” Mr Ekniti said in an interview in Bangkok on Wednesday, referring respectively to Singapore’s state-owned investment firm Temasek Holdings Pte and Malaysia’s sovereign fund Khazanah Nasional Bhd………………………………….Full Article: Source

Thailand evokes Temasek as junta tries to revive state firms

Posted on 25 November 2016 by VRS  |  Email |Print

Thailand is seeking to set up an investment holding company next year for government shareholdings, part of a wider effort to improve the performance of state-controlled enterprises.
A law to boost the governance of such firms and enable the creation of the holding company may be enacted by March, according to Mr Ekniti Nitithanprapas, the director general of the State Enterprise Policy Office………………………………….Full Article: Source

Turkey Sovereign Fund - Details Revealed

Posted on 21 November 2016 by VRS  |  Email |Print

Turkey has established its Sovereign Wealth Fund (Türkiye Varlık Fonu) and the Turkish Sovereign Wealth Fund Management Incorporation (Türkiye Varlık Fonu Yönetimi Anonim Şirketi), its asset management company. On November 9, the Council of Ministers’ decree regarding the Asset Manager’s operating principles(Decree) was published in the Official Gazette.
The resources of the Sovereign Fund are: The institutions and assets within the scope of the privatization program, as well as the Privatization Fund’s excess cash that the High Board of Privatization agrees to transfer to the Sovereign Fund; Surplus income, resources and assets at the disposition of public institutions and organizations that the Council of Ministers decides to transfer to the Sovereign Fund;…………………………………..Full Article: Source

China Investment Corp Sets Up Joint Fund For Overseas Investments

Posted on 17 November 2016 by VRS  |  Email |Print

China’s sovereign-wealth fund China Investment Corporation (CIC) has teamed up with a French public sector financial institution to jointly tap overseas investment opportunities, with a focus on real estate and infrastructure, according to an announcement.
CIC Capital, the direct investment arm of the US$810 billion-under-management state wealth manager, signed an agreement with Caisse des Dépôts International Capital, a subsidiary of State-owned Caisse des Dépôts Group, to set up a fund for cooperation while investing in third-party markets…………………………………….Full Article: Source

Saudi to Make PIF World’s Biggest Fund (Video)

Posted on 16 November 2016 by VRS  |  Email |Print

Bloomberg’s Riad Hamade discusses the MISK Global Forum in Riyadh, Saudi Arabia’s efforts to help with youth unemployment and the plan to make their sovereign wealth fund the biggest in the world. He speaks on “Bloomberg Markets: Middle East.”.………………………………..Full Article: Source

Argentina, Qatar build infrastructure fund

Posted on 09 November 2016 by VRS  |  Email |Print

The Qatar Investment Authority, the country’s sovereign wealth fund, will contribute $1bn to the fund, while Argentina’s state pension agency, ANSES, will put in $300m. Argentina and Qatar are setting up a $1.3bn fund focused on infrastructure projects in South America’s second-largest economy.
The fund was announced during a state visit by Argentine Vice President Gabriela Michetti to Qatar over the weekend. The new fund is the result of an agreement between the Qatar Investment Authority, the Middle Eastern country’s sovereign wealth fund, and a fund managed by Argentina’s state pension agency ANSES…………………………………….Full Article: Source

A sovereign wealth fund to make the UK’s economy the strongest in the G20

Posted on 08 November 2016 by VRS  |  Email |Print

The decision to leave the European Union creates an opportunity to ask fundamental questions about our future for the first time in 40 years. In particular, we are historically worse at long-term planning than many other developed nations: we save less, invest less, and build less economically-vital growth-promoting infrastructure (roads, rail, ports etc) than they do.
Other oil-rich countries like Norway have built up large sovereign wealth funds, but we have not. Can we resolve these weaknesses, using the spur of our newly-won freedoms to change the way we work once separation from the EU is complete?……………………………………..Full Article: Source

