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Sovereign Wealth Funds Briefing 04.Apr 2014

Posted on 04 April 2014 by VRS |  Email |Print

Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, has bought a stake in global hotel management firm Kerzner International KZL.UL from investors including the family of South African casino tycoon Sol Kerzner. The deal gives Dubai, which depends heavily on its booming tourism industry, control of a second major luxury hotel firm. The first firm, Jumeirah Group, is owned by Dubai’s ruler.
“This investment reaffirms ICD’s commitment to support the long-term growth of our domestic hospitality market, a key pillar of and growth sector for the Dubai economy,” ICD’s chief executive Mohammed al-Shaibani said in a statement on Thursday………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

Conglomerate Dubai World has hired New York-based investment and advisory firm Blackstone Group LP to take a fresh look at its debt and how to make repayments to creditors, sources aware of the matter told Reuters.
“This is only for advisory purposes and to streamline the available options for the debt maturing in 2018,” a Dubai government source said, speaking on condition of anonymity under briefing rules………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund has drawn up a privatisation programme, planning to sell off state-controlled assets in the oil and gas, nuclear and railway industries worth around $10 billion by 2020.
Companies within Samruk-Kazyna also plan to borrow about $8 billion on domestic and foreign markets in the next two years to help fund their projects, the fund’s Financial Director Nurlan Rakhmetov told Reuters in an interview………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

Shareholders in Indonesia’s troubled PT Bumi Resources voted on Thursday in favour of new terms to settle the firm’s $1.3 billion debt with China’s sovereign wealth fund, CIC, after Indonesia’s financial services authority (OJK) rejected an earlier vote.
The latest vote to approve the debt-for-equity swap with CIC should come as good news for shareholders in the firm that has suffered downgrades from ratings agencies and faces bloated debt loads………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

The country has begun plans to set up a sovereign wealth fund ahead of the major commercial production and export of oil and other minerals. This development puts Kenya among other peers in Africa such as Botswana, Nigeria and Ghana, which all have sovereign wealth funds in line with their established mineral and oil commercial production.
“Kenya is however in a unique position owing to the fact that it is establishing its fund ahead of commercialization of the mineral commodities. “We are setting up a sovereign wealth fund prior to exploration of natural resources,” said Dr Mbui Wagacha, Chairperson, Board of Central Bank of Kenya………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

Alaskans pledged record donations from their permanent fund dividends once again this year, according to an announcement from the PFD fundraising campaign, Pick.Click.Give. The campaign released the pledge results from the PFD filing period between Jan. 1 and March 31 on Tuesday, noting more than $2.7 million in donations from 26,773 Alaskans.
Pick.Click.Give is a statewide campaign that aims to make it easier for Alaska residents to donate to their favorite Alaska nonprofit organizations by giving the money directly from their PFD. Though the filing period has ended, people can still return to their applications online and add a donation through Pick.Click.Give. through Aug. 31………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

A detailed tax study in New Mexico shows that the oil and gas industry is responsible for more than $1.7 billion in general-fund revenues in fiscal year 2013.Earlier this year, the New Mexico Tax Research Institute released the Fiscal Impacts of Oil and Natural Gas Production in New Mexico, a 325-page study of the state’s oil and gas industry contributions to the general fund.
The study says that the oil and gas industry contributes about 31.5 percent of the total amount in the general fund. Furthermore, the report breaks down information by county. In fiscal year 2013, the state’s general fund was about $5.6 billion, according to the study………………………………….Full Article: Source

Posted on 04 April 2014 by VRS |  Email |Print

Sovereign wealth funds are changing their recruitment strategies. Gone are the days of big recruitment sprees, with funds in the Middle East in particular blinded by brand names and experience in Western markets.
SWFs are still expanding, though. Norway’s Government Pension Fund Global is doubling the number of internal equities staff it has, while Singapore’s GIC and the Abu Dhabi Investment Authority (ADIA) are putting similar efforts into bolstering in-house expertise………………………………….Full Article: Source

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