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Sovereign Wealth Funds Briefing 04.Mar 2013

Posted on 04 March 2013 by VRS |  Email |Print

The Libyan Investment Authority, the nation’s sovereign wealth fund, is cooperating with the U.S. Securities and Exchange Commission on its probe into the fund’s dealings with Goldman Sachs Group Inc. (GS)
The LIA is also considering legal action against Goldman Sachs, the fifth-biggest U.S. bank by assets, to recover losses on its investments, the fund said.
The SEC has been investigating possible violations of U.S. anti-corruption laws by Goldman Sachs for more than a year……………………………………….Full Article: Source

Posted on 04 March 2013 by VRS |  Email |Print

Libya will replace the head of its sovereign wealth fund, Mohsen Derregia, after the government deemed his performance unsatisfactory, Prime Minister Ali Zeidan said. Zeidan said deputy central bank governor Ali Mohammed Salem Hebri would temporarily take charge of the Libyan Investment Authority (LIA) until a permanent replacement was found.
“The head of the LIA will be changed. This is the government’s policy. Whoever cannot do their job properly will be replaced,” Zeidan said………………………………………..Full Article: Source

Posted on 04 March 2013 by VRS |  Email |Print

An Omani sovereign wealth fund has bought a 41.1 per cent stake in Oman National Investment Corp Holding (ONIC) from a unit of the Dubai ruler’s personal investment firm, the state funds said in a joint statement.
The holding represents 71.3 million shares in ONIC, the statement said. At the last market price of the shares, the stake was worth RO22.1 million ($57.6 million). The stake was sold by Dubai Insurance Group (DIG), which is owned by Dubai Group, part of Sheikh Mohammed bin Rashid al-Maktoum’s Dubai Holding conglomerate………………………………………..Full Article: Source

Posted on 04 March 2013 by VRS |  Email |Print

Oman Investment Fund (OIF), a sovereign wealth fund of the Sultanate, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company. ONIC is a leading diversified financial services holding company in Oman and an established player in the field of life and general insurance.
Hassan Al Nabhani, CEO of Oman Investment Fund said; “We are delighted to have been able to acquire a significant shareholding in ONIC Holding. This investment demonstrates Oman Investment Fund’s focus on strong businesses in the Omani market in which we will seek to actively participate with fellow shareholders to assist in their further development………………………………………..Full Article: Source

Posted on 04 March 2013 by VRS |  Email |Print

Abu Dhabi’s sovereign wealth fund has paid more than €760 million for a chain of hotels that cost Irish investors £92 million when their bank took control of the business in 2011. The Abu Dhabi Investment Authority (ADIA), a fund operated by the oil-rich gulf state, has bought 42 Marriott-branded hotels in Britain from administrators appointed by Royal Bank of Scotland for $992 million (€761 million).
Irish investors led by the now defunct Quinlan Private and a company controlled by Israeli businessman Igal Ahouvi bought the hotels from Royal Bank of Scotland in 2007 for £1.1 billion………………………………………..Full Article: Source

Posted on 04 March 2013 by VRS |  Email |Print

Qatar’s investments in the UK now total over QAR 124 billion, with investments such as stakes in iconic stores Harrods and Sainsbury. The Qatari-British relations are witnessing rapid development, and an increase in bilateral investments.
The volume of trade exchange has registered a rapid growth and reached (QAR 38.5 billion) during six months, particularly between January and July 2012, said a statement cited by the Peninsula. Qatar Investment Authority also owns 20 per cent of Camden Market 95 per cent of the Shard Tower………………………………………..Full Article: Source

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