PNG Government to announce SWF board in 2017

Posted on 03 November 2016 by VRS  |  Email |Print

The Government will announce the establishment of the Sovereign Wealth Fund board to manage the Fund in early 2017. Treasurer Patrick Pruaitch, when delivering his 2017 Budget speech in Parliament yesterday, said an independent firm has been engaged to carry out a comprehensive executive search in the domestic and international labour market. This is to identify and recommend suitable candidates for appointment as chairman and members of the PNGSWF board.
He said the SWF board’s primary focus in the short term will be to develop a framework and arrangements for Fund Investment. It will also include the establishment of the administrative secretariat to support its operational and administrative functions…………………………………….Full Article: Source

Saudi Wealth Fund May Be World’s Least Transparent

Posted on 02 November 2016 by VRS  |  Email |Print

Fund set to take ownership of Saudi Aramco names none of its investments, institute notes. A Saudi Arabian sovereign-wealth fund being prepared to take ownership of state-owned oil giant Saudi Arabian Oil Co. is less transparent than a fund belonging to Equatorial Guinea that currently ranks as the most opaque in the world, according to a new report.
The fund has a website with one page in Arabic and another in English that says it is “under development.” The fund didn’t respond to a request for comment……………………………………Full Article: Source

African Sovereign Wealth Funds

Posted on 01 November 2016 by VRS  |  Email |Print

Africa has experienced a growth spurt in the last decade largely because of rising commodity prices. But that can’t last forever, and it hasn’t. Partly as a hedge and partly as an economic development vehicle, several African nations started sovereign wealth funds (SWFs) to occasional controversy.
Global SWF assets have doubled since the 2008 financial collapse to more than $7.2 trillion in 2015. SWFs in Africa are blooming and now manage assets over $160 billion, which represent more than 6 percent of the continent’s Gross Domestic Product. Angola’s SFW is one of the continent’s largest. Launched in October 2012, Fundo Soberano de Angola, or FSDEA, was endowed with $5 billion in assets and a mandate to promote economic and social development in Angola and Sub-Saharan Africa………………………………………Full Article: Source

Sovereign wealth investor backs €500m Italian opportunity fund

Posted on 31 October 2016 by VRS  |  Email |Print

Italian fund manager Coima has launched a €500m opportunity fund with cornerstone investment coming from an unnamed sovereign wealth fund. Coima Opportunity Fund II has attracted €150m from the investor in a first closing.
Coima SGR, which was created following the sale of Hines’ Italian fund management subsidiary in last year, said it was the fourth sovereign wealth fund the company had worked with. Qatar’s sovereign wealth fund participated in the listing of Coima Res, Italy first new real estate investment trust (REIT), earlier this year……………………………………..Full Article: Source

Bangladesh: Sovereign Wealth Fund on the cards

Posted on 27 October 2016 by VRS  |  Email |Print

For the first time, the government has decided to create a state-owned agency, named Sovereign Wealth Fund to provide loans, guarantees and grants to the state and to businessmen to develop the countrys economy. A committee has been formed in this respect, headed by Bangladesh Bank (BB) deputy governor Shitangshu Kumar Sur Chowdhury.
The committee also includes Policy Research Institute (PRI) Executive Director Dr Ahsan H Mansur and has been tasked with the preparation of a proposal to create the fund, disclosed sources in the central bank and in the Banking Division…………………………………..Full Article: Source

OIF launches $200mn technology fund

Posted on 26 October 2016 by VRS  |  Email |Print

Government-owned Oman Investment Fund (OIF) has launched a US$200mn Oman Technology Fund (OTF) to invest in startup technology companies around the region and the world. Officials said the fund is expected to attract technology companies to Oman and help build the country as a tech hub. It is part of the government’s economic diversification strategy.
“We commend the launch of the OTF as an innovative investment vehicle that will help us achieve our development objectives to grow the ICT sector in Oman,” said H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry…………………………………..Full Article: Source

State sits on rare funding source

Posted on 25 October 2016 by VRS  |  Email |Print

As New Mexico legislators grappled with budget deficits, they raided cash reserves from various accounts just to pay the bills, some of which were past due. But New Mexico also is one of a few states with a sovereign endowment from energy and mineral deposits that locks away money for future generations.
Severance tax funds in the United States hold a combined value of $70 billion, according to the Pew report. The 77 sovereign wealth funds outside the United States in countries such as Russia, Kuwait, China and France have $8.2 trillion in assets. A severance tax-based sovereign wealth fund is one tool policymakers could consider to answer the challenges posed from a high reliance on these taxes, as it can help transform this volatile, finite tax stream into more permanent, revenue-generating assets………………………………….Full Article: Source

