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Sovereign Wealth Funds Briefing - Archive | January, 2010

They’re back: SWFs want to be heard

Posted on 29 January 2010 by VRS  |  Email |Print

From Reuters: Last year, with most of the world mired in the “Great Recession,” those outsized sovereign wealth funds amassed by governments from the likes of Abu Dhabi, Singapore and China went missing in action. Now they’re back, and ready to reassert themselves.

With some large funds expected to turn more activist, the demands they make as shareholders of global corporations and banks have the potential to drown out many other voices………………………………..Full Article: Source

India: Time to debate policy on SWFs

Posted on 29 January 2010 by VRS  |  Email |Print

From As India invests its substantial reserves in somewhat marginal securities, the question that inevitably comes to mind is whether a small fraction of this ought to be diversified into a more strategic form through a sovereign wealth fund.
One of the great economic changes of our age has been the dramatic surge in the external accounts of developing nations. Since the early part of this decade, developing nations have run giant surpluses of at least $500 billion (Rs23 trillion) a year………………………………..Full Article: Source

Bahrain SWF to move into bonds, stocks

Posted on 29 January 2010 by VRS  |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund, which invests mostly at home, plans to diversify away from private equity projects and into stocks and bonds, its CEO said on Thursday.

Talal Al Zain also told Reuters that Mumtalakat expects to receive a credit rating this year, which would allow it to tap capital markets for funding, including Islamic bonds………………………………..Full Article: Source

Ghana eyes SWF for Oil Money

Posted on 29 January 2010 by VRS  |  Email |Print

From Ghana is considering setting up a sovereign wealth fund to channel surplus revenues from oil production, which are due to start rolling later this year, Finance Minister Kwabena Duffuor has said.
“We have held a couple of meetings, already it’s something we’ re seriously working towards and we hope to put the proposals before Cabinet in about a month,” Dr. Duffuor said in an interview with Reuters………………………………..Full Article: Source

Qatar buys shares in Al Rayan for $52.5 mln

Posted on 29 January 2010 by VRS  |  Email |Print

From The Qatar Investment Authority, or QIA, has acquired shares in Al Rayan Bank last year for 191 million Qatari riyals ($52.5 million), Doha-based Al Arab daily reports Thursday citing the bank’s financial statements.

This is part of Qatar’s sovereign wealth fund’s plan to acquire 10% of the country’s largest shariah-compliant bank, the paper reports, adding that it couldn’t know whether the shares bought in 2009 cover the full 10%-stake QIA pledged to acquire………………………………..Full Article: Source

China shouldn’t rescue Greece by buying debt, Yu says

Posted on 29 January 2010 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the nation’s $300 billion sovereign wealth fund, posted a 2.1 percent loss in 2008 as slumping shares eroded the value of its $5.6 billion investment in Morgan Stanley and its $3 billion stake in Blackstone Group LP, manager of the world’s biggest buyout fund, both acquired during its first year in 2007.

The Beijing-based fund may have had a return of more than 10 percent in 2009, said London-based Jan Randolph, director of sovereign risk, analysis and forecasting at IHS Global Insight………………………………..Full Article: Source

SouthGobi falls in Hong Kong debut after Rusal’s drop

Posted on 29 January 2010 by VRS  |  Email |Print

From Bloomberg: SouthGobi Energy Resources Ltd., the Canada-listed mining company backed by China’s sovereign wealth fund, fell in its Hong Kong trading debut, two days after the world’s largest aluminum producer slumped on listing.

The Vancouver-based coal producer led declines among Chinese miners of the fuel, dropping as much as 16 percent after opening at HK$123.50. The stock was at HK$112.20 at 11:54 a.m. local time. SouthGobi had originally priced the shares at HK$133.50. The Hang Seng Index was down 0.2 percent………………………………..Full Article: Source

Chinese SWF gunning to lock-up commodities in Brazil and Mexico

Posted on 29 January 2010 by VRS  |  Email |Print

From China’s massive investment fund China Investment Corp (CIC) is preparing for an all out commodities offensive on Brazil and Mexico.

They have already pumped over $10 billion into commodity-related companies during 2009, and that’s just the tip of the iceberg:……………………………….Full Article: Source

Abu Dhabi Fund to woo Asian investors to Middle East, Africa

Posted on 29 January 2010 by VRS  |  Email |Print

From Bloomberg: Invest AD, the fund manager owned by Abu Dhabi Investment Council, is in talks to form partnerships with institutions in China and Southeast Asia as it seeks to attract investors to the Middle East and Africa. Invest AD was created as Abu Dhabi Investment Company in 1977.

