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Sovereign Wealth Funds Briefing 21.Jun 2010

Posted on 21 June 2010 by VRS |  Email |Print

From Reuters: Euro zone woes have prodded Sovereign Wealth Funds’ towards more investments in emerging markets, but a lack of liquidity and rules on risk limit how much they can invest, financiers told a forum on Saturday.
The BRIC grouping of major emerging powers — Brazil, Russia, India and China — offered especially attractive prospects, according to a panel of SWF managers, bankers and economists discussing the issue……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From AP: The investment company headed by the Saudi prince who is a major Citigroup shareholder says he discussed investments and future projects with the chief of an arm of Qatar’s sovereign wealth fund.
Prince Alwaleed bin Talal’s Kingdom Holding said Saturday the prince met with Qatar Holding CEO Ahmad al-Sayed in the Saudi capital Riyadh. The company says they discussed the Saudi prince’s existing holdings, “economic and investment issues, and future projects.”………………………………………Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Bloomberg: The Qatar Investment Authority, the Gulf country’s sovereign wealth fund, agreed to invest $2.8 billion in Agricultural Bank of China Ltd.’s initial public offering to tap growth in the world’s third-biggest economy.
The $58 billion fund signed an agreement with Agricultural Bank on June 17, two people with knowledge of the matter said, declining to be identified because the deal is private. The bank has allocated more than $5 billion for corporate investors such as QIA in the Hong Kong part of its IPO, the people said……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Bloomberg: Qatar’s sovereign wealth fund has been buying up some of the highest quality properties in London, as the Persian Gulf country takes advantage of lower prices and the pound’s weakness to invest its gas wealth.
Barwa Real Estate Co., controlled by the fund, yesterday agreed to buy Park House for 250 million pounds ($370 million)……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Thepeninsulaqatar.com: Qatar’s sovereign wealth fund is set to take over Songbird, the listed owner of Canary Wharf, as the country steps up its London spending spree.
The Qatar Investment Authority, which already owns Harrods and stakes in Barclays and the London Stock Exchange, plans to spend more than £700m to mop up the 76 percent of Songbird that it does not already own, it is learnt……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Dow Jones: Songbird Estates PLC, which owns most of London’s second financial district Canary Wharf, Friday said it hasn’t received any approaches from investor and major shareholder Qatar Investment Authority, but its shares soared on speculation that the Gulf sovereign wealth fund is considering a takeover of the property specialist.
A spokeswoman for Songbird said the company hasn’t received “any approach” from QIA at all, whether to launch a bid or increase its shareholding in the company……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Arabnews.com: Bahrain’s sovereign wealth fund has joined a rush by Gulf entities to market bonds and, according to a source at one of the arranging banks, plans to meet Asian and European fixed income investors from Thursday.
The state-owned wealth fund Mumtalakat Holding has appointed Deutsche Bank, HSBC, J.P. Morgan and Standard Chartered to arrange the meetings……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund Mumtalakat Holding’s full-year net loss in 2009 more than doubled due to higher losses at its portfolio companies Gulf Air and Aluminium Bahrain, a document showed.
Mumtalakat, which bundles Bahrain’s non-oil state-owned companies, said in an investor presentation reviewed by Reuters that its 2009 net loss was $487.2 million, compared with a loss of $184.3 million in 2008……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Gulf-daily-news.com: The aftermath of the global economic downturn has seen significant reductions in asset valuations in large parts of the world, creating potential investment opportunities for Mumtalakat, according to its chief executive officer Talal Alzain.
He said there were many opportunities to buy distressed assets worldwide, although he was cautious about some parts of Asia where prices were still inflated……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Business24-7.ae: Independent estimates showed more than half the GCC’s foreign assets are controlled by their sovereign wealth funds (SWFs), including the Abu Dhabi Investment Authority (Adia), and the Kuwaiti and Qatari Investment Authorities. The Saudi Arabian Monetary Agency (Sama), the kingdom’s Central Bank, is also believed to be one of the world’s largest foreign asset holders.
Estimates by the US SWF Institute showed Adia controlled about $627bn at the end of 2009 while funds held by KIA and QIA were put at nearly $202.8bn and $65bn respectively. Sama’s assets stood at $431bn……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Bloomberg: Noble Group, in which China’s sovereign wealth fund is a shareholder, bought a 5.1 percent stake in USEC Inc., the only American-owned provider of enriched uranium for use in civilian nuclear reactors, the New York Times reported, citing a filing to the Securities and Exchange Commission.
Noble, which paid $30.2 million for the stake, wants to become USEC’s partner in marketing uranium enrichment for reactors in Asia, particularly China, Richard Elman, Noble’s founder and executive chairman, told the newspaper……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Ce.cn: The chairman of China’s sovereign wealth fund, which manages $300 billion in assets, will visit Egypt to discuss infrastructure and other possible investments in the Arab world’s most populous nation, a minister said.
Egypt, whose economy has kept growing at around 5 percent throughout the global financial crisis, wants to push foreign direct investment (FDI) back to around $10 billion a year, the level it hit before the world downturn……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Todayonline.com: The possible entry of Mukesh Ambani of Reliance Industries as a potential stakeholder of Fortis Healthcare, takes its battle with Malaysian sovereign wealth fund, Khazanah Nasional, for control of Singapore healthcare group, Parkway Holdings, on to a whole new dimension.
Mr Ambani’s reported fortune of some US$29 billion ($40 billion) may provide Fortis the financial muscle to take on Khazanah, which controls assets worth US$30-billion……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Supplychain.cn: Singapore’s biggest sovereign wealth fund GIC is looking to kick off an initial public offering of its logistics business around the fourth quarter to raise at least S$1 billion ($707 million).
It is set be the biggest IPO in Singapore since CapitaMalls Asia raised $2 billion late last year and will allow the world’s fourth-biggest sovereign fund to raise cash for further investments……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Peopledaily.com.cn: Brazil’s Sovereign Fund (FSB), which has raised some 9.5 billion U.S. dollars since its inception two years ago, will purchase shares of Bank of Brazil for the first time.
The official Agencia Brasil news agency reported Friday that the Fiscal Fund for Investment and Stabilization, a subordinate body of the FSB, has been authorized to purchase up to 21.85 percent of the new shares to be offered by the central bank early next month……………………………………….Full Article: Source

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Posted on 21 June 2010 by VRS |  Email |Print

From Slate.com: A few years ago, dealmakers were abuzz—and many analysts were fearful—about the prospect of sovereign wealth funds from the Persian Gulf and China shifting their strategies from buying U.S. government bonds to purchasing U.S. companies. Since many of those bubble-era deals exploded, the sovereign wealth funds have become much less aggressive about entering the U.S. market.
But now there are signs that the Brazilians may be picking up some of the slack. Last week, Brazilian meatpacker Marfrig agreed to acquire Keystone Foods for $1.25 billion. As a result, the Brazilian firm will now become a key supplier to all-American fast-food chains like Subway and McDonald’s……………………………………….Full Article: Source

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