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Sovereign Wealth Funds Briefing - Archive | November, 2009

SWF managers fear threat of inflation with economic recovery

Posted on 30 November 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: Sovereign wealth fund managers are concerned about inflation caused by massive stimulus packages in the West and are investing more in property and commodities to hedge against that risk, Franklin Templeton executives said recently.

“There is quite a lot of interest in real estate and other long-term hedges against inflation,” said David Smart, London-based global head of sovereign and supra-national funds at Franklin Templeton……………………………Full Article: Source

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Australia to formalize tax exemption of SWFs

Posted on 30 November 2009 by VRS  |  Email |Print

From Dow Jones: Australia’s Assistant Treasurer Nick Sherry released Monday a consultation paper on proposed changes to income tax laws to formalize an existing tax practice of exempting certain income earned by foreign governments.

The changes are designed to make Australia a more attractive destination for investment by sovereign wealth funds and achieve a long-held goal of becoming a regional financial hub, amid stiff competition from the likes of Singapore, Hong Kong and Tokyo……………………………Full Article: Source

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SWFs – case for ALM

Posted on 30 November 2009 by VRS  |  Email |Print

From IPE: By some estimates, the total size of sovereign wealth funds (SWFs) currently stands at more than $3trn, more than twice the estimated size of the world’s hedge fund industry, but only one-seventh of the global investment fund industry.
The growth of SWFs is likely to continue; research published by Deutsche bank in September 2007 estimated that they could reach around $5trn in the next five years and $10trn within the next decade……………………………Full Article: Source

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Higher prices: Good for SWFs

Posted on 30 November 2009 by VRS  |  Email |Print

From Poten.com: If oil really is running out faster than is generally realised then the real price of crude should be well over double the current already high price of about $75 a barrel, experts believe.

A level of $200 a barrel was predicted as recently as last year by the investment bank Goldman Sachs and the price did hit nearly $150 just 18 months ago, at the height of the global trade boom……………………………Full Article: Source

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DIC set to sell Merlin stake

Posted on 30 November 2009 by VRS  |  Email |Print

From Independent: Dubai International Capital (DIC), the private-equity arm of the beleaguered state’s sovereign wealth fund, is set to end its interest in London Eye and Legoland owner Merlin Entertainments.

DIC, which has a 20 per cent stake in the group, is expected to sell out when Merlin floats on the London Stock Exchange early next year……………………………Full Article: Source

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Dubai’s world sinks into a sea of red ink

Posted on 30 November 2009 by VRS  |  Email |Print

From Thestar.com: Global financial markets were rocked late last week by the startling news that the Persian Gulf emirate’s sovereign wealth fund (SWF), Dubai World, is effectively insolvent and has arbitrarily declared a six-month moratorium on debt payments it’s unable to make.

Global currencies from Colombia to Singapore took a tumble, and stock markets worldwide had a panic attack, fretting that some of the world’s other 30 or so SWFs might soon also be in dire straits. Many SWFs have extensive debts outstanding with the world’s largest banks……………………………Full Article: Source

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Dubai may lose its financial hub role: analysts

Posted on 30 November 2009 by VRS  |  Email |Print

From Smh.com.au: The sheikhdom has one of the largest sovereign wealth funds in the world, worth $US627 billion according to the Roseville, California-based Sovereign Wealth Fund Institute.

The emirate, in control of 8 per cent of the world’s oil reserves, is plowing the cash into its own diversification effort, buying shares of international banks, carmakers and chemical companies……………………………Full Article: Source

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Dubai World mulls 4 options to repay debt

Posted on 30 November 2009 by VRS  |  Email |Print

From Indiatimes.com: Debt-ridden Dubai World is mulling over four options to repay its USD 59 billion credit and liabilities, media here reported. One of the options being considered by advisers to the conglomerate, is the on-schedule (December 14) repayment of the $4 billion payment of a sukuk (Islamic bonds) from Nakheel(real estate arm), the National said.

Dubai World seeking an extension to repay its multi-billion debt till May 2010 has sent world stocks on a tailspin and has raised alarms in the financial world……………………………Full Article: Source

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Dubai looks to oil-rich neighbor for possible aid

Posted on 30 November 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: The Abu Dhabi sovereign wealth fund is constantly on the hunt for new investments, including US companies such as Citigroup Inc.