The Abu Dhabi-based fund manager is looking to team up with asset managers including units of “large banks,” and “quasi sovereign and sovereign names” that also offer it access to investment opportunities in Asia, Mohammed Al Hashemi, chief executive officer of Invest AD’s investment management division, said in an interview………………………………..Full Article: Source

Super fund’s airport stake

Posted on 29 January 2010 by VRS  |  Email |Print

From The New Zealand Superannuation Fund has a 10.11 per cent stake in Auckland International Airport, according to a notice filed to the NZX yesterday.

The notice was among a number of filings by the fund to reflect the mandating of Milford Asset Management as a manager of some of its investments………………………………..Full Article: Source

Oman India Investment Fund to launch soon

Posted on 29 January 2010 by VRS  |  Email |Print

From Oman India Investment Fund, a joint initiative of the Omanese and Indian governments, plans to launch the $100-million fund soon. In 2008, the State Bank of India, the largest public sector lender in India, has entered into a memorandum of understanding (MoU) with State General Reserve Fund of Oman in relation to the fund.
The fund proposes to invest in core infrastructure and real estate sectors in both the countries. Both countries have equal contribution to the fund………………………………..Full Article: Source

Gulf gap in Davos belies booming Saudi Arabia economy

Posted on 29 January 2010 by VRS  |  Email |Print

From Abu Dhabi has sovereign assets of about $426 billion, one of the world’s largest funds, according to RGE Monitor in New York. Saudi Arabia holds a fund of $358 billion, Qatar $75 billion and Kuwait has about $271 billion.
Saudi Arabia, Qatar and Abu Dhabi are spending $600 billion by the end of 2013 to build roads, railways and new cities while expanding energy and manufacturing………………………………..Full Article: Source

Clean tech: can sovereign wealth help?

Posted on 28 January 2010 by VRS  |  Email |Print

From Reuters: It may seem like a perfect match. If sovereign wealth funds, which manage assets of $3 trillion, invested in clean tech, they could help plug the chronic shortage of funding to tackle climate change.
Since two-thirds of their wealth comes from oil and gas interests, the funds set up by nations from Norway to the Middle East and China would be burnishing their image by helping finance clean energy projects………………………………..Full Article: Source

Exchange Fund not a ’sovereign’ vehicle, says financial chief

Posted on 28 January 2010 by VRS  |  Email |Print

From The Hong Kong Monetary Authority will not use the Exchange Fund to set up a sovereign wealth fund, Financial Secretary John Tsang Chun-wah told Legislators.

“The Exchange Fund is not a pure investment fund,” Tsang said, noting that its main purpose is to ensure the stability of the Hong Kong dollar………………………………..Full Article: Source

State Oil Fund of the Azerbaijan to hire subspeciality managers

Posted on 28 January 2010 by VRS  |  Email |Print

From The State Oil Fund of the Azerbaijan Republic (SOFAZ), intends to take care of premises for its staff members. “Quantity of Fund’s employees grows constantly. In the future SOFAZ revenues will total $40-50 bn and already now we should prepare to run such sums. In the future we are going to buy shares promising large earnings and simultaneously great risks.

That is why the Fund needs subspeciality employees and its departments are going to expand. Besides, the construction of a building for SOFAZ will take another one or two years,” SOFAZ executive director Shahmar Movsumov said………………………………..Full Article: Source

Azerbaijan’s State Oil Fund disburses over $15bln

Posted on 28 January 2010 by VRS  |  Email |Print

From Azerbaijan’s State Oil Fund (SOFAZ) has published figures for its expenditure in its 10 years of existence. SOFAZ Executive Director Shahmar Movsumov said that in the past 10 years the fund spent AZN 12.3bn or $15.319bn, at the rate of 0.8029 manats to the dollar.

SOFAZ transferred AZN 10.265bn to the state budget. It allocated AZN 612.9m to improve the situation of refugees and IDPs and AZN 547.4m and AZN 364.5m to the Samur-Absheron water system and Oguz-Gabala-Baku water pipelines respectively………………………………..Full Article: Source

Dubai Investments sees strong Q1 profits led by core business units

Posted on 28 January 2010 by VRS  |  Email |Print

From Dubai Investments Co, which swung to profitability at the end of 2009, expects to post a profit in the first quarter on stronger performance for its core business units. Dubai’s sovereign wealth fund Investment Corporation of Dubai has a stake in the company.

