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Sovereign Wealth Funds Briefing - Archive | January, 2009

Economic freeze hits Alaska’s investments

Posted on 30 January 2009 by VRS  |  Email |Print

From IPE: The Alaska Permanent Fund Corporation’s (APFC’s) real estate portfolio performed better than other assets but has still contributed to the fund’s $4.2bn (€3.2bn) drop in value in the second quarter of fiscal year 2009.

The US fund blamed the continued losses in the global financial markets for the fall, which brought the fund’s value down to $28.8bn at the end of December 2008 and contributed to a $983m net loss for the fiscal year-to-date….. Full Article: Source

Germany open to foreign sovereign fund investment-Glos

Posted on 30 January 2009 by VRS  |  Email |Print

From Fxstreet.com: Germany is open to investment from sovereign funds from abroad, Economy Minister Michael Glos said in a speech with China’s Premier Wen Jiabao on Thursday.

“We’re open for investment from abroad, and obviously also from sovereign wealth funds,” Glos said. …. Full Article: Source

Temasek and GIC have performed credibly, says Singapore Minister

Posted on 30 January 2009 by VRS  |  Email |Print

From Straitstimes.com: Singapore SWFs - Temasek and GIC - have performed ‘credibly by international standards’, Finance Minister Tharman Shanmugaratnam said. Temasek averages an annual 18 per cent return on investment; GIC averages 7.8 per cent in US dollar terms, compared with 6 per cent for the MSCI World Index.

GIC also said last year that it is boosting investments in emerging markets, private equity and other asset classes to raise returns after cutting back stocks and holdings in developed nations. …. Full Article: Source

BHF and ADIC in Middle East tie-up

Posted on 30 January 2009 by VRS  |  Email |Print

From Gulfnews.com: BHF-Bank, the second-largest private bank in Germany, has launched a strategic partnership with Abu Dhabi Investment Company (Adic). The strategic cooperation will start with ADIC’s asset management business providing advisory services to the investment company of BHF-Bank, Frankfurt-Trust, and its successful FT Emerging Arabia (USD) funds.

Frankfurt-Trust’s portfolio managers will benefit from the intimate regional expertise of Adic’s asset management professionals, receiving country, sectoral and individual stock recommendations. …. Full Article: Source

Qatar seeks ‘blue chips’ to diversify fund, Prime Minister says

Posted on 30 January 2009 by VRS  |  Email |Print

From Bloomberg: Qatar may buy stakes in three “blue-chip” companies and increase existing holdings, said the Gulf state’s prime minister Hamad bin Jasim,who is also head of the country’s $58 billion sovereign wealth fund. Qatar is reviewing the targets’ assets and liabilities and is seeking companies with stable dividends.

He declined to identify investment candidates. Sovereign wealth funds have been hurt as oil prices dropped from record highs and the turmoil in the credit markets eroded the value of their existing investments. The prime minister said the credit crisis had “minimally” affected Qatar’s investments….. Full Article: Source

UAE: No magic wand to end the downturn

Posted on 30 January 2009 by VRS  |  Email |Print

From Zawya.com:Dubai’s sovereign fund sees opportunities but remains nervous of the markets, Dubai International Capital (DIC) chief executive Sameer Al-Ansari said.

While asset prices are at very reasonable levels it is still too early to make big bets on long-term investments, Ansari said. “There [is] going to be a great opportunity in the next year or two to acquire assets at historically unprecedented levels,” Al-Ansari said. ….. Full Article: Source

City of Fairbanks takes hit to its permanent fund

Posted on 30 January 2009 by VRS  |  Email |Print

From Newsminer.com: In spite of losing more than $20 million in permanent fund earnings last year, Fairbanks city investments did better than most other municipalities in Alaska because of its conservative investment policy.