Abu Dhabi’s strategists are expected to dig deeper into Dubai World’s books before deciding their next move, analysts say……………………………Full Article: Source

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Much ado about Dubai

Posted on 30 November 2009 by VRS  |  Email |Print

From WSJ: Global markets sank sharply at the end of last week on fears that Dubai World, a subsidiary of the government of Dubai, was on the verge of defaulting on approximately $60 billion of the emirate’s $80 billion in total debt held by creditors world-wide.
The rush of news stories added to the wildfire of panicky speculation, with headlines ranging from “Dubai Default Risk May be Big US Bank Problem,” to “Dubai Shows Limits of Government Rescues.”…………………………..Full Article: Source

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GCC has enough foreign assets to tackle debt

Posted on 30 November 2009 by VRS  |  Email |Print

From Business24-7.ae: It said all GCC members except Saudi Arabia manage the bulk of their reserves through sovereign wealth funds which hold combined assets conservatively estimated at about $750bn, with the Abu Dhabi Investment Authority and Kuwait Investment Authority holding $250-400bn each.
“Having incurred substantial losses last year when asset prices plummeted worldwide, GCC foreign holding will have recovered ground this year as global equity markets have rallied, further bolstering the already comfortable external position……………………………Full Article: Source

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In Greenland, warming fuels dreams of hidden wealth

Posted on 30 November 2009 by VRS  |  Email |Print

From Post-trib.com: Last year the Greenland parliament approved the creation of a sovereign wealth fund similar to that which Norway uses for its surplus oil income.

Any payoff from minerals would be smaller, but more immediate. The giant island is believed to be rich in base metals such as zinc, and iron; precious stones like diamonds and rubies; and precious metals like gold and platinum……………………………Full Article: Source

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Dubai Investment Authority is broke

Posted on 27 November 2009 by VRS  |  Email |Print

From Chosun.com: Dubai World, the state-owned investment company that spearheaded the economic miracle in the desert sheikhdom, is unable to service US$59 billion of debt. Bloomberg reported that Dubai World’s “proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001.”

Dubai’s Finance Ministry on Wednesday sought from creditors a six-month “standstill” agreement on debt owed by property developer Nakheel PJSC and its parent company Dubai World……………………………Full Article: Source

Sovereign shock for London

Posted on 27 November 2009 by VRS  |  Email |Print

From Dailymail.co.uk: To all intents and purposes Dubai World is a rather racy Sovereign Wealth Fund. It is a semi-official company encouraged by the Al Maktoum family, which runs Dubai.
The crisis at Dubai World, which has sent global markets into a tailspin, is fuelling the latest wobble for the global financial system. Not surprisingly we find that Britain’s biggest banks, including Royal Bank of Scotland, Barclays, HSBC and Lloyds, are among the creditors……………………………Full Article: Source

Dubai crisis will prompt investors to look critically at sovereign debt

Posted on 27 November 2009 by VRS  |  Email |Print

From Independent: The other part to the Dubai story concerns finance. On any sort of long view its public finances will be all right. This is not an Iceland. It has assets, including a sizeable sovereign wealth fund.
The United Arab Emirates, taken as a whole, has massive oil-generated wealth and that wealth will continue to accumulate as it is very hard to see circumstances when oil will not remain reasonably expensive. But Dubai itself is caught in a classic liquidity squeeze……………………………Full Article: Source

Dubai World’s sprawling empire

Posted on 27 November 2009 by VRS  |  Email |Print

From Marketwatch.com: Dubai World, the conglomerate whose debt woes are roiling global financial markets, is by its own description Dubai’s “flag bearer in global investments.”

Dubai, one of the seven emirates comprising the United Arab Emirates, said late Wednesday it would restructure Dubai World and announced a six-month “standstill” on repayments of the conglomerate’s debt. The news sent shock waves through global markets……………………………Full Article: Source

Temasek eyes Coffee Day Holdings

Posted on 27 November 2009 by VRS  |  Email |Print

From Business-standard.com: Global private equity players Stanchart Private Equity and Singapore-based Temasek have joined the race with KKR to invest $100-150 million (Rs 465-700 crore) in Bangalore-based Coffee Day Holdings.