Khalid bin Kalban said: “2010 looks very positive for Dubai Investments.” Declining to be more specific, he said: “We will definitely make a profit (in Q1).”……………………………….Full Article: Source

Goldman denies made Greek bank sales pitch to China

Posted on 28 January 2010 by VRS  |  Email |Print

From Reuters: Goldman Sachs denied a media report it had been mooting the sale of equity in National Bank of Greece to Chinese banks as debt-ridden Greece struggles to fix its public finances.

The Financial Times on Wednesday reported Goldman Sachs had been mooting the sale of equity in NBG, Greece’s largest lender to Bank of China or to the China Investment Corp, the country’s sovereign wealth fund………………………………..Full Article: Source

CIC planning more resource investments

Posted on 28 January 2010 by VRS  |  Email |Print

From China’s $300 billion sovereign wealth fund is considering new investments in resource-related companies after bets on commodities producers from the US to Kazakhstan paid off in 2009.

China Investment Corp (CIC) increased spending on energy and mineral assets last year to profit as the global economy recovers………………………………..Full Article: Source

Japan plans law to boost mine investment to compete with China

Posted on 28 January 2010 by VRS  |  Email |Print

From Japan plans to revise legislation in order to help domestic companies acquire mining rights overseas and secure raw materials amid competition from neighboring China and South Korea. China Investment Corp., the nation’s sovereign wealth fund, has had “early” talks for direct investments in Brazil and Mexico.

The Ministry of Economy, Trade and Industry has prepared a bill that will allow state-owned Japan Oil, Gas and Metals National Corp. to invest in foreign mines in collaboration with private companies and to provide government guarantees to fund projects, according to Yohei Matsuda, deputy director at the ministry’s natural resources and energy agency………………………………..Full Article: Source

New Zealand’s reserve assets decrease slightly

Posted on 28 January 2010 by VRS  |  Email |Print

From RTTNews: New Zealand’s total reserve assets decreased to NZ$21.59 billion in December from NZ$21.82 billion in the previous month, the Reserve Bank of New Zealand reported on Thursday.

Foreign currency reserves dropped to NZ$15.37 billion in December from NZ$17.01 billion in the preceding month………………………………..Full Article: Source

Jordan posts 42 pct increase in forex reserves

Posted on 28 January 2010 by VRS  |  Email |Print

Jordan’s foreign currency reserves grew by 41.5 per cent in 2009 to reache 10.9 billion dollars, the Central Bank of Jordan announced on Wednesday. The present reserves are sufficient for covering the country’s imports for 7.5 months compared with 5.8 months at the end of 2008, the CBJ said.

To be on the safe side, the International Monetary Fund (IMF) advises countries to have foreign currency reserves that cover imports for at least three months………………………………..Full Press Release: Source

China Wealth Fund weighs new commodities bets after 2009 gains

Posted on 27 January 2010 by VRS  |  Email |Print

From Bloomberg: China’s $300 billion sovereign wealth fund is considering new investments in resource-related companies after bets on commodities producers from the U.S. to Kazakhstan paid off in 2009.

China Investment Corp. increased spending on energy and minerals assets last year to profit as the global economy recovers. The Beijing-based fund avoided the worst of the credit crunch in its first full year in 2008 and may have had a return of more than 10 percent in 2009, said London-based Jan Randolph, director of sovereign risk, analysis and forecasting at IHS Global Insight………………….Full Article: Source

Ghana eyes sovereign wealth fund for oil money

Posted on 27 January 2010 by VRS  |  Email |Print

From Reuters: Ghana is considering setting up a sovereign wealth fund to channel surplus revenues from oil production, which are due to start rolling in later this year, Finance Minister Kwabena Duffuor said.

Ghana is the latest African state, alongside Nigeria, Angola and Tunisia, to study ways to ringfence energy windfalls for future generations………………….Full Article: Source

Greece turns to Beijing for 25 bln-euro bond sale

Posted on 27 January 2010 by VRS  |  Email |Print

From Reuters: Greece is wooing China Wealth Fund to buy up to 25 billion euros ($35 billion) of its bonds in its efforts to avert one of Europe’s biggest debt crises, the Financial Times and the Wall Street Journal reported on Wednesday.

