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Sovereign Wealth Funds Briefing 17.Jun 2013

Posted on 17 June 2013 by VRS |  Email |Print

Norway’s Government Pension Fund has been named as the world’s largest sovereign wealth fund. Boasting $737.2 billion in assets, Norway topped the most recent list compiled by the SWF Institute, published on June 13. It’s the second time in seven months that Norway has taken the top spot.
Arriving in second place was UAE’s Abu Dhabi Investment Authority (ADIA), which is estimated to have $628 billion in assets. The third position was held by China’s SAFE Investment Company ($567.9 billion), followed by Saudi Arabia’s SAMA Foreign Holdings ($532.8 billion), leaving China’s Chinese Investment Corporation in fifth place ($482 billion)……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

A sovereign wealth fund is a nice thing to have. States enjoying windfalls often set up such funds. The Irish State enjoyed huge windfall tax gains from the property boom/bubble.
While Charlie McCreevy did many bad things during his seven years at the helm of the Department of Finance, including decentralisation, benchmarking and an utterly reckless spending splurge in the two years running up to the 2002 election, his setting up of a sovereign wealth fund more than a decade ago was one of his better decisions……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

Governor Emmanuel Uduaghan of Delta State Friday expressed support for the Sovereign Wealth Fund and charged the federal government to ensure effective participation of all the states in the management of the initiative.
He gave the charge in Asaba during the second anniversary lecture of the fifth Assembly of the Delta State House of Assembly. The governor explained that state governors were not against the establishment of the SWF “per se, but the way and manner” in which it was being managed……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

After investing over N49 billion in the shares of Dangote Cement Plc, there are indications that South African sovereign wealth fund manager, Public Investment Corporation (PIC) is considering investing more in companies linked to Africa’s richest man, Alhaji Aliko Dangote.
Head of Resources at the Pretoria-based PIC, Fidelis Madavo, while noting the plans of the funds to tap into industries benefiting from economic growth said, the deal with Dangote Cement would also offer opportunities in Dangote’s sugar, flour, oil refinery and port operations……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

Morocco has set its sights on becoming a model for regional reform different from Egypt, Saudi Arabia, Bahrain, and Libya. This bodes very well for its future prosperity. Tourism has historically been one of Morocco’s most important industries. These reforms will avert the kind of turmoil which has kept visitors away from such countries as Egypt and Tunisia.
Moreover, at the same time that it is opening up its political system, Morocco is committed to continuing to invest in its tourism industry. It seems that Middle Eastern based sovereign funds are keener on investing in hospitality and resort developments compared to their Asian and European peers. This is good news for the Kingdom of Morocco……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

Qatar Investment Authority is reportedly within days of signing the acquisition of the flagship Hotel Vela in Barcelona at a significant discount. The Middle-East sovereign wealth fund is reportedly going to pay €200 mln, 23% down on the rumoured €260 mln development cost.
Located on the Barcelona waterfront, the five-star hotel was designed by architect Ricardo Bofill. The hotel is operated by W Hotels, a luxury brand of hotel chain Starwoods, and provides 473 guest rooms including 67 suites……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

In an attempt to woo sovereign wealth funds (SWFs) and pension funds to India’s infrastructure debt funds (IDFs), the finance ministry is planning to set up a $300-million ‘feeder fund’ with the help of the UK government.
Sources told FE that a feeder fund, the size of which could be enhanced in future, will be listed on the UK stock exchange, and pool in funds from SWFs and pension funds in order to lend to Indian infrastructure projects at a 3 to 4% interest rate, much lower than the prevailing domestic interest rates……………………………………Full Article: Source

Posted on 17 June 2013 by VRS |  Email |Print

India is creating a special window in the government securities (G-Secs) segment for sovereign wealth funds (SWFs) and other long-term funds, with ease of entry and exit, Qatar Indian Embassy said.
During the recent visit to Doha of Indian Finance Minister P Chidambaram, India and Qatar had discussed investments by Qatar’s sovereign wealth fund, and other long-term investors in Asia’s third largest economy. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) have issued notifications enabling such investments…………………………………..Full Article: Source

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