It was better news than expected when financial adviser Jeff Johnson noted on Wednesday afternoon in a permanent fund meeting that most other investment portfolios were down as much as 40 percent last year….. Full Article: Source

Alaska budget reserve suffers billion-dollar loss

Posted on 30 January 2009 by VRS  |  Email |Print

From Adn.com: A change last year in how a key state savings account is invested has yielded nothing but pain so far — a loss of about $1 billion. The reason is the stock market meltdown that began last fall.

Because Department of Revenue officials plowed a big chunk of the Constitutional Budget Reserve into stocks shortly before the meltdown started, the state suffered the same kind of stinging losses many Americans have experienced in their personal retirement portfolios….. Full Article: Source

Kuwait awaiting economic stimulus plan

Posted on 30 January 2009 by VRS  |  Email |Print

From Etaiwannews.com: The staggering decline in oil prices - Kuwait’s key source of foreign revenue - which have fallen from nearly $150 per barrel in mid-2008 to around $42. If that was not enough, Kuwait’s sovereign fund losses are about 35 percent, according to al-Nemash’s estimates.

Kuwait has not officially put any figures on the losses of its $300 billion invested around the world. The fund is kept outside the budget as a fund to provide for future generations when oil, the mainstay of the economy, runs out…… Full Article: Source

DIC says still wary of big bets

Posted on 30 January 2009 by VRS  |  Email |Print

From Reuters: Asset prices are at very reasonable levels but it is still to early to make big bets on long-term investments as the global financial crisis will get worse, Dubai International Capital Chief Executive Sameer al-Ansari said.

Speaking on the sidelines of the annual meeting of the World Economic Forum, al-Ansari said the sovereign fund sees opportunities but remained nervous of markets as the financial system was “broken”……. Full Article: Source

Putin’s shrinking reserves

Posted on 30 January 2009 by VRS  |  Email |Print

From FT: While addressing the World Economic Forum on Wednesday evening, Russian Prime Minister Vladimir Putin offered the following thoughts on the state of the global reserve currency system: “The one reserve currency has become a danger to the world economy: that is now obvious to everybody.”

He also argued that the leading powers should ensure an “irreversible” move towards a system of multiple reserve currencies, while questioning the “reliability” of the USD as a safe store of value.”……. Full Article: Source

The political economy of foreign reserves

Posted on 30 January 2009 by VRS  |  Email |Print

From Ngrguardiannews.com: Have you ever wondered where the U.S. foreign reserves are? What of those of Britain and Japan? The Central Bank of Nigeria (CBN) and the newly created Presidential Steering Committee on the Global Economic Crisis appears poised to fiddle with the economy to stave off the country from the impending catastrophe that is currently unleashed by the global financial system.

One of the mechanisms at the disposal of the CBN, in particular, is the control over exchange rate and external reserves. …. Full Article: Source

Sovereign wealth funds lose their gloss

Posted on 29 January 2009 by VRS  |  Email |Print

From FT: They have vast assets and highly secretive natures, and the Gulf’s sovereign wealth funds have been the source of much speculation over the past 18 months as bankers and officials have beaten a hasty path to their doors.

Their power and ambition initially drew a negative reaction from the west but suspicions have evaporated as the financial crisis has deepened. For desperate bankers it is as if the Gulf’s sovereign vehicles – with estimates of their overall assets ranging up to $1,500bn – are a last resort of funding. But those clinging to that perception have been forced to rethink. …. Full Article: Source

Arcapita eyes fresh equity from wealth funds

Posted on 29 January 2009 by VRS  |  Email |Print

From Reuters: Bahrain-based investment bank Arcapita said on Wednesday it is trying to raise fresh capital from sovereign wealth funds, after its credit ratings were cut by Standard & Poor’s.

“We are in the process of securing a significant equity increase from certain sovereign wealth funds,” Arcapita said in a statement. A spokesman for the bank told Reuters the sovereign wealth funds are in the Gulf Arab region as well as Asia, but declined to provide more details….. Full Article: Source

It’s too dangerous to invest, says head of Dubai sovereign wealth fund

Posted on 29 January 2009 by VRS  |  Email |Print

From Timesonline.co.uk: The head of one of the world’s leading sovereign wealth funds said at Davos today that there were bargains to be had but it was too early to make major long-term purchases as the global financial crisis was going to get worse.