U.S. investment bank Goldman Sachs has been promoting a Greek bond sale to Beijing and the State Administration of Foreign Exchange (SAFE), which manages China’s $2.4 trillion foreign exchange reserves, the FT reported, citing people familiar with the issue………………….Full Article: Source

Azerbaijan State Oil Fund grows to $14.8 bln in 2009

Posted on 27 January 2010 by VRS  |  Email |Print

From The assets of energy-rich Azerbaijan ’s state oil fund rose by nearly a third in 2009 to $14.8 billion, the fund said in a statement Tuesday.

But after nearly quadrupling its assets in 2008, the sovereign wealth fund’s growth slowed considerably to 32.8% amid the global economic downturn last year………………….Full Article: Source

State Oil Fund of Azerbaijan prepares to change investment program

Posted on 27 January 2010 by VRS  |  Email |Print

From The State Oil Fund of Azerbaijan is preparing the proposals for changes in management with its assets.

SOFAZ executive director Shahmar Movsumov says that the Fund’s investment program will be considered anew………………….Full Article: Source

Libya SWF lends support to RUSAL share float

Posted on 27 January 2010 by VRS  |  Email |Print

From Reuters: Libya is among the main backers of Russian aluminium giant UC RUSAL’s $2.2 billion stock float in Hong Kong , sources close to the listing said on Tuesday, as Tripoli looks further afield to invest its oil wealth.

Libya’s $65 billion sovereign wealth fund has bought a stake of around 1 percent in UC RUSAL, the sources said. The two sides had agreed to explore construction of an energy and aluminium complex in Libya before the financial crisis hit in late 2008………………….Full Article: Source

RF govt to spend money from Reserve Fund to cover budget deficit

Posted on 27 January 2010 by VRS  |  Email |Print

From Itar-Tass: The Russian government will disburse 1,142 billion roubles (USD 1 = RUB 30.09) from the Reserve Fund to cover the federal budget deficit in the first half of the current year, the Prime Tass economic news agency said on Monday, quoting an instruction signed by Russian Prime Minister Vladimir Putin.

The text of the instruction posted on the government’s website, Prime Tass said………………….Full Article: Source

Khazanah boss gets another three years

Posted on 27 January 2010 by VRS  |  Email |Print

From The government has renewed the contract of Tan Sri Datuk Azman Mokhtar, managing director of its investment arm, Khazanah Nasional Berhad for another three year term.

Azman’s contract was to have expired on 31 May 2010 but it was renewed by the board of directors on December 7 last year, Khazanah said…………………Full Article: Source

Indonesia to kick off $1 billion green investment fund

Posted on 27 January 2010 by VRS  |  Email |Print

From Indonesia plans a $1 billion U.S. green investment fund this year to drive infrastructure developments that aid growth and help cut greenhouse gas emissions, a finance ministry official said on Tuesday.

Indonesia has promised to slash its emissions by at least 26 percent from business as usual levels by 2020 but recently re-elected President Susilo Bambang Yudhoyono has also vowed to boost economic growth to 7 percent or more by 2014………………….Full Article: Source

NZ Super hires Milford for domestic equities

Posted on 27 January 2010 by VRS  |  Email |Print

From The New Zealand Superannuation Fund said today it hired Milford Asset Management to manage an active domestic equities mandate.
The scheme did not provide details about the size of the mandate but said the portfolio would be managed against the NZX50 Capped index…………………Full Article: Source

State Street Global Markets targets 20pct more mandates from Asia

Posted on 27 January 2010 by VRS  |  Email |Print

From China Investment Corp., the nation’s sovereign wealth fund, has spent more than $4 billion on energy and resources investments since September to hedge against inflation and meet the needs of the world’s fasting-growing major economy.
South Korea’s National Pension Service, the nation’s biggest investor, plans to double its international assets to 15 percent of its total holdings by 2015, it said in July………………….Full Article: Source

Democracy and SWF Governance

Posted on 26 January 2010 by VRS  |  Email |Print

From Is there a link between a SWF sponsoring government’s level of democratization and the internal governance of the SWF? Sven Behrendt of the Carnegie Endowment for International Peace thinks so; he shows the extent to which a SWF’s compliance with the Santiago Principles corresponds to the country’s democratization:
Most of the funds only manage 40-60% compliance, while the SWF from Iran has the dubious honor of 0% compliance. These observations clearly fit with Sven’s correlation of political freedom and SWF governance………………….Full Article: Source

Norwegian fund could go hunting for ‘exotic betas’

Posted on 26 January 2010 by VRS  |  Email |Print

From Officials at the 2.59 trillion Norwegian kroner ($458 billion) Government Pension Fund-Global will consider a proposal to overhaul the Oslo-based fund’s benchmarks into ones that mimic active strategies, a move that eventually could cut the need for external active managers.

