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Sovereign Wealth Funds Briefing 23.Dec 2009

Posted on 23 December 2009 by VRS |  Email |Print

From Thenational.ae: The value of assets managed by Abu Dhabi’s two leading sovereign wealth funds is likely to have risen to US$425 billion (Dh1.55 trillion) after this year’s rally in oil prices and global financial markets, estimates by an economic consultancy show.

Rachel Ziemba, an economist at RGE Monitor in New York, said the combined assets of the Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi Investment Council (ADIC) had probably recovered by as much as 20 per cent after major losses from the global financial crisis………………………………….Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From Desert Wind: There is nothing new about a sovereign wealth funds. The first major fund was created in Kuwait in 1953. The goal was to invest for the country’s future, and to stabilize the economy as the price of oil changed dramatically.

But the shift in the world’s economic reality made these kinds of operations suddenly more powerful, more important and, in some countries, more feared.What gave them such importance?…………………………………Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From Business24-7.ae: Leading corporate firms from the UAE and Azerbaijan, a Central Asian oil and gas rich state, will form a joint international investment company, it was revealed at the second UAE-Azerbaijan Joint Economic Committee meeting held in the capital.

The committee, which was established in 2008 to co-operate in corporate businesses within the two countries for their investors and exchange expertise in diversified economic developments, met for the second time yesterday in Abu Dhabi………………………………….Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From Ameinfo.com: Standard and Poor’s Ratings Services said today that it affirmed its ‘AA’ long- and ‘A-1+’ short-term corporate credit ratings on the operating holding company Mubadala Development Co. PJSC (Mubadala) based in Abu Dhabi in the United Arab Emirates (UAE). The outlook is stable.
“The ratings on Mubadala, the Abu Dhabi government’s principle vehicle for diversifying the local economy away from hydrocarbon revenues, are based on an equalization with the ratings of the Emirate of Abu Dhabi (AA/Stable/A-1+),”said Standard & Poor’s credit analyst Farouk Soussa………………………………….Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From Reuters: National carrier Malaysian Airline System Bhd (MAS),controlled by state investment firm Khazanah Nasional, plans to raise at least 2.67 billion ringgit ($777.5 million) from a rights issue to part finance new aircraft, its chief executive said on Tuesday.
MAS has placed an order for 15 A330s with Airbus, Chief Executive Officer Azmil Zahruddin told a news conference. Airlines globally have struggled in the past year as the economic crisis sapped demand for travel and trade, and as passengers turn to discount carriers to cut costs………………………………….Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From Smh.com.au: Noble Group, the commodity supplier backed by China’s $US300 billion ($343 billion) sovereign wealth fund, may bid for Macarthur Coal after agreeing to a deal that will make it the largest shareholder, Macquarie Group says.

Hong Kong-based Noble yesterday agreed to acquire a 23 per cent stake in Macarthur, the world’s biggest exporter of pulverised coal, through the takeover of its 88 per cent-owned Gloucester Coal………………………………….Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From Moneycontrol.com: China’s USD 300 billion sovereign wealth fund, China Investment Corp (CIC), is helping to bolster the alternate energy industry.

In the last several months, the fund has pumped about USD 1.1 billion into the sector, buying stakes in solar firm GCL-Poly Energy, the world’s No.3 polysilicon company by capacity, and China Longyuan, the world’s fifth-largest wind power company………………………………….Full Article: Source

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Posted on 23 December 2009 by VRS |  Email |Print

From WSJ: China should consider lending some of its foreign-exchange reserves to Chinese commercial and policy banks, which could use the funds to finance overseas investment by Chinese companies, Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing said Tuesday.

His comments highlight the debate among government and industry officials about how Beijing can make better use of its huge foreign-exchange reserves, which would help prevent risks from a too-heavy concentration on holdings in dollars………………………………….Full Article: Source

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