Asset prices were at very reasonable levels but it was still to early to make big bets on long-term investments, said Sameer al-Ansari, the chief executive of the $13 billion Dubai International Capital. …. Full Article: Source

SWFs “hunkering down” for at least 6 months-Khazanah

Posted on 29 January 2009 by VRS  |  Email |Print

From Reuters: Sovereign wealth funds are likely to avoid major investments for at least six months as the global financial crisis plays out, the managing director of Malaysia’s strategic investment fund said.

Speaking at the World Economic Forum in Davos, Azman Mokhtar, Managing Director of Khazanah Nasional Berhad, said the next six-to-nine months would be very difficult for sovereign funds, not least because of the pressure for domestic accountability. “Many sovereign wealth funds will be hunkering down — certainly in the first six months of this year,” he said….. Full Article: Source

Azerbaijan SWF looks at U.S. stocks, scolds managers

Posted on 29 January 2009 by VRS  |  Email |Print

From Reuters: Oil-rich Azerbaijan may start buying up shares in U.S. companies with cash from its $11 billion rainy day oil fund, the director of the sovereign wealth fund said on Wednesday.

Shakhmar Movsumov, head of the oil fund, said Azerbaijan was unhappy about 4.2 percent average annual returns in the last three years on the $120 million part of the portfolio managed by foreign asset managers and was now looking into private equity….. Full Article: Source

Singapore, investor in UBS, Citigroup, says worst yet to come

Posted on 29 January 2009 by VRS  |  Email |Print

From Bloomberg: Singapore, whose state-owned funds invested about $24 billion in UBS AG, Citigroup Inc. and Merrill Lynch & Co. in the past 14 months, said the worst of the credit crunch is yet to come.

The world’s biggest banks still have toxic assets on their balance sheets, which are clogging up their ability to lend, Singapore Finance Minister Tharman Shanmugaratnam said in an interview with Bloomberg Television yesterday. The finance ministry oversees Government of Singapore Investment Corp. and Temasek Holdings Pte, each managing more than $100 billion. …. Full Article: Source

Taqa retains $60bln assets target despite global financial meltdown

Posted on 29 January 2009 by VRS  |  Email |Print

From Zawya.com: The Abu Dhabi Energy Company (Taqa), the semi sovereign wealth fund, said it had slowed down its push to boost assets to $60 billion (Dh220bn) but that the level remains its target despite the adverse impact of the low oil prices on its portfolio.

Taqa’s Chief Executive Officer, Peter Barker-Homek, said which is 75 per cent owned by the Abu Dhabi Government, had invested nearly $15bn over the past five years and is planning to finalise deals worth $10bn in the next five years. In an interview with Emirates Business, Homek said the global financial crisis and the ensuing crash in crude prices had hit its oil and gas business but noted that its other assets had remained intact as most of them are power stations….. Full Article: Source

Turkish investors eye Middle East

Posted on 29 January 2009 by VRS  |  Email |Print

From Hurriyet.com.tr: The sovereign wealth funds of Abu Dhabi, Saudi Arabia and Kuwait government constitute the world’s largest investment funds, said Korhan Kurdoğlu, chairman of the Turkish-UAE Business Council.

Total fund volume under the control of Gulf countries is around $1.7 trillion, he said, adding that the figure is expected to reach $5-$6 trillion by 2015….. Full Article: Source

In 2009 State Oil Fund of Azerbaijan expects $140 million of dividend from BTC Co

Posted on 29 January 2009 by VRS  |  Email |Print

From Abc.az: State Oil Fund of Azerbaijan (SOFAZ) expects stabilization of dividends from Baku-Tbilisi-Ceyhan (BTC) pipeline named after Heydar Aliyev received for the first time on January 16.