NIIF and RDIF to establish a $1bn Russian Indian Investment Fund

Posted on 19 October 2016 by VRS  |  Email |Print

The state-backed Russian Direct Investment Fund (RDIF) will work with an Indian fund to invest $1 billion in Asia’s third-largest economy, the head of the fund said before a bilateral summit expected to yield several big business deals.
The RDIF and India’s National Investment and Infrastructure Fund (NIIF) will each invest up to $500 million in the joint fund, replicating partnerships the Russian entity has with countries like China. “We helped in the process of the NIIF being created,” RDIF CEO Kirill Dmitriev said in an interview with Reuters. “Now we will provide equity capital to joint Russian-Indian projects, mainly in India.”……………………………………Full Article: Source

Saudi, SoftBank to set up $100bn tech fund

Posted on 17 October 2016 by VRS  |  Email |Print

Japan’s SoftBank is set to join forces with Saudi Arabia’s sovereign wealth fund to launch a new tech fund that will manage as much as $100 billion, a move that will create one of the largest tech investment funds in the world.
SoftBank will invest at least $25 billion into what’s provisionally called the SoftBank Vision Fund over the next five years, while Saudi Arabia is weighing putting in at least $45 billion. They may draw in other partners who could eventually push the fund’s size to its maximum, reported The New York Times……………………………………..Full Article: Source

Saudi Arabia, SoftBank plan $100 billion tech fund - one of the world’s biggest

Posted on 14 October 2016 by VRS  |  Email |Print

Saudi Arabia and Japan’s SoftBank Group said they will create a technology investment fund that could grow as large as $100 billion, aiming to create one of the world’s largest private equity funds.
The plan is part of a series of dramatic business initiatives launched by Riyadh this year as Saudi Arabia, its economy hurt by low oil prices, deploys huge financial reserves in an effort to move into non-oil industries. SoftBank’s founder and chairman Masayoshi Son, who has built his company into a $68 billion telecommunications and tech investment behemoth from a $50,000 start-up, has been seeking to expand in new areas……………………………………..Full Article: Source

Fayemi negotiates $500m mining investment fund with NSIA

Posted on 11 October 2016 by VRS  |  Email |Print

The Minister of Solid Minerals Development, Dr. Kayode Fayemi, has disclosed that he is currently negotiating a $500 million investment fund with the Nigerian Sovereign Investment Authority (NSIA), managers of Nigeria’s Sovereign Wealth Fund, to support a long term development plan for the country’s mining sector.
Speaking in an interview at the weekend in Abuja, Fayemi said the Federal Executive Council (FEC) in August approved a new roadmap for the development of the mining sector, adding that with a proactive execution of the roadmap, the sector was expected to contribute up to $27 billion to Nigeria’s Gross Domestic Products (GDP) ratio by 2025………………………………….Full Article: Source

Papua New Guinea: Work on establishing SWF progressing: Secretary

Posted on 05 October 2016 by VRS  |  Email |Print

Treasury Secretary Dairi Vele says work on the establishment of a sovereign wealth fund for Papua New Guinea is progressing well. “There are no impediments on the operationalisation of the sovereign wealth fund (SWF),” Vele sad. “The work is progressing very well.”
He said the enabling law, known as the Organic Law on Sovereign Wealth Fund, was approved by Parliament in July last year. He said only certain parts of the law were in operation………………………………………Full Article: Source

Greece passes electricity market reform, sets sovereign wealth fund

Posted on 29 September 2016 by VRS  |  Email |Print

Greek lawmakers passed reforms sought by the country’s creditors to cut pension spending and expedite privatisations in exchange for financial aid under the country’s latest international bailout.
Signalling the conclusion of a first review of bailout terms, parliament voted to reform the country’s electricity market and transfer state assets into an umbrella sovereign wealth fund. The reforms were passed by a majority vote in the 300-seat parliament by members of Prime Minister Alexis Tsipras’ leftist-led government………………………………………Full Article: Source

