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Sovereign Wealth Funds Briefing 22.Oct 2014

Posted on 22 October 2014 by VRS |  Email |Print

Resource-rich regions have various ways of sharing the wealth. Some are more jovial than others. On October 2, every person living in Alaska was given $1,884. Although the amount was, as Time magazine noted, enough to buy a trip someplace warmer, the state’s cash-for-residency deal is just as likely to sell one-way tickets going north.
The money is the annual payout from the state’s Permanent Fund, a $50 billion piggy bank that distributes investment revenue earned on the state’s oil and gas income. Paid out every year since 1982 to individuals who have lived in the state for a full calendar year as a way to lure people to live in the state, this year’s amount was nearly double the $900 residents received last year, and the third highest nominal amount ever………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

Nigeria’s sovereign wealth fund said its investment programme over the next six months, including on infrastructure, will go ahead, even as revenues that provide its capital are hit by falling oil prices.
Uche Orji, Chief Executive of the Nigeria Investment Authority, highlighted one of the vehicle’s core aims is to manage oil export windfalls to cushion the economy in harder times. “The oil price, yes, it’s come down. But frankly, let’s not forget why this fund was set up. It was to prepare us for days like this,” he told Reuters on the sidelines of an African investment conference in London on Tuesday………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

In the 2015 national budget Government, through the Ministry of Finance, has set aside K100 million towards the creation of a sovereign wealth fund. Minister of Finance Alexander Chikwanda has proposed that the fund be housed by Zambia’s nascent investment vehicle, the Industrial Development Corporation (IDC).
The Bank of Zambia (BoZ) has, however, suggested that it houses the fund. Deputy Governor for Administration Mabula Kankasa recently said the central bank has taken this position after studying a number of sovereign wealth funds around the world………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

IBM is paying GlobalFoundries $1.5 billion to acquire IBM’s global commercial semiconductor technology business, including intellectual property, world-class technologists and technologies related to IBM Microelectronics. The acquisition is a win for GlobalFoundries and for Abu Dhabi.
GlobalFoundries is 100 percent owned by Mubadala Development Company, Abu Dhabi’s sovereign wealth fund. Its mandate is the economic diversification of the Emirate. Mubadala’s portfolio is valued at more than $60.93 billion………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

The budget revenues of Azerbaijan’s state oil fund SOFAZ reached 10.131 billion manats in the third quarter of 2014. This comes as the fund’s budget expenditures constituted 8.041 billion manats during the same period of time.
“Some 9.969 billion manats was gained from the implementation of oil and gas agreements, including 9.947 billion manats from the sale of profit oil and gas, 6.8 million manats from transit payments, and 13.3 million manats from bonus payments. Revenues from payments per acre in the first half of 2014 amounted to 1.7 million manats,” SOFAZ said on October 20………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ), known for its conservatism, intended no more than 4.4% of its investment portfolio or about $1.639 bn for active investment instruments.
According to the Fund, by October 1, 0.9% ($440.391 million) of its investment portfolio ($37.265 bn) was intended for project financing and 3.5% ($1.199 bn) was invested in stocks. The rest investments were passive: fixed-income securities (82.2% of portfolio), deposits and market instruments (7.4%), physical gold (3.2%) and real estate (2.8%)………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has acquired an office component within a building in central Tokyo, estimated to cost about 170 billion yen (S$2 billion). The 32-storey high Pacific Century Place Marunouchi was acquired through a GIC affiliate, said GIC in a statement today (Oct 21).
GIC’s purchase covers all of the office space from levels 8 to 31, but excludes other components within the building such as the Four Seasons Hotel. The building is located next to the JR Tokyo train station and has nearly 39,000sqm of rentable space………………………………………..Full Article: Source

Posted on 22 October 2014 by VRS |  Email |Print

When it costs nearly $2 billion to buy just part of a building in a prime Tokyo location, it is no wonder some investors in Japanese property are looking farther afield. Singapore sovereign-wealth fund GIC Pte. Ltd. said Tuesday it bought 24 floors of Pacific Century Place Marunouchi, a building next to Tokyo Station, in a bid to grab a slice of Japan’s hot property market. A person with knowledge of the deal said the cost was $1.7 billion.
Total real-estate investment in Japan rose to ¥3.5 trillion ($33 billion) from the start of the year through September, the highest level since 2007 and a 13% increase from the same period last year, according to data from Urban Research Institute Corp., a real-estate think tank operated by Mizuho Trust & Banking Co………………………………………..Full Article: Source

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