Coffee Day Holdings is the holding firm for Cafe Coffee Day, Coffee Day Hotels and Resorts, retail broking firm Way2Wealth, venture capital firm Global Technology Ventures and Tanglin Development, the real estate arm which has set up software parks at special economic zones (SEZs) in Bangalore and Mangalore……………………………Full Article: Source

LED maker Seoul raises $248mln from Singapore’s SWF

Posted on 27 November 2009 by VRS  |  Email |Print

From Semiconductor-today.com: Korean LED maker Seoul Semiconductor Co Ltd and its affiliate company Seoul Optodevice Co Ltd (which grows epiwafers and fabricates LED chips) have raised $248m in capital from Singapore’s sovereign wealth fund.
Seoul Semiconductor issued 6.9 million shares at $33.565 per share for a total of $232m and Seoul Optodevice issued 2.7 million shares at $5.870 per share for a total of $16m……………………………Full Article: Source

Korea Investment stands out in profitability

Posted on 27 November 2009 by VRS  |  Email |Print

From Koreatimes.co.kr: Companies that recover fast from the economic recessions are really strong ones ― if this time-honored belief is true, Korea Investment & Securities could be one of the most robust brokerage houses here.

As far as profitability is concerned, Korea Investment stands out here as the firm netted 69.4 billion won during the July-September period of this year, the biggest in the local equities industry……………………………Full Article: Source

We’ve freed the Future Fund

Posted on 27 November 2009 by VRS  |  Email |Print

From Petermartin.blogspot.com: The $64 billion Future Fund will continue to be free to invest through tax havens such as the Cayman Islands and will also freed from a raft of restrictions relating to pay scales, freedom of information laws and the use of its $4.3 billion Telstra shareholding under reforms unveiled by Finance Minister Lindsay Tanner in the presence of the Fund Chairman David Murray.

Mr Tanner told the National Press Club Speaking at the National Press Club that given the structure of the industry and complexity of international tax law, investing asset managers domiciled in the Cayman Islands was “a common practice and often difficult to avoid”……………………………Full Article: Source

Mubadala completes US$1bln financing for new Zayed University Abu Dhabi campus

Posted on 27 November 2009 by VRS  |  Email |Print

From Eyeofdubai.com: Major milestone reached on Mubadala and Abu Dhabi Education Council’s 6,000 student public-private partnership (PPP) campus project.

Abu Dhabi - Mubadala Development Company PJSC (Mubadala) today announced it has closed an oversubscribed US$1 billion non-recourse financing of the Zayed University public-private partnership (PPP) project……………………………Full Article: Source

Global Investments appoints Temasek unit as manager

Posted on 27 November 2009 by VRS  |  Email |Print

From Todayonline.com: Shareholders of Mainboard-listed Global Investments yesterday supported the proposal of the company’s independent directors to appoint ST Asset Management, a unit of investment firm Temasek Holdings, as the new manager of the trust.

ST Asset Management will replace Babcock & Brown Global Investments Management as manager following approval by shareholders at an extraordinary meeting held (EGM) yesterday……………………………Full Article: Source

China emptying the reserves - Full speed ahead

Posted on 27 November 2009 by VRS  |  Email |Print

From Caracommunity.com: It’s rumored that China’s 300 billion-sovereign wealth fund, China Investment Corporation (CIC), will apply to the State Council for the injection of another 200 billion US Dollars from China’s foreign exchange reserves.

The fund set aside 110 billion US dollars for overseas investment this year, but with the pace of investment beginning to increase, only 50 billion US dollars currently remain on the books……………………………Full Article: Source

Dubai World in major new revamp

Posted on 26 November 2009 by VRS  |  Email |Print

From Thenational.ae: The emirate said yesterday it had lined up US$5 billion (Dh18.35bn) in financing from the National Bank of Abu Dhabi and Al Hilal Bank, both of which are controlled by one of Abu Dhabi’s largest sovereign wealth funds, the Abu Dhabi Investment Council.
The two banks agreed to buy $1bn in Dubai bonds immediately, and purchase the remaining debt over the next year…………………………..Full Article: Source

Dubai World seeks to delay debt payments as default risk soars

Posted on 26 November 2009 by VRS  |  Email |Print

From Bloomberg: Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January.

