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Sovereign Wealth Funds Briefing 24.Jul 2012

Posted on 24 July 2012 by VRS |  Email |Print

Sheikh Hamad bin Jassim bin Jabr al-ThaniQatar Holding LLC, the investment arm of the Middle East country’s sovereign-wealth fund, raised its stake in Xstrata (XTA) Plc as it seeks a higher offer for the largest thermal-coal exporter from Glencore International Plc.
Qatar on July 20 bought 590,390 Xstrata shares for 846.88 pence each, raising its stake to 10.997 percent, it said in a statement today. It was the first acquisition by the country since June 13, when it bought 160,000 shares for 972.5 pence………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Oman Investment Fund (OIF), the sovereign wealth fund of the sultanate, has signed a memorandum of understanding (MoU) with Qatar’s national transport company Mowasalat to set up a bus manufacturing and assembly unit in Oman.
The scope of the MoU covers setting up a facility in Oman for the manufacture and assembly of buses and other vehicles over a site area of almost 100 hectares, reported the Qatar Tribune………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Bahrain Mumtalakat Holding, the kingdom’s sovereign wealth fund that owns stakes in more than 35 companies, does not plan to sell new debt at the moment, its CEO told Alayam newspaper.
The fund, which manages US$8.8bn in assets, will look to reduce debt levels and extend the repayment period, Mahmood Al Kooheji told the newspaper………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Abu Dhabi’s state-backed Mubadala Petroleum says it and its partners plan to begin developing an oil field in the northern Gulf of Thailand. Mubadala Petroleum is part of Mubadala Development Company, an investment vehicle and SWF of the United Arab Emirates capital Abu Dhabi.
Mubadala said Monday it hopes to begin production from the Manora field in early 2014, with peak production of 15,000 barrels a day within a few months of operation. The project is expected to cost $246 million………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Bahrain’s world economic standing was reaffirmed with a new stamp of approval from a major ratings agency Standard & Poor’s.
S&P reaffirmed its ‘BBB’ long-term local and foreign currency issuer credit ratings for Bahrain Mumtalakat Holding Company, saying it will continue to play a “critical” role in the kingdom. The global ratings agency also raised the short-term issuer credit ratings to ‘A-2′ from ‘A-3′………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Pressure is growing on the Future Fund to ditch $225 million of tobacco shares, with anti-smoking groups supporting calls for tougher rules on the assets it can hold.
The taxpayer-owned fund, which has also invested in nuclear arms companies, revealed in May that the value of its tobacco shares had swollen by more than 50 per cent between late 2010 and February………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Azerbaijan’s $33 billion oil fund plans to spend at least $600 million on investing abroad in shares of big companies traded under the MSCI World Index from September 2012 and to keep buying gold and currencies, its executive director said.
The state oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenues. It has been used to finance social spending and infrastructure projects………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

The revenues of the SOFAR in the first half of 2012 amounted to 7.3919 billion manats, with expenditure at 4.8781 billion manats, the executive director of the Fund, Shakhmar Movsumov, said at a press conference devoted to the results of work in the first half of the year. According to him, the majority of the income to the Fund, 95.9%, are revenues from oil and gas exports. Revenues from oil contracts are at the level of 7.0998 billion manats and from transit payments – 3.8 billion manats.
SOFAR spent 162.5 billion manats on arrangements directed at improvement of social conditions of refugees and forced settlers. 67 million manats were spent on the project of reconstruction of the Samur-Absheron Melioration System………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

In July, the State Oil Fund of Azerbaijan (SOFAZ), placed 800 million Turkish liras on short-term deposits of Turkish banks, executive director of the Fund Shahmar Movsumov said at a press conference on the results of activity in the first six months of this year.
“In the near future, the fund plans to further increase the amount of savings in the Turkish currency in the total investment portfolio,” Movsumov said………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 7 391.9 million manat in the first half of 2012 and expenses - 4 878.1 million manat, executive director of the Fund Shahmar Movsumov said at a press conference on the results of activity in the first six months of this year.
He noted that most of the fund’s revenue - 95.9 per cent was provided through the sale of oil and gas. Income from implementation of oil contracts were at 7.0998 billion manat, including the sale of profitable oil and gas - 7091.4 million manat from transit payments - 3.8 million manat………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

In the first half of the year investment portfolio of State Oil Fund of Azerbaijan (SOFAZ) has been brought to $32.59 bn. A the press conference in Baku the Fund’s Executive Director Shahmar Movsumov said that the Fund’s investment portfolio is mostly formed at the expense of American dollar ( for $18.575 bn).
” The portfolio also has 9.601 bn euro, 1.016 bn British pounds, and 220.146 ounces of gold “,- Sh. Movsumov said. The Fund also started investments in other currencies………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

Government Pension Fund Global, Oslo, is searching for managers to run small-cap and midcap investments in Italian and Greek stocks, according to the website of Norges Bank Investment Management, which manages the 3.59 trillion kroner ($591 billion) fund.
The fund is also searching for managers to run smidcap strategies in Germany and France, according to the website. Mandates posted on the fund’s website are open processes and have no deadlines………………………………………..Full Article: Source

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Posted on 24 July 2012 by VRS |  Email |Print

The next financial crisis will stem from pension funds that take on risk to make up for shortfalls in their funding positions, according to Guan Seng Khoo, head of enterprise risk management at Alberta Investment Management Corporation.
Khoo, former senior director of risk management at Singapore’s sovereign wealth fund, Temasek, was speaking at the Asia Risk Transition Management forum in Hong Kong last week. He said unregulated pension funds pose significant systemic risks as they struggle to make up a 20–30% shortfall in their liabilities in the current low-yield environment where there is also a shortage of safe assets………………………………………..Full Article: Source

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