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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Azeri State Fund to double gold reserves, buy Asian real estate

Posted on 18 January 2013

Azerbaijan’s State Oil Fund plans to double its gold holdings this year to 30 metric tons and invest in real estate in Asian capitals as it diversifies reserves. The fund, known as Sofaz, bought almost 15 tons of bullion last year as part of its plan to spend $1.5 billion to purchase 30 tons of gold in 2012 and 2013, Executive Director Shahmar Movsumov told state television channel AzTV.
Sofaz, which last month announced acquisitions of properties in London, Paris and Moscow, plans to focus on real estate in Asian capitals this year, Movsumov said………………………………………..Full Article: Source


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