The state-controlled company will ask creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due Dec. 14 from its property unit Nakheel PJSC, Dubai’s Department of Finance said in an e-mailed statement…………………………..Full Article: Source

Australiam govt to strengthen independence of future fund

Posted on 26 November 2009 by VRS  |  Email |Print

From Zibb.com: Australia’s finance minister Lindsay Tanner says the government will beef up the independence of the Future Fund to remove doubt over its ability to make its own decisions, particularly on Telstra.

The move comes amid negotiations on regulatory changes expected to result in Telstra being structurally separated…………………………..Full Article: Source

Tanner assurance on Future Fund

Posted on 26 November 2009 by VRS  |  Email |Print

From Heraldsun.com.au: Finance Minister Lindsay Tanner says the Rudd Government will not use its $86 billion Future Fund to influence the proposed structural separation of Telstra.

In a speech to the National Press Club in Canberra yesterday, Mr Tanner said Australia’s sovereign wealth fund would remain “absolutely independent” of the Government when it came to the nation’s biggest telco…………………………..Full Article: Source

Oil Fund assets topped $14.2 bln by this November

Posted on 26 November 2009 by VRS  |  Email |Print

From News.az: This October assets of the State Oil Fund of Azerbaijan (SOFAZ) grew by over $900 million. Fund’s executive director Shakhmar Movsumov says that by late October SOFAZ assets reached $14.2 bn.

“As of 31st October SOFAZ’s transfer to State Budget totaled AZN 4.1 bn ($5.1 bn) out of AZN 4.9 bn ($6.1 bn) targeted for 2009,” Mvsumov said…………………………..Full Article: Source

New trustee, Hartig, to join Alaska Permanent Fund board

Posted on 26 November 2009 by VRS  |  Email |Print

From Juneauempire.com: Gov. Sean Parnell has appointed Larry Hartig to a seat on the Alaska Permanent Fund Corp.’s Board of Trustees, helping oversee management of the state’s $34 billion savings account.

Hartig, of Anchorage, is commissioner of the Alaska Department of Environmental Conservation and holds one of two seats on the board of trustees designated for commissioners…………………………..Full Article: Source

Why not a sovereign fund for commodities?

Posted on 26 November 2009 by VRS  |  Email |Print

From Commodityonline.com: The Associated Chamber of Commerce and Industry (ASSOCHAM) has mooted a proposal to the government to create a “Sovereign Fund”, the proceeds of which will be utilised ot rescue and arrest possible volatility in doemstic capital market as also encourage it’s orderly growth for a stable and progressive financial system.
ASSOCHAM said the seed capital for the fund can be established from the Security and Transaction Tax (STT), imposed on daily trading of capital markets………………………….Full Article: Source

ADIA planning real estate hiring spree

Posted on 26 November 2009 by VRS  |  Email |Print

From Efinancialcareers-gulf.com: The Abu Dhabi Investment Authority (ADIA) has unveiled its first senior real estate recruit since appointing Bill Schwab as global head of the division in January.
However, as it looks to get involved in large commercial transactions, the sovereign wealth fund is currently on a recruitment spree to bolster its investment team in this sector…………………………..Full Article: Source

China’s SWF after another 200 bln US dollars

Posted on 26 November 2009 by VRS  |  Email |Print

From Eeo.com.cn: It’s rumored that China’s 300 billion-sovereign wealth fund, China Investment Corporation (CIC), will apply to the State Council for the injection of another 200 billion US Dollars from China’s foreign exchange reserves.

The fund set aside 110 billion US dollars for overseas investment this year, but with the pace of investment beginning to increase, only 50 billion US dollars currently remain on the books…………………………..Full Article: Source

Mideast sovereign funds eye BRIC countries for growth

Posted on 25 November 2009 by VRS  |  Email |Print

From Gulf-times.com: Sovereign wealth funds from Kuwait, Qatar and the UAE are poised to pour billions of dollars into the markets of Brazil, Russia, India and China next year as they seek to tap into the BRIC countries explosive economic growth.
“Emerging markets in general are going to be the bigger theme in 2010,” George Pavey, managing director of Credit Suisse’s Global Markets Solutions Group in Dubai told Zawya Dow Jones in an interview yesterday…………………………Full Article: Source

Emerging markets to attract SWFs, Credit Suisse says

Posted on 25 November 2009 by VRS  |  Email |Print

From Bloomberg: Middle East sovereign wealth funds may boost investments in emerging markets to 25 percent of new ventures by 2016 as economic growth surges in the developing world, according to Credit Suisse Group AG.