Martin Skancke, director general of asset management at Norway’s Ministry of Finance, said it was too early to say how revamping the benchmarks would affect external managers, but warned that the proposal won’t be implemented any time soon, and that it could include use of some active strategies………………….Full Article: Source

Mubadala in talks over $2 bln loan refinancing-bankers

Posted on 26 January 2010 by VRS  |  Email |Print

From Reuters: Abu Dhabi government-owned Mubadala Development Company is in talks with banks to refinance a $2 billion syndicated loan that matures in April, banking sources close to the deal said.

The loan will be one of the first for a Gulf-based company since Dubai shocked world markets on Nov. 25 when it requested a standstill on $26 billion worth of debt owed by state-owned conglomerate Dubai World, a flagship of the emirate………………….Full Article: Source

ONGC, OVL pitted against Chinese soverign funds for foreign acquisitions news

Posted on 26 January 2010 by VRS  |  Email |Print

From China’s large state owned enterprises, backed by the money power of the Chinese sovereign wealth funds have been making huge global investments and acquisitions in the energy and minerals sector.

Armed with more than $2.4 trillion in foreign exchange reserves as of this month, China has supported its oil companies to make landmark overseas acquisitions since energy assets have fallen considerably due to the global economic downturn………………….Full Article: Source

Africa ponders how to manage new wealth

Posted on 26 January 2010 by VRS  |  Email |Print

From Reuters: African countries — such as Nigeria, Angola and Tunisia — are considering launching sovereign wealth funds (SWFs), which would accelerate the already rapid growth of the $3-trillion industry.

But in sub-Saharan Africa, the challenges posed by such plans are significant: on the one hand is the need for a vehicle to invest windfall surpluses for future generations and ring-fence today’s wealth from greedy leaders………………….Full Article: Source

Indonesia plans $1 bln Green Fund to battle climate change

Posted on 26 January 2010 by VRS  |  Email |Print

From Indonesia, which aims to cut heat- trapping gas emissions by 26 percent by 2020, plans to set up a $1 billion fund to invest in renewable energy projects and water treatment to address the effects of climate change.
The Government Investment Unit, the sovereign wealth fund, will contribute $100 million to the Indonesia Green Investment Fund, which it will oversee, Edward Gustely, a senior adviser at the Ministry of Finance in Jakarta, said.
The fund, which will be set up this year, will raise the remaining $900 million from governments that have expressed interest in investing in it and institutional investors, he said………………….Full Article: Source

Will KIC be enabled to invest locally?

Posted on 26 January 2010 by VRS  |  Email |Print

From The Korea Investment Corporation (KIC) may soon be allowed to buy domestic assets as the government is seeking to lift a ban that prohibits the sovereign wealth fund from making local investments.

The latest move is part of the government’s bigger plan to boost the efficiency and profitability of KIC, which is still dealing with the ripple effects of suffering huge losses from investing in Merrill Lynch in 2008………………….Full Article: Source

Abu Dhabi eyes Chinese fund for co-investment

Posted on 26 January 2010 by VRS  |  Email |Print

From Abu Dhabi government-owned Invest AD is in talks with a number of state-backed and private investors in China about jointly investing in the Middle East and Africa, a top executive said on Monday.

The firm is looking for long-term partnerships with Chinese investors in areas such as infrastructure and financial services, chief executive officer Nazem Fawwaz Al Kudsi told Reuters in an interview during his stay in Beijing………………….Full Article: Source

Tehran unveils oil fund revamp

Posted on 26 January 2010 by VRS  |  Email |Print

From Iran’s government wants to set up a new National Development Fund (NDF), to which at least a fifth of the country’s oil and gas revenue would be transferred, according to reports.
The proposed fund would help turn Iran’s “natural wealth into sustainable and productive assets”, IRNA said in a report published late on Sunday, after President Mahmoud Ahmadinejad submitted the budget bill to parliament………………….Full Article: Source

GIC’s Manhattan investment being given up to lenders

Posted on 26 January 2010 by VRS  |  Email |Print

From A vast prime Manhattan property that has caused losses to investor, the Government of Singapore Investment Corporation (GIC), is having its ownership transferred to creditors - possibly including GIC.

