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Sovereign Wealth Funds Briefing 19.Oct 2009

Posted on 19 October 2009 by VRS |  Email |Print

From Business24-7.ae: Sovereign wealth funds (SWFs) of Gulf oil producers lost about $90 billion (Dh330bn) in 2008, but are expected to gain nearly $134bn this year following an improvement in crude prices, according to a key financial institution.

From nearly $724bn at the end of 2007, the combined assets of the four major SWFs in the GCC shrank to about $634bn at the end of 2008 because of losses suffered from the global financial turmoil, said the Washington-based International Institute of Finance (IIF)…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Dow Jones: Despite the enormous influx of capital going into Brazil, a sovereign wealth fund in the near term is little more than a pipe dream. According to recent reports, Brazil’s government is planning to set up a new sovereign wealth fund to invest dollars that the central bank buys on the spot market to limit the sharp appreciation of the local real currency against the dollar.

But Brazil needs all the money it can get to pay for its budget deficit and public debt. Second, much of the capital in flows boosting the real are private and do not go into the government coffers…………..Full Article (Subscription Required): Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Pople.com.cn: China Investment Corporation (CIC), the nation’s sovereign wealth fund, announced Friday that it had closed the first phase settlement for the purchase of a 45 percent stake in Nobel Oil Group.

The 300-million-dollar investment would be completed in two phases. In the first phase, which was completed by the end of September, CIC had spent 100 million U.S. dollars for holding the Russian oil company’s stakes, and 50 million dollars for operating expense of the oil fields, according to the announcement…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Zawya.com: India’s Yes Bank, a new generation private sector commercial bank, is seeking to raise $200 million (Dh734.6 million) additional capital. The bank plans to raise a significant share of this from Gulf based investors who include some of the leading sovereign wealth funds and institutional investors.

“We are going for a Qualified Institutional Placement (QIP) of 30 million to 50 million shares to raise $150 million to $200 million in additional capital and we are in talks with some of the leading sovereign wealth funds from the region including a few from the UAE,” Rana Kapoor, Yes Bank founder and managing director, told Gulf News…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From WSJ: Sovereign wealth funds such as Singapore’s Temasek Holdings Pte. Ltd. and China Investment Corp. have talked with Mongolian conglomerates looking to develop resources and infrastructure.

Temasek and private-equity firm Hopu Investment Management Co. in late 2007 invested a combined $300 million in Hong Kong Lung Ming Investment Holdings Ltd., a firm that owns a majority stake in the operator of Mongolia’s Eruu Gol iron-ore project…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Arabnews.com: Sovereign wealth funds (SWFs) may have had a limited exposure to the Islamic finance sector to date, but the launch of a new Islamic investment firm, Fajr Capital Ltd. in early October 2009, brings together the investments and ambitions of three such funds in one stroke.

Khazanah Nasional Berhad (the investment arm of the Ministry of Finance in Malaysia), the Brunei Investment Agency (BIA) and the Abu Dhabi Investment Council (ADIC) have been joined by the private Saudi-based firm MASIC (The Mohammad & Abdullah Al-Subeaei Investment Co.), which is a member of the Al-Subeaei Group, as the main shareholders of Fajr Capital, which is based in the Dubai International Financial Centre (DIFC) and has offices in London and Kuala Lumpur…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Arabtimesonline.com: A bid for J Sainsbury Plc may not be imminent, but its property assets, growth plans and uncertainty over the intentions of its top investor could keep it a focus of speculation, and its stock in demand.
Shares in Britain’s third-biggest supermarket group leapt as much as 20 percent on Thursday as chatter swirled that its largest investor, Qatar’s sovereign wealth fund, was mounting a new takeover bid after a previous attempt failed in 2007…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Kippreport.com: Government-owned Dubai World is considering offer its creditors equity stakes in a bid to cope with its $60 billion debt, reported Bloomberg on Thursday, citing sources close to the matter.

“We can consider selling part of our assets under the investment arm conditional that it has the right value, but we will definitely not embark upon any fire sale,” Jamal Majid Bin Thaniah, confirmed Dubai World’s CEO to the news agency…………..Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Menafn.com: The Sultanate has used $300 million out of the $2 billion ‘Support Fund’ to help domestic companies wriggle out of the recession and may not require the balance $1.7 billion as the economy has been fast recovering from the impending financial crisis, central bank governor Hamood Sangour Al-Zadjali said here yesterday.

He was attending a meeting of Gulf policymakers in Muscat, which was also attended by officials from the International Monetary Fund (IMF). ………….Full Article: Source

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Posted on 19 October 2009 by VRS |  Email |Print

From Theonlinecitizen.com: Another big player in the restructuring talks could be Singapore’s GIC. The fund owns a $575 million mezzanine loan backed by the property, according to people familiar with the matter. Also, GIC owns about $100 million to $200 million in equity, the people said.

Both investments might be wiped out unless GIC maneuvers to have more influence in the loan workout process, possibly by buying more senior debt. GIC declined to comment…………..Full Article: Source

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