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Sovereign Wealth Funds Briefing 22.Dec 2008

Posted on 22 December 2008 by VRS |  Email |Print

From Dailystar.com.lb: One aspect of the Arab economies that is widely discussed abroad yet is almost totally absent from the domestic Arab public debate is that pool of trillions of dollars in the so-called Sovereign Wealth Funds (SWFs).

This blackout situation has been slightly ameliorated with the publication this week of a 25-page paper by a visiting scholar at the Carnegie Endowment for International Peace’s Beirut Center, Sven Behrendt, titled: “When Money Talks: Arab Sovereign Wealth Funds in the Global Public Policy Discourse.”…. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Thenational.ae: The Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund, may also have lost money in the US$50 billion (Dh183.6bn) ‘ponzi’ fraud scheme carried out by New York investment manager Bernard Madoff.

In 2005, Adia indirectly invested around $400m with Mr Madoff through a fund called Fairfield Sentry Ltd, according to a report in the New York Times on Saturday, which cited a description of Fairfield’s investors supplied to a prospective client. Adia has since withdrawn portions of its original investment from Fairfield Sentry twice, but may still have had some $132 million in the fund as of last year….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Thepeninsulaqatar.com: Fitch’s assessment was based in part on expectations that Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), would provide support to any banks in need.

In October, authorities unveiled a scheme under which the QIA would buy up to 20 percent of listed banks’ capital, part of a programme to inject liquidity into the banking sector, stimulate growth and maintain confidence. …. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Indiatimes.com: The Gulf Arab emirate of Abu Dhabi said on Saturday that it would create a state auditing unit that would look into the management of state funds and firms in which it owns more than a 50 per cent stake. Abu Dhabi, one of seven members of the United Arab Emirates, has the world’s largest sovereign wealth fund and is a shareholder in several local firms.

Among the goals of the watchdog is “increasing accountability and transparency in entities that fall under its jurisdiction”, according to a law creating the body cited by the official WAM news agency. …. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Canada.com: The Scandinavian country traditionally places all of its oil and gas revenues in a massive pension fund–the world’s second-biggest sovereign wealth fund, according to an unofficial ranking.

The state is allowed to draw up to four per cent of the fund to balance its books….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Psa-peugeot-citroen.com: The Board of Directors of the Fonds Stratégique d’Investissement, the French sovereign wealth fund set up by President Nicolas Sarkozy, has appointed Gilles Michel, Executive Vice President of Automobiles Citroën and member of the PSA Peugeot Citroën Managing Board, Managing Director of the fund.

Mr. Michel’s business expertise, acquired over the past twenty years with Saint Gobain and, since 2001, with PSA Peugeot Citroën, will prove invaluable in helping him to successfully lead the new fund, whose mission is to support the French economy, and particularly the industrial sector, during this period of crisis….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Gulfnews.com: While a sustained oil price slump would have a drastic impact on oil producers’ spending power, high oil prices have allowed Gulf central banks to enhance their cash cushion against any downturn and to build up huge sovereign wealth funds.

The Gulf made export earnings of $2.2 trillion in the five years to June, according to estimates of Saudi Arabia’s Samba Financial Group….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Scotsman.com: Even if the oil price stays at only $60 a barrel over the next five years, the assets held by sovereign wealth fund could increase five-fold to as much as $15 trillion by 2013.

Adrian Cooper, a senior economic advisor to Item Club, said the increase would make the funds “an even more significant factor in global financial – and political – dynamics”….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Canberratimes.com.au: Nevertheless, there is a lingering hope in the West generally, and in Australia in particular, that China, with its vast sovereign wealth fund, may come to the rescue of capitalist states struggling through the current financial crisis.

Australia also looks to China’s phenomenal growth rate to ensure its own continued prosperity…… Full Article: Source

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