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Sovereign Wealth Funds Briefing 18.May 2011

Posted on 18 May 2011 by VRS |  Email |Print

Lou JiweiChina Investment Corp., the nation’s sovereign wealth fund, plans to move Managing Director Winston Ma to Canada to bolster investment bids for natural resources assets, said a company official with direct knowledge of the matter.
Ma, who is part of the special investments department at CIC, was appointed deputy head of the fund’s only office outside the Greater China region this month, according to the executive, who declined to be identified as the information is confidential……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

The managing director of China Investment Corp (CIC), the nation’s sovereign wealth fund, is moving to Canada to bolster the company’s attempts at investing in natural resources, according to a company official with direct knowledge of the matter.
The director, Winston Ma, who is part of the special investments department at the corporation, was appointed deputy head of the fund’s only office outside China this month, according to the executive, who asked to not be indentified. Wu Xueling, a spokeswoman for CIC, didn’t answer two calls to her mobile phone……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

Inmet Mining has received about $500-million after a subsidiary of Singapore’s Temasek Holdings exchanged the subscription receipts it held for 7,78-million Inmet common shares.
Temasek bought the receipts in a placement that closed in April last year, but the $500-million was placed in escrow until certain conditions were met……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

The Emirates Investment Authority (EIA), the UAE’s only federal sovereign wealth fund, plans to shift the focus of future investments from telecoms into financial services, healthcare and education, its treasury director said.
Set up in 2007, the EIA manages the federal government’s stakes in a number of key firms including UAE telecom operators Etisalat and du………………………………………Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

Mubadala is a company whose assets have recently been closely intertwined with those of Ferrari’s. The company is owned by the government of Abu Dhabi, where the Ferrari World theme park stands.
Until recently, Mubadala also owned part of Ferrari itself, its logos featuring prominently on the team’s cars and uniforms (as did Abu Dhabi’s national airline Etihad, also owned by the royal family). ………………………………………Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

The UAE controls nearly 48 per cent of the total aluminum investments of more than$22 billion in Gulf oil producers and the construction of a mega smelter in Abu Dhabi will allow the country to maintain its leadership in this sector.
Within the strategy of the Emirate of Abu Dhabi Industrial which aims at encouraging economic diversification, came the establishment of Emirates Aluminum EMAL in 2007, as a joint venture between Mubadala Development Company, and Dubai Aluminum Company Limited Dubal……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

Nigeria’s House of Representatives passed a bill to create a sovereign wealth fund on Tuesday, paving the way for Africa’s biggest oil exporter to improve its management of windfall crude oil earnings.
The bill now needs to be signed by President Goodluck Jonathan. Nigeria’s upper house of parliament passed the legislation last week……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

Nigeria will put aside oil revenue earned when prices exceed what is used to calculate the government budget for the country’s new sovereign wealth fund, Finance Minister Olusegun Aganga said.
A dependence on oil brings risks including the inherent volatility of prices and the impact that boom and bust revenue cycles can have on inflation, fiscal planning, and budgetary prudence, Aganga said today in an e-mailed statement from the capital, Abuja……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

The House of Representatives yesterday passed the Sovereign Wealth Fund (SWF) proposed by the federal government to hold extra oil revenue accruing from differentials between budget benchmarks and real market prices. The bill now awaits a formal third reading and the subsequent assent of the President.
To make their work easy and avoid a lengthy harmonisation process during the short period left for this current legislature,, the House quickly passed the Nigeria Sovereign Investment Authority bill, by adopting the version of the Senate……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

Assets of the State Oil Fund of Azerbaijan (SOFAZ), the sovereign wealth fund, increased by USD7.9bn to USD22.8bn (44% of GDP) at end-2010, and by a further USD3bn in Q111.
Sovereign net foreign assets, which also incorporate Central Bank of Azerbaijan (CBAR) reserves, reached 49% of GDP, ahead of Kazakhstan (’BBB-’/Positive) and Russia (’BBB’/Positive) in GDP terms and second only to Thailand (’BBB’/Stable) in the ‘BBB’ category……………………………………….Full Article: Source

Posted on 18 May 2011 by VRS |  Email |Print

China Investment Corp., the nation’s $300 billion sovereign wealth fund, plans to move a managing director to Canada to bolster investment bids for natural resources assets, a company official with direct knowledge of the matter said.
Alberta, the Canadian province that’s home to the world’s third-largest oil reserves, will likely win investment from Chinese and other Asian companies as they seek energy security, Energy Minister Ron Liepert said……………………………………….Full Article: Source

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