Emerging Economies to Counter Big Chill in Returns, Norfund Says

Posted on 28 September 2016 by VRS  |  Email |Print

Institutional investors should look to emerging markets to avoid a toxic combination of falling financial returns and higher political risk in the developed stock and bond markets. The Norwegian sovereign wealth fund, the world’s biggest, is seeking to expand its investment universe into unlisted infrastructure investments to take advantage of its size.
While pension and sovereign wealth funds are struggling with weak returns in OECD markets, opportunities can be found in infrastructure, private equity and unlisted assets in developing economies, according to a report by Re-Define, commissioned by the Norwegian Investment Fund for Developing Countries, or Norfund……………………………………Full Article: Source

Qatar-Indonesia joint investment fund in ‘final stages’

Posted on 27 September 2016 by VRS  |  Email |Print

The $1bn joint investment fund (JIF) by Qatar and Indonesia is nearing its final stages, and is expected to fund major infrastructure and energy projects, an official has said. Special envoy to the Indonesian president for Middle East Affairs Dr Alwi Abdurrahman Shihab said Indonesia’s share of the JIF (15%) “is ready.” He also said the government is just waiting for the Qatar Investment Authority (QIA) to select from several projects Indonesia has prepared to start the JIF.
“This joint investment fund should be, as soon as we can, made into a reality because the Indonesians have already provided four to five projects to be picked by the Qatar Investment Authority (QIA) in order for us to show the Indonesian people that the investment is there,” Shihab said …………………………………….Full Article: Source

National Investment and Infrastructure Fund

Posted on 26 September 2016 by VRS  |  Email |Print

Nineteen months after the announcement was made in FY16 Budget, the National Investment and Infrastructure Fund (NIIF) will commence operations next month with a $1-billion corpus for the highway sector and another fund of the same size for the renewable energy industry, according to official sources.
In line with the NIIF’s investment structure, the Centre would infuse nearly 49% of the corpus, or a total of $1 billion in the two sectoral funds, while the balance amount will come from long-term investors such as sovereign wealth funds. The potential investors in these funds include Abu Dhabi Investment Authority (ADIA), Qatar Investment Authority (QIA) and RUSNANO of Russia, the sources added…………………………………….Full Article: Source

Now Indonesia has a sovereign wealth fund – and it won’t be the last

Posted on 15 September 2016 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) are large state owned investment funds. With assets under management of about US $7trillion globally, SWFs have become key players in international finance – even surpassing the combined size of global hedge funds and private equity firms.
In the vast majority of cases SWFs were funded by the proceeds of oil and gas exports, and resource rich countries have particularly tended to create SWFs in periods when oil prices are high………………………………………..Full Article: Source

Is East Africa Ready for a Sovereign Wealth Fund for its natural resources?

Posted on 13 September 2016 by VRS  |  Email |Print

Kenya, Uganda and Tanzania are among the new frontier economies in the oil and gas industry that have over the last decade announced significant hydrocarbon discoveries. These East Africa Countries (EAC) countries have introduced laws to manage oil and gas resources for the benefit of all stakeholders.
Kenya, for instance, introduced a petroleum act earlier this year; the Act stipulates that 75% of the proceeds from commercial oil and gas produced be retained by the national government, with county governments hosting the deposits receiving 20% and local community receiving 5%………………………………………..Full Article: Source

Russia, Turkey to form joint investment fund - Russian minister

Posted on 05 September 2016 by VRS  |  Email |Print

Russian Economy Minister Alexei Ulyukaev said on Sunday President Vladimir Putin and his Turkish counterpart Tayyip Erdogan had agreed to form a joint investment fund between their two countries. The two leaders met on the sidelines of the G20 summit in the eastern Chinese city of Hangzhou on Saturday.
“We are concluding work on the formation of a Russian-Turkish investment fund,” Ulyukaev said. “At the end of August, Turkey made the necessary legislative changes to create a corresponding partner to our direct investment fund - the Turkish sovereign wealth fund.” Turkey announced plans for a sovereign wealth fund last month, intended to boost annual growth over the next decade and reassure investors unnerved by a failed coup attempt in July………………………………………..Full Article: Source

Is East Africa Ready for a Sovereign Wealth Fund?