The Stuyvesant Town and Peter Cooper Village apartment complexes will be given up by troubled owners Tishman Speyer Properties and BlackRock Realty after loan restructuring talks failed………………….Full Article: Source

Alaska Permanent Fund earnings suggested as fund for gas line

Posted on 26 January 2010 by VRS  |  Email |Print

From House Speaker Mike Chenault introduced a bill Monday calling for a statewide advisory vote on using Alaska Permanent Fund investment profits to build an in-state pipeline bringing North Slope natural gas to the Railbelt.
Such a pipeline is seen by legislators as a backup if the proposed big natural gas pipeline to the Lower 48 isn’t built anytime soon………………….Full Article: Source

Bank pay in Singapore makes sense

Posted on 26 January 2010 by VRS  |  Email |Print

From WSJ: Temasek isn’t a bank. It is a state-owned investment firm with a portfolio valued at well over $100 billion that holds stakes in some of Singapore’s biggest companies. It also invests in companies outside Singapore and in other assets, too, including hedge funds, private-equity funds and real estate.

For years, Temasek has paid its employees with a sensible plan that includes cash bonus payments and deferred incentives. A key part (but not the only part) of the plan links bonus payments to something called “wealth added,” a measure of the company’s return on its investments in a given year that factors in its risk-adjusted cost of capital………………….Full Article: Source

Stock market recovery helps offset SWF losses

Posted on 25 January 2010 by VRS  |  Email |Print

From The Abu Dhabi Investment Authority (Adia), one of the world’s largest sovereign wealth funds, has again ruled out plans to invest at home on the grounds such a task is undertaken by other government SWFs in the emirate.

But Adia stressed that it plays a key role in supporting the country’s fiscal system by making available sufficient funds for the government to replenish budget deficits and ensure the UAE will not be burdened by heavy borrowing………………..Full Article: Source

Seoul probes KIC’s investment in Merrill Lynch

Posted on 25 January 2010 by VRS  |  Email |Print

From The Board of Audit and Inspection of Korea has begun investigating the nation’s sovereign wealth fund’s $2 billion investment in Merrill Lynch in 2008, government officials said yesterday.

According to officials at the Finance Ministry and the Korea Investment Corp., the BAI started the audit on the KIC this week, particularly focusing on the fund’s decision making process regarding investment in Merrill Lynch………………..Full Article: Source

Gulf wealth funds eyes farmland fund

Posted on 25 January 2010 by VRS  |  Email |Print

From A private sector fund aiming to invest $350 million in farmland in Africa and Europe has attracted interest from Gulf sovereign wealth funds seeking to secure food supplies, an executive said.

Gulf countries, mainly reliant on food imports, have increased efforts to buy or lease land in developing nations to secure food supplies and to minimize the impact of food inflation………………..Full Article: Source

Norway’s largest fund rejects passive management

Posted on 25 January 2010 by VRS  |  Email |Print

From A complete evaluation of active management including reports by Mercer and an international group of professors, has resulted in the Norges Bank Investment Management, manager of the $375 billion Government Pension Fund-Global, staunchly favouring active management, with the bank’s Governor and executive director of the NBIM describing “a passive, uninformed approach to operational decisions is an alternative without a sound theoretical or practical justification”.
In a letter to Norway’s Ministry of Finance the governor of Norges Bank, Svein Gjedrem, and executive director of NBIM, Yngve Slyngstad, said after 12 years of active management the experience has been largely positive with the annualised excess return relative to the benchmark portfolio currently standing at 0.22 per cent………………..Full Article: Source

Dubai World assets in excess of $120 bln

Posted on 25 January 2010 by VRS  |  Email |Print

From Reuters: State-linked Dubai World’s property and investment assets exceeded $120 billion at the end of 2009 and could cover its debt of $57 billion, an Arabic-language daily said on Sunday.
Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company’s property assets dropped around 35 percent in 2009, compared with $157 billion in 2008………………..Full Article: Source

January 2010
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