The funds will invest in Africa, Brazil, China and India because “so much wealth is being created” there, George Pavey, a managing director at Credit Suisse’s global markets solutions group, said in an interview today in Dubai…………………………Full Article: Source

Sovereign wealth funds could have dangerous implications for us

Posted on 25 November 2009 by VRS  |  Email |Print

From Dnaindia.com: The current global economic crisis has led to greater acceptance of the role of government wealth funds (GWFs) as international investors. Sovereign wealth funds (SWFs) are an important component of the GWFs.

In the larger context of global macroeconomic balances, which are unlikely to be resolved soon, this acceptance is primarily due to the short-term consideration, particularly in industrial countries, of the urgent need to recapitalise their banks and to find buyers for an increasing amount of government debt. These debt levels are set to increase, creating huge future fiscal liabilities and risks…………………………Full Article: Source

India government should form sovereign fund to arrest stock mkt volatility: Assocham

Posted on 25 November 2009 by VRS  |  Email |Print

From Indiatimes.com: Industry chamber Assocham suggested that the government should create a sovereign fund out of the money collected through Securities Transaction Tax and use the corpus to arrest volatility in the stock market, fuelled especially by FIIs.

“The fund can be raised from Security and Transaction Tax, imposed on daily trading of capital markets,” it said…………………………Full Article: Source

CIC wants another US$200 bln from forex reserves

Posted on 25 November 2009 by VRS  |  Email |Print

From China.org.cn: CIC, China’s sovereign wealth fund, is planning to apply for another US$200 billion from the country’s forex reserves for further investment, said sources familiar with the matter.

CIC, which has a registered capital of US$200 billion, still has 50 billion yuan left for further overseas investment. The fund is expected to spend 50 billion yuan in investments this year, ten times as much as that of last year, according to sources…………………………Full Article: Source

Norway should resume full payment to Global Fund - IMF

Posted on 25 November 2009 by VRS  |  Email |Print

From IPE: The IMF has warned the Norwegian government that it should resume payment of oil revenues to the Government Pension Fund - Global by reducing the country’s non-oil budget deficit to 4% of the Global Fund’s value, and within the three remaining years of its the current parliamentary term.

The government announced a revised budget in May this year that foresaw an increase in spending of oil revenue NOK9.5bn to NOK130bn - revenues that would otherwise flow into the Global Fund…………………………Full Article: Source

Temasek announces major bond offer plan

Posted on 25 November 2009 by VRS  |  Email |Print

From AFP: State-linked Singapore investment firm Temasek Holdings on Tuesday said it plans to raise 600 million Singapore dollars (433 million US) from new bond offerings.

The latest news follows an announcement in October that the firm would raise 1.5 billion US dollars through a 10-year bond offer under a capital raising programme worth 5.0 billion US dollars…………………………Full Article: Source

Mubadala plans new Abu Dhabi stadium

Posted on 25 November 2009 by VRS  |  Email |Print

From Thenational.ae: Mubadala Development, an investment arm of the Government, has invited major contractors to pre-qualify by December 12. The facility is to have a retractable roof and will include a large, covered area around the facility for various events. Mubadala officials declined to comment.

No word was available on when Mubadala planned to build the stadium, which can take between two and four years depending on the design…………………………Full Article: Source

BHP board ‘wish list’ includes future fund chief, review says

Posted on 25 November 2009 by VRS  |  Email |Print

From Bloomberg: BHP Billiton Ltd. may consider David Murray, chairman of the Australian Government Future Fund, and Royal Bank of Scotland Group Plc’s John McFarlane as possible successors to departing board member David Morgan, the Australian Financial Review reported, without saying where it obtained the information.

Morgan’s departure leaves the 13-member BHP board with only three Australians, the newspaper said…………………………Full Article: Source

Longyuan institutional IPO 8-9 times oversubscribed

Posted on 25 November 2009 by VRS  |  Email |Print

From Nasdaq.com: Singaporean sovereign-wealth fund Government of Singapore Investment Corp. and Hong Kong-listed Ping An Insurance (Group) Co. of China Ltd. have agreed to subscribe to shares in Longyuan.
The institutional tranche of China Longyuan Power Group Corp.’s initial public offering is eight to nine time oversubscribed, a person familiar with the situation said Wednesday…………………………Full Article: Source

CIC is said to buy $400 mln Longyuan IPO shares

Posted on 24 November 2009 by VRS  |  Email |Print

From Bloomberg: China Investment Corp. agreed to buy $400 million of stock in China Longyuan Power Group Corp.’s Hong Kong initial share sale, said three people familiar with the offering, as the sovereign wealth fund steps up investments in energy and commodities companies.