Shakhmar Movsumov, SOFAZ Chief Executive, informed that in 2009 SOFAZ expects $140 million of dividend from BTC Co pipeline company….. Full Article: Source

Brazil’s Dec primary deficit widens on wealth fund

Posted on 29 January 2009 by VRS  |  Email |Print

From Reuters: Brazil’s primary budget surplus surpassed its target in 2008 but analysts fear easing government tax revenues could put public accounts under pressure.

Robust growth and ample tax revenue allowed Brazil to post a primary budget surplus of 4.07 percent of gross domestic product in 2008, above the government target for 3.8 percent….. Full Article: Source

MENA fund managers optimistic for medium and long term

Posted on 29 January 2009 by VRS  |  Email |Print

From Zawya.com: The common view among managers interviewed by S&P Fund Services is that the upturn in the MENA region will be led by domestic investors, in particular sovereign wealth funds, which are increasingly being used as lifeboats for the markets.

“Managers believe it will take some time for international investors to venture back into the region,” said Demartini, noting that although in the short term, cash, highly visible defensives and domestic plays are being favoured, the team at SICO is preparing for a bounce back, which in their view will be led by more cyclical and riskier assets. …. Full Article: Source

Putin urges reserve currency move

Posted on 29 January 2009 by VRS  |  Email |Print

From BBC: Russian Prime Minister Vladimir Putin has told the Davos economic forum it is dangerous for the world to over-rely on the dollar as its reserve currency. He called for a range of reserve currencies and said he envisaged the emergence of several strong regional currencies in the future.

He advised against isolationism and state economic control as ways out of a “perfect storm” in the world economy….. Full Article: Source

Sovereign funds likely to dominate M&A in GCC

Posted on 28 January 2009 by VRS  |  Email |Print

From Business24-7.ae: Sovereign wealth funds and some private equity players are expected to dominate the merger and acquisition market in the region, said experts. This year the merger and acquisition will mainly be driven by GCC governments’ initiatives to stabilise the real estate and equity markets and their efforts to boost market conditions.

Furthermore, the relatively low valuations will encourage SWFs to acquire stakes in local as well as global companies, said Global Investment House (GIH)….. Full Article: Source

Davos in the media: No-shows, sovereign funds

Posted on 28 January 2009 by VRS  |  Email |Print

From Nytimes.com: This year, the talk emanating from the World Economic Forum, in Davos, Switzerland, has so far been focused on how little star-power the gabfest is generating this year.

As business, government and nonprofit leaders trek up the peak originally made famous by Thomas Mann’s novel, but now better known for the conference that starts Wednesday, star power is no longer in, as The Times noted Monday….. Full Article: Source

Omani fund buys 30 per cent in Bulgaria’s Corporate Commercial Bank

Posted on 28 January 2009 by VRS  |  Email |Print

From Sofiaecho.com: Sofia-based firm Bromac has sealed a preliminary accord to sell a 30 per cent share in Corporate Commercial Bank to an Omani fund, the bank said in a filing to the Bulgarian Stock Exchange. The buyer, Luxembourg-registered Bulgarian Acquisition Company II, is one of the sovereign wealth funds of the Sultan of Oman.

The fund has implemented a flurry of investments in Bulgaria and believes buying into Corpbank is a major step in its expansion in the country. …. Full Article: Source

Saudi fund boosts project finance amid crunch

Posted on 28 January 2009 by VRS  |  Email |Print

From Kuwaittimes.net: Saudi Arabia’s Public Investment Fund announced yesterday measures to increase its financing support for projects in the world’s largest oil exporter amid the global liquidity crunch, state news agency SPA reported.

The state-run fund will extend project loan durations to 20 years, including a five-year grace period, from 15 years and will raise a cap on project lending to 40 percent of the value of the project from 30 percent, SPA said….. Full Article: Source

Sovereign investment offered for Ugandan oil pipeline

Posted on 28 January 2009 by VRS  |  Email |Print

From FT: Asian and Middle East backers have offered to fund and build a 1,300km pipeline needed by Tullow Oil and Heritage Oil to exploit a large Ugandan oil find, according to the finance director of Heritage.

