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Sovereign Wealth Funds Briefing 22.Mar 2010

Posted on 22 March 2010 by VRS |  Email |Print

From Timesonline.co.uk: Sovereign wealth funds have been keeping their heads down. Falling asset values, sliding oil prices and big deals gone sour forced many to close their wallets in 2008 and 2009. But all that is about to change.
A fresh round of big deals is going to thrust the funds — regarded by some as the bogeymen of international finance — back into the spotlight………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From China Knowledge: GCL-Poly Energy Holdings Ltd, a foreign-owned independent cogeneration plant operator in China, will start a solar power project with China Investment Corp in the near future, said an officer of the Hong Kong-listed firm.

CIC, a state-owned investment firm based in Beijing, currently holds a 20% stake in GCL-Poly Energy Holdings. The two partners have set up a joint venture to develop the solar power market in China, the U.S. and Europe. The listed firm has a 51% stake in the JV, which has a registered capital of US$500 million………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From Maktoob.com: Barwa Real Estate’s merger with fellow developer Alaqaria has received approval from the Gulf Arab country’s financial regulator. Qatari Diar, the property arm of the cash-rich state’s sovereign wealth fund, will own 45% of the newly formed developer.

“Following the launch of its offer to acquire the share capital of Qatar Real Estate Investment Co. (Alaqaria) on 9 March 2010, Barwa Real Estate Co. (Barwa) today announced that following approval from the Qatar Financial Markets Authority the offer document is now available,” the property companies said in an emailed statement………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From Business24-7.ae: McLaren Automotive has reached deals in the UAE and the Gulf to appoint new dealers for its upcoming cars. McLaren’s current shareholders are Bahrain-based sovereign wealth fund Mumtalakat Holding Company, Mansour Ojjeh’s TAG Group and Dennis.
Ian Gorsuch, Regional Director for Middle East, Africa and Asia Pacific at McLaren Automotive, said the company will announce the new dealers next week and most of the distributors were already dealing in high-end cars of other brands………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From Guardian: Manchester United supporters are planning to table a £1.25 billion bid for the football club by June in a move that would lead to fans holding a majority stake. It is understood that several sovereign wealth funds have also expressed an interest in the deal.

The campaign to wrest control of the club from the Glazer family is being spearheaded by a group of businessmen, who have dubbed themselves the Red Knights………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From MNI: Mexico Finance Minister Ernesto Javier Cordero Arroyo Sunday said the government will be able to add significantly to its stabilization fund this year as the result of expected increases in tax revenues and oil export earnings.
That increase along with a $48 billion Flexible Credit Line from the International Monetary Fund which is expected to be renewed shortly, will create a fortified “war chest” to protect Mexico from a potential reversal of funding in coming years, Cordero said………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From Businessweek.com: Citigroup Inc plans to double the size of a team helping pension and government-backed funds manage direct hedge fund investments. Pensions, sovereign wealth funds and foundations, which are emerging as the largest allocators, may increasingly bypass the traditional fund-of-funds investing for more direct investment in hedge funds.

The targeted increase of the now 30-person consulting team may be completed within 18 to 24 months, London-based Roe said in an interview in Hong Kong on March 19. Asia may get a disproportionate number of the additions as the bank expands the services from Europe and the U.S. to the region………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From Zawya.com: 2010 should be a year of improvement for the Middle East as a sluggish global recovery gains momentum and investor confidence rebuilds. Swelled by the accumulation of oil-driven fiscal surpluses over the past decade, sovereign wealth funds can be drawn down to finance potential fiscal deficits without jeopardizing planned investment expenditure.

Indeed, Moody’s only sovereign rating actions in the region so far this year have been positive: the upgrade of Saudi Arabia’s government bond ratings to Aa3 from A1 and Oman’s to A1 from A2 based on the strong state of their government finances………………………………….Full Article: Source

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Posted on 22 March 2010 by VRS |  Email |Print

From Moneycontrol.com: Bankers will see Dubai’s plans to restructure USD 26 billion in debt as a kickoff in a long game and not a goal if other high-profile restructurings, such as Russian aluminium producer UC RUSAL are a guide.

Dubai World, the holding company harbouring the emirate’s flagship property firm Nakheel, builder of palm-shaped islands, is the playing field for one of the biggest emerging markets debt dramas ever, and an announcement is expected this week………………………………….Full Article: Source

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