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Sovereign Wealth Funds Briefing 02.Dec 2013

Posted on 02 December 2013 by VRS |  Email |Print

Norway’s central bank will not sell any Norwegian crowns in December to buy foreign currency for the country’s $810 billion sovereign wealth fund, the bank said on Friday, in line with its practice in November.
The fund invests Norway’s surplus revenues from oil and gas production for future generations and the central bank usually converts crowns into various currencies for the fund. The oil fund is the world’s largest sovereign wealth fund………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

Air Astana national airline can only participate in the People’s IPO program if the government’s stake in the company is increased, Newskaz.ru reports, citing Nurzhan Baidauletov, Managing Director of the Samruk-Kazyna Sovereign Wealth Fund as saying November 28.
At the moment Samruk-Kazyna holds 51% in the airline, with the rest of the shares belonging to UK’s BAE SYSTEMS. “The Government’s stake (owned through Samruk-Kazyna) will not be diluted; no part of the stake will be offered for the People’s IPO. However, if it is somehow increased, we will consider floating shares”, Mr. Baidauletov said………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

Korea’s sovereign wealth fund is set to announce a new chief executive less than a month after his predecessor resigned, according to local media reports.
Quoting government and financial market sources, several domestic media outlets stated that Ahn ‘Hank’ Hong-Chul was poised to re-join Korea Investment Corporation as president and CEO, replacing Choi Chong-suk, who stepped down on October 21 as reported………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

With the Indo-EU free trade agreement (FTA) in limbo, Brussels is focusing on bilateral relations and would be investing jointly in infrastructure projects in India. “If it’s impossible to reach the goal for the moment to have an EU-India FTA, we need to enhance bilateral relations,” visiting Belgian deputy prime minister Didier Reynders said.
In pursuit of the same, Belgium has floated the idea of its sovereign wealth fund Federal Holding Company joining hands with India’s Infrastructure Leasing and Financial Services (IL&FS), to create a fund that will invest in infra projects as well as in listed and privately-held companies in the country, he said………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

Indian insurers still want the sovereign fund, meant to protect the domestic refiners using Iranian crude oil, to be set up. This is despite India getting waiver from the West on tough economic sanctions for doing business with Iran.
“Unless the European and American companies are allowed to undertake re-insurance of Indian purchases, the need for putting together a domestic arrangement in India does not go away,” G. Srinivasan, Chairman and Managing Director, New India Insurance, said. India had decided to set up a fund to back domestic insurers covering refineries dependent on Iranian crude oil………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

Qatari Diar, the Qatari developer, is planning to resume work on a USD 600 million real estate project in Yemen, a newspaper in the Gulf kingdom reported on Monday. Nearly 44 villas were constructed in Al-Rayyan Hills (Sanaa) before the company was forced by war to freeze work, a senior official told the Qatari Arabic language daily Sharq.
The project is being developed by Al-Yemania Al Qatariah Real Estate Investment and Development Company - a joint-venture between Qatari Diar and Shibam Holding, which is owned by the Yemeni government………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

Qatar’s state-owned real estate firm has reportedly pulled out of the race to redevelop the former Athens airport, known as the Hellinikon International Airport.
According to the Greek Reporter, Qatari Diar, a subsidiary of Qatar Investment Authority,has informed the administration of the Hellenic Republic Asset Development Fund (TAIPED) that it will not participate in the next phase of the process………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

Nigeria’s new $1bn sovereign wealth fund has delayed making its initial investments due to the volatility in global markets.
In a first for Nigeria, the fund was launched in October to safeguard oil revenues for future generations and provide a buffer against external shocks. Though modest in global terms, it is the third biggest sovereign wealth fund in sub-Saharan Africa, after the $6.9bn Botswana and $5bn Angola funds………………………………Full Article: Source

Posted on 02 December 2013 by VRS |  Email |Print

The Zimbabwe National Chamber of Commerce has called for the business community to closely work with Government in the implementation of the economic blueprint, Zimbabwe Agenda for Sustainable Socio-Economic Transformation, to revive the economy.
The ZNCC national president, Mr Hlanganiso Matangaidze said in a recent interview that it was imperative for business and Government to bury grudges if ZIMASSET is to work. His comments come following the launch of the Sovereign Wealth Fund of Zimbabwe Bill by Cabinet recently, which is expected to help fund the ZIMASSET………………………………Full Article: Source

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