Posted on 31 August 2016 by VRS  |  Email |Print

Kenya, Uganda and Tanzania are among the new frontier economies in the oil and gas industry that have over the last decade announced significant hydrocarbon discoveries.
These East Africa Countries (EAC) countries have introduced laws to manage oil and gas resources for the benefit of all stakeholders. Kenya, for instance, introduced a petroleum act earlier this year; the Act stipulates that 75% of the proceeds from commercial oil and gas produced be retained by the national government, with county governments hosting the deposits receiving 20% and local community receiving 5%………………………………………Full Article: Source

Turkey publishes law to set up sovereign wealth fund

Posted on 29 August 2016 by VRS  |  Email |Print

A law to establish a Turkish sovereign wealth fund intended to boost annual growth over the next decade was published in the country’s Official Gazette on Friday. After the defeated July 15 coup attempt, the Turkish government in August introduced a bill to parliament to setting up a wealth fund to keep growth on track and reassure investors unnerved by the upheaval.
Financing for the fund, which aims to lead annual growth of 1.5 percent over next decade, will be provided by government asset sales, cash surpluses from the state privatization fund and other state institutions, the draft law reads………………………………………..Full Article: Source

Turkey seeks to manage $200 bln in sovereign fund soon: Minister

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s target for its newly announced sovereign wealth fund is for it to manage $200 billion as soon as possible, Economy Minister Nihat Zeybekci said on Aug. 26, as a public company has been established to run the process.
“Our aim is to make this fund one which can control a $200-billion asset pool,” he said in an interview with broadcaster NTV, as quoted by Reuters. Turkish lawmakers put forward legislation to create a sovereign wealth fund, which was intended to help boost annual growth over the next decade………………………………………..Full Article: Source

Company to manage Sovereign Wealth Fund established

Posted on 29 August 2016 by VRS  |  Email |Print

A mnagement company for the Sovereign Wealth Fund (SWF), which will be in charge of founding and managing the SWF and its relevant subsidiary funds, has been established. The legislation to establish the SWF Management Inc., as well as amendments to various laws, has taken effect after being published in the official gazette.
The management company is in charge of contributing to instrumental diversity and depth in capital markets, the main activity areas of which are to found and manage funds under the Prime Ministry, draw domestic public assets into the economy, procure external sources and join strategic and large-scale investments. The sphere of activity of the SWF management company is to establish and manage the SWF and subsidiary funds………………………………………..Full Article: Source

Turkey: Sovereign Wealth Fund to be fully transparent

Posted on 23 August 2016 by VRS  |  Email |Print

Finance Minister Naci Ağbal said that the Turkish Sovereign Wealth Fund (SWF) was prepared in accordance with the best international practices and it will not be drawn from the current budget.
Pointing out that the most important issues related to the SWF are the establishment, operations and audit, Ağbal said the SWF will be fully transparent and subject to all the institutional management regulations under the Capital Market Law as well as all the rules related to the independent audit put forward by the Capital Markets Board (SPK), along with the regulations governing the Public Disclosure Platform (KAK)………………………………………..Full Article: Source

Why Nigerian state governments must establish sovereign wealth funds

Posted on 22 August 2016 by VRS  |  Email |Print

Successive Nigerian governments failed to save or invest a part of their earnings. No individual or government that spends all their income during times of plenty should expect everything to be well in times of famine.
Globally, countries as well as sub-national entities that generate revenues from commodity exports have established frameworks to put aside a portion of their earnings for the future and the vehicle mostly used for such savings is the sovereign wealth fund (SWF). In some jurisdictions, SWFs also receive part of the reserves held by central banks………………………………………..Full Article: Source