Shares in London-listed Heritage and in Tullow, its FTSE 100 partner in developing the Albert basin oilfield in Uganda, have risen in recent months on excitement about the discoveries. …. Full Article: Source

Sovereign wealth funds bid for AIG aircraft leasing unit

Posted on 28 January 2009 by VRS  |  Email |Print

From Dailymail.co.uk: Embattled insurer American International Group is understood to have found potential buyers for its aircraft leasing unit. Bids are said to have come from a range of investors including sovereign wealth funds in Singapore, China and the Middle East.

Among those interested in the business, International Lease Finance, are Singapore’s Temasek, Dubai’s investment arm Istithmar World, the Kuwait Investment Authority and China Investment Corp….. Full Article: Source

Temasek not interested in AIG’s aircraft leasing unit

Posted on 28 January 2009 by VRS  |  Email |Print

From CNN: Singapore’s state investment agency Temasek Holdings is not interested in bidding for the aircraft leasing unit of American International Group Inc. (AIG), people familiar with the matter said Tuesday. “There is no interest from Temasek,” one of those people said.

Reuters earlier reported that AIG had received bids from sovereign wealth funds in Singapore, China, and the Middle East for its unit, known as International Lease Finance Corp….. Full Article: Source

Distressed selling good opportunity for investors

Posted on 28 January 2009 by VRS  |  Email |Print

From Business24-7.ae: There is a tendency among GCC sovereign wealth funds (SWFs) to focus on investments within the region they added but may change their strategies in future, Morgan Stanley officials said.

‘Alternative’ segments comprising private equity, hedge funds, real estate and infrastructure of investment comprise as high as 20 percent of a typical GCC SWF, Samaha said….. Full Article: Source

USC Keston Institute proposes a solution to the funding shortage for America

Posted on 28 January 2009 by VRS  |  Email |Print

In a report, titled “Not the Macquarie Model: Using U.S. Sovereign Wealth to Renew America’s Civil Infrastructure,” Institute director Richard Little suggests using a combination of public and institutional pension funds and individual retirement accounts together with Social Security Trust Funds, to fund revenue-backed public works projects.

The full report, commissioned by America 2050, a national initiative to meet the infrastructure, economic development, and environmental challenges the nation will face by the year 2050, is available at http://www.america2050.org/2009/01/not-the-macquarie-model-using-us-sovereign-wealth-to-renew-americas-civil-infrastructure.html. …. Full Press Release: Source

Global crisis is good news for IFIs in Latin America

Posted on 28 January 2009 by VRS  |  Email |Print

From Irc-online.org: The World Bank and Inter-American Development Bank (IDB) have announced dramatic increases in lending to Latin America in the wake of the global credit squeeze triggered by the U.S. financial collapse.

Crowded to the margin in recent years by demands for financial independence backed by high commodity prices and steadily growing reserves, the World Bank, IDB, and International Monetary Fund (IMF) are happily back in business. …. Full Article: Source

Recipient nations need to attract, not punish, responsible sovereign investment

Posted on 28 January 2009 by VRS  |  Email |Print

The economy is in big trouble and investment capital is on standing on the sideline. One significant source of investment capital is the trillions of dollars in sovereign investment funds, whose portfolios have been ravaged and whose reputations have been savaged.

Infusing these massive investment pools back into the markets would provide a significant boost to the economy and would reinstate much of the confidence that has evaporated. The nations that best understand the needs of responsible sovereign investors are the nations that are most likely to attract and retain this much needed investment. …. Full Press Release: Source

Nigeria foreign reserves drop to $50.9 bln

Posted on 28 January 2009 by VRS  |  Email |Print

From AFP: Nigeria’s foreign currency reserves dropped to 50.9 billion dollars this week from 57.2 billion dollars at the end of December 2008, the Central Bank of Nigeria (CBN) said Tuesday.