CIC’s holding in China’s largest wind-power producer will be locked up for 12 months, said the people, who declined to be identified before an official statement…………………………Full Article: Source

Freshfields and Richard Butler work on new CIC venture

Posted on 24 November 2009 by VRS  |  Email |Print

From Legalbusinessonline.com: Continuing its impressive run of acquisitions, China Investment Corporation (CIC) has entered into an agreement to buy a 20% equity stake in China’s largest polysilicon producer, Hong Kong listed GCL-Poly. The US$709m agreement marks the fund’s very first domestic investment.

Although CIC’s long list of acquisitions over the past 12 months have been cross-border, this latest move has seen the sovereign giant turn its attention to closer to home…………………………Full Article: Source

Sovereign funds are buying up property and commodities betting on inflation

Posted on 24 November 2009 by VRS  |  Email |Print

From Property-abroad.com: We have been arguing in recent articles that the current property recovery is more than just a reaction to low interest rates and stimulus packages. It is also about protecting wealth from a destruction in the value of money.

It seems we are not alone in this view. On Friday Reuters reported that Sovereign wealth funds are investing more in property and commodities to hedge against currency devaluation following the massive bail-outs and residual debt level of Western governments…………………………Full Article: Source

ADIA beefs up property team

Posted on 24 November 2009 by VRS  |  Email |Print

From Thenational.ae: The Abu Dhabi Investment Authority seems to be putting more emphasis on property investments. In two press releases over the last year (and this is a company that very rarely sends out press releases or communicates at all), ADIA has announced senior appointments to its property team.

In January, ADIA hired Bill Schwab from JP Morgan as their global head of property. And today, they appointed Tom Arnold, formerly of Cerberus, as head of Americas for the property team…………………………Full Article: Source

Arnold leads ADIA’s Americas real estate unit

Posted on 24 November 2009 by VRS  |  Email |Print

From Pionline.com: Tom Arnold was named head of Americas at the Abu Dhabi Investment Authority real estate department, according to spokesman Erik Portanger.

The position is new. He will be based in Abu Dhabi and report to Bill Schwab, global head of real estate…………………………Full Article: Source

Medco, Libyan SWF to partner in development of oil and gas block

Posted on 24 November 2009 by VRS  |  Email |Print

From Thejakartaglobe.com: PT Medco Energi Internasional said on Monday that it would now partner with the Libya Investment Authority, Libya’s sovereign wealth fund, to develop the lucrative onshore Area 47 gas and oil field in Libya, with production scheduled to begin in 2013.

The start of production was delayed from 2011 due to the sovereign wealth fund’s acquisition of Medco’s previous partner in the block, Canada’s Verenex Energy. Verenex agreed to sell its operations, most based in Libya, to the Libya Investment Authority earlier this month…………………………Full Article: Source

Sovereign funds to invest in UK’s $1.7bln innovation fund

Posted on 24 November 2009 by VRS  |  Email |Print

From Cleantechbrief.com: Pension and sovereign wealth funds are set to be among the investors in the UK government’s planned £1 billion ($1.7 billion) Innovation Fund for the life science, cleantech and digital sectors.

The fund was launched by Prime Minister Gordon Brown in June 2009, with an initial government investment of GBP 150 million ($248 million)…………………………Full Article: Source

Arab, US funds picked for Daewoo E&C takeover

Posted on 24 November 2009 by VRS  |  Email |Print

From Koreatimes.co.kr: Two foreign funds ― Middle East-based Jabez Partners and U.S. TR America consortium ― have been picked as preferred bidders for Daewoo Engineering & Construction, Kumho Asiana Group said Monday.
Jabez Partners was founded in 1977 by the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Abu Dhabi, the United Arab Emirates, with $800 billion under management. The fund is reportedly attracted to Daewoo, as the builder grew through large-sized construction projects in the oil-rich region during the 1970s and ’80s…………………………Full Article: Source

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