Turkey to set up €15mn sovereign wealth fund to support struggling economy

Posted on 19 August 2016 by VRS  |  Email |Print

Turkey will set up a sovereign wealth fund with an initial capital of TRY50mn (€15mn), Economy Minister Namik Zeybekci said on August 17. Ankara will target to raise the fund’s size to $200bn at a later stage, Bloomberg reports.
The ruling Justice and Development Party (AKP) has already submitted a bill to parliament to create the sovereign wealth fund that it says will be used to finance infrastructure projects. Its strategic aim is to generate annual growth of 1.5% over the next 10 years. The creation of the fund would not threaten the country’s low budget deficit, Prime Minister Binali Yildirim has said………………………………………..Full Article: Source

Turkey’s Sovereign Wealth Fund bill approved by Parliament

Posted on 18 August 2016 by VRS  |  Email |Print

Legislation to establish a management company for a Sovereign Wealth Fund (SWF), as well as amendments to various laws, was approved by the Parliamentary Planning and Budget Commission late on Tuesday.
The legislative proposal calls for the fund to be established to contribute to instrumental diversity and depth in capital markets, the main activity areas of which are to find and manage funds under the Prime Ministry, draw domestic public assets into the economy, procure external sources and join strategic and large-scale investments. An SWF management company will be established to establish and manage the SWF and subsidiary funds………………………………………..Full Article: Source

How and why is Turkey launching an SWF?

Posted on 17 August 2016 by VRS  |  Email |Print

There are a great number of examples to tell how the July 15 coup attempt will lead to a major transformation in Turkey. I think, however, one of the most important examples is the Sovereign Wealth Fund (SWF), which would not have been launched had Turkey not experienced the July 15 process.
This is because the Turkish state has realized that Turkey would have had no economic and political safety were it not for the public courage on July 15. As a result, it has begun revising the hackneyed and accustomed teachings and practices that currently exist. It is being asked as to why Turkey has not taken the steps that developed countries took many years ago………………………………………..Full Article: Source

Turkey: Government making headway with Sovereign Wealth Fund

Posted on 16 August 2016 by VRS  |  Email |Print

The Government is making headway in bringing the country`s first Sovereign Wealth fund into fruition. Cabinet on August 3, advised the Attorney General’s Chambers to commence the drafting of the Sovereign Wealth Fund Bill which will bring the fund into effect.
The Sovereign Wealth Fund is aimed at creating a mechanism for future budgetary surpluses that will ensure the future economic prosperity of the Turks and Caicos Islands. The Government earlier this year announced that model legislation will be laid in the House of Assembly for scrutiny and debate in the third quarter of the financial year………………………………………..Full Article: Source

Cabinet cannot be above the nation and the law

Posted on 15 August 2016 by VRS  |  Email |Print

A draft law for amendments in certain governmental decrees consisting of 75 articles on the establishment of a Turkey Sovereign Wealth Fund was submitted to the Parliamentary Speaker’s Office on Aug. 1. Apart from the Sovereign Wealth Fund, there is an article in the draft, unheard of and unknown, that came to attention when the text was made available.
In accordance with the articles of the wealth fund, major infrastructure projects such as the nuclear power plant and the “Kanal Istanbul” project to be financed by the unemployment fund and privatizations……………………………………….Full Article: Source

Turkey Creates First Sovereign Fund for Strategic Projects

Posted on 12 August 2016 by VRS  |  Email |Print

Turkish government commenced preparations to create the first sovereign fund in Turkey to support strategic and long term developmental projects. The fund will be directly oriented by the prime minister’s office. The cabinet submitted a draft law to the parliament, last week.
The draft law suggests creating a joint stock company that manages a sovereign fund, abides by relevant professional regulations and is affliated to the cabinet presidency. It also proposes establishing other sovereign funds as per the country’s need. According to a report published by Sovereign Wealth Fund Institute, there are four sovereign funds in the Persian Gulf that are classified out of the ten greatest sovereign funds around the world………………………………………..Full Article: Source