The CBN said the slide in the reserves was due to lower crude oil prices in the international market and the massive drawdown on the reserves to meet surging foreign exchange demands….. Full Article: Source

Russia’s Reserve Fund worth $142.5 bln - finance minister

Posted on 28 January 2009 by VRS  |  Email |Print

From Rian.ru: Russia’s Reserve Fund now stands at 4.7 trillion rubles ($142.5 billion) and the National Wealth Fund at 2.6 trillion rubles ($79 billion), Finance Minister Alexei Kudrin said on Tuesday.

The Finance Ministry divided the former Stabilization Fund into the Reserve Fund, designed to cushion the federal budget against a plunge in oil prices, and the National Wealth Fund, designed to help Russia carry out pension reforms, on February 1, 2008. …. Full Article: Source

Mideast SWFs bring chill to Davos

Posted on 27 January 2009 by VRS  |  Email |Print

From WSJ: Big Mideast SWFs scale back investments? Last year, officials from the Middle East’s sovereign-wealth funds were the rock stars of this Swiss town’s annual gathering of economic and political leaders. Housing and banking woes were just starting to emerge in the West, but these cash-rich funds were pumping up their investments.

Now, many have come to regret their big bets. In 2008, the value of foreign assets in portfolios of the Gulf Cooperation Council states fell by $100 billion to a total of $1.2 trillion, not counting the vast personal holdings of their ruling families, according to a report this month by the New York-based Council on Foreign Relations….. Full Article: Source

Norway dips into oil fund for US$3bln stimulus

Posted on 27 January 2009 by VRS  |  Email |Print

From FT: Norway on Monday unveiled a NKr20bn ($3bn, €2.25bn) fiscal stimulus package as it starts to use its massive oil wealth to boost growth and employment in its struggling economy.

The Nordic country of just 4.7m people has amassed $370bn in oil revenues – the world’s second largest sovereign wealth fund, after Abu Dhabi’s – and is now starting to use it to soften the effects of an expected recession….. Full Article: Source

Kuwait sovereign fund takes stake in Gulf Bank

Posted on 27 January 2009 by VRS  |  Email |Print

From Reuters: Kuwait Investment Authority KIA.L, the oil-exporter’s sovereign wealth fund, will own 16 percent in troubled Gulf Bank after the lender completed its capital hike, an official said on Monday.

In December, shareholders in Gulf Bank approved a rescue plan ordered by the central bank to raise 375 million dinars (936.6 million pounds) in a 100 percent emergency rights issue to cover derivatives losses of the same amount….. Full Article: Source

AIG’s ILFC unit draws sovereign funds

Posted on 27 January 2009 by VRS  |  Email |Print

From CNN: American International Group Inc has received bids from sovereign wealth funds in Singapore, China and the Middle East, as well as several private equity firms, for its aircraft leasing unit, people familiar with the matter said Monday.

Initial bidders for the unit, International Lease Finance Corp, include Singapore’s Temasek Holdings Pte Ltd Dubai’s investment arm Istithmar World, Kuwait Investment Authority and China Investment Corp, the sources said….. Full Article: Source

Future Fund looks at buying into ailing British market

Posted on 27 January 2009 by VRS  |  Email |Print

From Smh.com.au: Australia’s Future Fund is a frontrunner to buy one third of a big British shopping centre, according to reports from Britain. Land Securities is said to be on the verge of selling its stake in the Bullring, one of the main shopping centres outside London, for £200 million ($420 million).

According to reports in the highly regarded Property Week, Britain’s biggest property group has held talks with several investors, including funds in the US, Europe and Australia, and is thought to be in advanced talks with the Australian Government’s investment vehicle….. Full Article: Source

SWFs: Be informed, not afraid

Posted on 27 January 2009 by VRS  |  Email |Print

From Hillandknowlton.com: With Sovereign Wealth Funds (SWF) estimated to be worth around $3.5 trillion, almost twice the size of the hedge fund segment, it is to be expected that they receive their fair share of attention. But despite the fact that some SWF have been around for over 50 years, it is only recently that have begun dominating the headlines.

