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Sovereign Wealth Funds Briefing 19.Aug 2014

Posted on 19 August 2014 by VRS |  Email |Print

Dubai and South Korea are teaming up to fund joint investments as the emirate cements its role as the business launch pad for the Middle East and Africa.
Investment Corporation of Dubai, the emirate’s state holding company, on Monday signed a memorandum of understanding (MoU) for an alliance with the Export-Import Bank of Korea, the official trade finance agency of South Korea………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

Investment Corporation of Dubai, the emirate state-owned holding company, is seeking to refinance an $880 million loan taken out by resort hotel Atlantis, The Palm, according to four people with knowledge of the matter.
The company hired HSBC Holdings Plc (HSBA), Standard Chartered Plc (STAN), and Emirates NBD PJSC on the deal, three of the people said, asking not to be identified as the talks aren’t public. The company is seeking a significant cut on the 5.5 percent above the London interbank offered rate price it has on the existing deal, three of the people said. The new loan could be increased to about $1 billion, one of the people said………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

Trading firm Trafigura and Abu Dhabi sovereign wealth fund Mubadala said that their Brazilian port for exporting iron ore will start this year, in response to a steelmaker with a contract to use the port that said the opening could be pushed back to 2015. Mr Eugenio Mamede chief operating officer for the port, said that Porto Sudeste is on track to start operation in the beginning of the last quarter of 2014.
Trafigura owns a controlling stake in the port with Abu Dhabi government investment fund Mubadala Development Company. The export terminal located in Rio de Janeiro state will be able to handle 50 million tonnes of iron ore per year, and could expand to 100 million tonnes………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

Arab investors are increasingly looking to the UK and continental Europe’s commercial real estate markets to pump their huge funds. Europe is the preferred target of Arab investors with 80 percent of the expected $180bn Arab investment flowing in to UK and Europe over the next 10 years. In the UK, London is the preferred destination.
According to the Arab news portal, the Middle East Sovereign Wealth Funds (SWFs), which makes up 35 percent of SWFs assets under management are among the world’s largest source of capital………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

Chinese companies have shelled out more than $30-billion in Canada’s energy industry, but many of those investments have been hit with operational problems, delays and weak returns, leading to growing impatience in some quarters in China.
PetroChina Co. Ltd., Sinopec, CNOOC Ltd., China Investment Corp. and other state-owned enterprises made a raft of big bets on oil sands projects, shale developments and domestic companies since 2005 and many have yet to pay off. There is “absolutely” some buyer’s remorse stemming from many of China’s big-ticket acquisitions, said Samir Kayande, vice-president of energy research at ITG Investment Research, who has done intensive studies of some of the deals………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

West Bengal Finance Minister Amit Mitra today met the top brass of Singapore-based global investment firm GIC to attract investments. A West Bengal government delegation headed by Chief Minister Mamata Banerjee is on a 5-day tour to Singapore to attract investment for the state. GIC is one of the world’s largest global investors.
“We met the top brass of GIC and the meeting is fruitful,” Mitra told a TV channel over phone from Singapore. He said the GIC team consisted of 11 members, including managing director, analysts, PE fund managers, economists among others while from the state government several officials including the Chief Secretary was present………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

After holding a “fruitful” meeting with Singapore’s leading investment fund - the GIC Group, West Bengal Finance Minister Amit Mitra on Monday exuded confidence of securing big ticket investment for the state. Led by Chief Minister Mamata Banerjee, a delegation of ministers, bureaucrats and entrepreneurs are camping in the city state scouting for investment.
“Quite aware of Bengal and looking at the list of those who are investing in our state, they ended the meeting with a positive intent. The biggest thing is they have asked us to send them projects and if they found them bankable, they will invest,” Mitra said after holding a meeting with GIC representatives………………………………………..Full Article: Source

Posted on 19 August 2014 by VRS |  Email |Print

The Labor Party in Norway has called for the $880 billion Government Pension Fund—Global to up its governance game before moving into private equity and infrastructure. Norway’s biggest political party has challenged the country’s $880 billion sovereign wealth fund to improve its governance before hiking exposure to riskier assets.
The Labor Party’s concerns centre on the fund’s purchase of a stake in Formula One prior to its planned IPO, initially planned for 2012. However, the listing was subsequently cancelled, leaving the Norway Government Pension Fund—Global with a private equity holding that its investment rules do not permit it to own………………………………………..Full Article: Source

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