Turkish Sovereign Wealth Fund expected to be among world top 20

Posted on 10 August 2016 by VRS  |  Email |Print

While the establishment of the Turkish Sovereign Wealth Fund is still in progress, it is expected to be listed in the top 20 in the giants’ league, as it gets TL 200 billion ($67.124 billion) in capital, as announced by Economy Minister Nihat Zeybekci.
Slated to generate long-term and low-cost finance for strategic, large-scale investments that can contribute to the country’s development, the Turkish Sovereign Wealth Fund has come to the top of the country’s agenda. The government has goals to boost Turkey’s economic growth by an additional 1.5 percent in the next 10 years with the new fund………………………………………..Full Article: Source

Britons will decide how to spend $1.3 bln shale gas fund

Posted on 10 August 2016 by VRS  |  Email |Print

Britons living near “fracking” developments will be able to decide how a 1 billion pound shale gas wealth fund should be spent, either by accepting direct personal payments or supporting projects such as railways or flood defences, the government said on Monday.
Prime Minister Theresa May announced on Sunday that some tax proceeds from new shale gas developments could go directly into local residents’ pockets, showing her support for the nascent industry that she hopes can ease Britain’s growing reliance on imported gas………………………………………..Full Article: Source

Sovereign Wealth Fund law to be submitted to Parliament as new driving force for mega projects

Posted on 09 August 2016 by VRS  |  Email |Print

Finance Minister Naci Ağbal said the draft law on the establishment of the Turkish Sovereign Wealth Fund will be submitted to Parliament’s Planning and Budget Commission today. “While the fund helps to decrease fluctuations in the market, it will also serve as the driving force behind Turkey’s mega projects,” Ağbal said.
The draft law was announced for the first time last week. The establishment of the Turkish Sovereign Wealth Fund and various amendments to a number of laws will address Turkey’s need for a welfare fund, as it is the only G20 member that lacks one. The government also has goals to boost Turkey’s economic growth by an additional 1.5 percent in the next 10 years with the new fund………………………………………..Full Article: Source

Turkey’s sovereign wealth fund to support economy

Posted on 04 August 2016 by VRS  |  Email |Print

Turkish Prime Minister Binali Yildirim sent a bill on creating a sovereign wealth fund to parliament after his cabinet’s approval, according to a copy of the draft obtained by Bloomberg on Aug. 2. This was done to stabilize markets and fund infrastructure projects in the wake of a coup attempt.
The proposal allows the government to establish a wealth management company called Turkiye Varlik Yonetimi AS with a capital injection of 50 million liras ($17 million), to be financed from the state Privatization Fund. That company would create another entity, Turkiye Varlik Fonu, or Turkey Wealth Fund TVF, and other funds as it sees necessary, according to the draft………………………………………..Full Article: Source

Turkey Unveils Draft Details of Planned Sovereign Wealth Fund

Posted on 03 August 2016 by VRS  |  Email |Print

Turkey’s government took the first steps toward creating a sovereign wealth fund that officials say can be used to stabilize markets and fund infrastructure projects in the wake of a failed coup attempt. Prime Minister Binali Yildirim sent a bill on the fund to parliament after his cabinet’s approval, according to a copy of the draft obtained by Bloomberg on Tuesday.
The proposal allows the government to establish a wealth management company called Turkiye Varlik Yonetimi AS with a capital injection of 50 million liras ($17 million), to be financed from the state Privatization Fund. That company would create another entity, Turkiye Varlik Fonu, or Turkey Wealth Fund TVF, and other funds as it sees necessary, according to the draft………………………………………..Full Article: Source

In wake of coup attempt, Turkey eyes sovereign wealth fund

Posted on 03 August 2016 by VRS  |  Email |Print

Turkish lawmakers on Tuesday put forward legislation to create a sovereign wealth fund intended to boost annual growth over the next decade, an ambitious target for a fund with $16 million in start-up capital and a country with little energy revenue.
Its backers hope it will serve to reassure investors unnerved by a failed coup attempt and a subsequent crackdown on the military, police and civil service which has heightened concerns about President Tayyip Erogan’s tightening grip on power. The July 15-16 failed putsch caused economic damage amounting to about 300 billion lira ($100 billion), according to Customs and Trade Minister Bulent Tufenkci quoted by Hurriyet newspaper on Tuesday………………………………………..Full Article: Source