The fascination with SWF is partly because they have become much more visible and partly because they are seen both as an opportunity and a threat. SWF combine high finance with high politics and raise key questions about shifts in economic and political power around the globe….. Full Article: Source

Permanent Fund shouldn’t be used to boost in-state energy

Posted on 27 January 2009 by VRS  |  Email |Print

From Adn.com: The Alaska Permanent Fund is supposed to be a place for the state to invest its money prudently — not a development fund for questionable projects. That’s why a proposal to allow the fund board to invest up to $1 billion in in-state energy projects is a bad idea.

The proposal, House Bill 44, is sponsored by House Speaker Mike Chenault and Reps. Peggy Wilson and John Harris. It would allow the Permanent Fund board to invest up to $1 billion of the fund in in-state energy projects….. Full Article: Source

SWFs: The flows are neither as big nor as scary as they once seemed

Posted on 27 January 2009 by VRS  |  Email |Print

From CFO: Whatever happened to sovereign-wealth funds? Eighteen months ago SWFs were destined to acquire swathes of Western companies for foreign governments, not all of which always passed the smell test.

They then had a brief cameo as the saviours of Western banks, piling in where few other investors dared to tread. But lately things have gone quiet. That partly reflects the big losses that many funds are sitting on….. Full Article: Source

SSO looks at Temasek model for investment

Posted on 27 January 2009 by VRS  |  Email |Print

From Nationmultimedia.com: The Social Security Office’s new chief is studying the investment model of the Singaporean government’s investment arm, Temasek Holdings, to deal with the increasing size of the Social Security Fund against the tiny size of Thailand’s financial market.

SSO secretary-general Pan Wannapinij is focusing on how Temasek is chalking out its investment plan. “With Bt560 billion in assets, the Social Security Fund is now the biggest institutional investor in Thailand,” he said….. Full Article: Source

Kuwait sovereign fund cuts stocks, shifts to cash

Posted on 26 January 2009 by VRS  |  Email |Print

From Reuters: The Kuwait Investment Authority (KIA), the Gulf Arab state’s sovereign wealth fund, has reduced exposure to global stock markets since October, shifting assets instead into short-term cash funds, a government report said.

In a briefing to parliament, the government said KIA had cut the ratio of international share investments in a key fund in a bid to minimise the effect of the global financial crisis on Kuwait, the world’s seventh-largest oil exporter….. Full Article: Source

Qatar investment fund buys 5% of Qatar Islamic stock

Posted on 26 January 2009 by VRS  |  Email |Print

From Gulf-times.com: Qatar Islamic Bank said yesterday Qatar Investment Authority, or QIA, bought 5% of the lender’s share capital.

QIA spent 956mn Qatari riyals ($262.4mn) on the shares, Qatar Islamic Bank said in a statement on the Doha bourse website….. Full Article: Source

India government seeks cap on Temasek, GIC holdings in listed companies

Posted on 26 January 2009 by VRS  |  Email |Print

From Economictimes.indiatimes.com: The finance ministry has proposed that a key agreement between India and Singapore be amended to prevent two Singapore government-owned investment entities — Temasek and GIC — from together holding more than 10% equity stake in any publicly-traded Indian company.

Under the current SEBI regulations, a foreign institutional investor (FII) cannot hold more than 10% in a single Indian company. Different FIIs owned by a common entity are classified as an ‘FII group’ and are subject to the 10% cap….. Full Article: Source

AMD $4.6bn chip fab in Malta nearing reality with Abu Dhabi Investment

Posted on 26 January 2009 by VRS  |  Email |Print

From Nanowerk.com: Advanced Micro Devices Inc. shareholders will gather in Austin, Texas on Feb. 10 to authorize an investment by the Emirate of Abu Dhabi that could top $9 billion.

The transaction, which includes the spin-off of AMD’s manufacturing operations in Germany into a joint venture called The Foundry Co., will fund construction of a $4.6 billion chip fab at the Luther Forest Technology Campus in Malta….. Full Article: Source

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