Draft to launch Turkish sovereign wealth fund sent to parliament

Posted on 03 August 2016 by VRS  |  Email |Print

A draft law for the establishment of the Sovereign Wealth Fund of Turkey was sent to parliament in a bid to create an additional 1.5 percent contribution to annual growth in the next decade, as Reuters has reported on Aug. 2.
The draft included various new regulations in the fields of taxation, public energy projects and investments. Turkey has been the only country without such a fund among all G-20 countries. In the initial stage, a specific percentage of public funds and revenue will be allocated to create the main basis of the newly planned wealth management fund………………………………………..Full Article: Source

Saudi plans $1.1 bln fund for smaller companies

Posted on 02 August 2016 by VRS  |  Email |Print

Saudi Arabia will establish a $1.1 billion fund to develop its venture capital industry and support the creation of small and medium-sized companies, the cabinet said on Monday, as the kingdom tries to strengthen its economy in an era of cheap oil. The cabinet approved a plan for the Public Investment Fund, Saudi Arabia’s top sovereign wealth fund, and the Ministry of Commerce and Investment to establish the new fund, according to a statement carried by state news agency SPA.
The fund will invest in venture capital operations and private assets on a commercial basis in order to encourage investment in smaller firms, which Riyadh hopes will create jobs as low oil prices force cuts in state spending………………………………………..Full Article: Source

Ireland can conjure a pot of sovereign wealth gold

Posted on 19 July 2016 by VRS  |  Email |Print

By taking shares in multinationals, Ireland could create a sovereign wealth fund linked to the performance of the best-governed companies in the world, which would provide for future generations. In 2012, US multinationals made $100bn profit in Ireland, on which they are supposed to pay 12.5 per cent tax, or $12.5bn. In fact, they paid $4bn.
Why not encourage multinationals to pay the difference between what they pay and what they ought to pay in shares? Shares are permanent wealth, whereas taxes are transitory income………………………………………..Full Article: Source

UK Government must create a sovereign wealth fund to save North Sea industry

Posted on 18 July 2016 by VRS  |  Email |Print

Oil tycoon Algy Cluff is calling on the Government to create a sovereign wealth fund to save the North Sea industry and invest in a gas supply for the country after Brexit. Cluff, who founded and runs Cluff Natural Resources, wants the Government to take charge and invest in the face of the weakened oil price.
He wants the Government-launched Oil and Gas Authority to be able to take equity stakes in companies that want to explore to fund them like an investment or sovereign wealth fund. Norway’s government created an investment fund to re-invest the money it raised from the North Sea oil boom………………………………………..Full Article: Source

Saudi Arabia contemplates largest sovereign wealth fund

Posted on 06 July 2016 by VRS  |  Email |Print

While Saudi Arabia continues its dominance over world oil pricing, the nation’s 30-year old Crown Prince Mohammed Bin Salman, is planning to form and sell shares of its state owned oil company, thereby creating the world’s largest sovereign wealth fund ever.
In order to make this happen, the Crown Prince must lift the shroud of mystery enveloping his nation’s five huge oil fields, estimated by the Saudis to hold 260 billion barrels of oil. However the validity of these estimates has not been verified for decades, since the buyout of ARAMCO, now totally owned by the kingdom. The Saudis have not permitted external valuation since the 1960’s………………………………………..Full Article: Source

Louisiana eyes creating sovereign wealth fund from oil and gas revenues

Posted on 04 July 2016 by VRS  |  Email |Print

Louisiana could create a sovereign wealth fund to help with budgeting and construction and infrastructure funding under a bill signed by Gov. John Bel Edwards earlier this month. The bill was signed by Mr. Edwards on June 17, roughly two weeks after it passed the state Legislature. It still needs voter approval on the ballot this fall to become a reality.
The Revenue Stabilization Trust Fund would be funded by excess oil and gas revenues, and corporate franchise and income tax revenues. The fund could help cover capital outlay projects or transportation infrastructure when its balance exceeds $5 billion, according to the bill text. Annual interest earnings could go toward general fund expenditures………………………………………..Full Article: Source

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