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Sovereign Wealth Funds Briefing 11.Nov 2015

Posted on 11 November 2015 by VRS |  Email |Print

Kuwait’s sovereign wealth fund, the Kuwait Investment Authority (KIA), has allocated an additional $500 million to investment projects in Russia in partnership with the Russian Direct Investment Fund (RDIF), the RDIF said on Tuesday.
The RDIF said the deal was signed on Tuesday in Sochi, in the presence of Russian President Vladimir Putin and the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. This follows $500 million which KIA allocated for investment with RDIF in 2012………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

Datuk Seri Najib Tun Razak should not be made the scapegoat for the problems faced by 1Malaysia Development Bhd (1MDB), as they are the responsibility of the fund’s management, says PPP president Tan Sri M Kayveas. “If I have a company and my company is not doing well, you can say what you want but that is for the management of the company. Why make Datuk Seri Najib the scapegoat?” Kayveas told reporters when met at his party’s Deepavali open house.
He was asked to respond to the view held by some that the Prime Minister should be ultimately responsible for the financial issues faced by 1MDB as well as the RM2.6bil donation. “1MDB is just like any other company. If for example I have RM52bil in assets in my company along with debts of RM42bil, I have no problem,” Kayveas said………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

Khazanah Nasional Bhd, Malaysia’s sovereign investment fund and Baidu, China’s biggest internet company are poised for a showdown in a bid for control of Mydala.com, India’s largest discount marketing firm.
Baidu, which trades on the US stock exchange Nasdaq ,and has a market capitalization of US$69.2 billion is believed to have offered US$100 million for a majority stake in Mydala, which is mostly owned by Kinobeo Software. It is believed that Khazanah is prepared to offer a price which is closer to Kinobeo’s own valuation which is between US$150 million and US$200 million………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

Goodman Group is in talks with Chinese interests for record-breaking sales of more than $800 million in development sites near the Sydney Olympic Park in Sydney’s west. In what could be the largest development site sale in Australia, China’s main sovereign wealth fund, China Investment Corporation has run the ruler over a large development site in Goodman’s Carter Street industrial precinct earmarked for residential development by the NSW government. It is understood the price is about $660 million.
In another deal, Chinese-backed property developer JQZ, formerly Tong Group, is understood to be closing in on the acquisition of major site in the same precinct for more than $200 million. To date, the largest residential development sale in Australia was also a Goodman deal………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

Saudi Arabia aims to start selling bonds in the international market as soon as next year as it seeks new ways to cover a budget deficit caused by low oil prices, banking industry sources said on Tuesday. The sources, who have been discussing the matter with officials in the central bank, the Saudi Arabian Monetary Agency (SAMA), said authorities had not yet finalised the plan but were making progress.
“If it’s going to be January, June or 2017, I’m not sure,” said a senior Gulf banker, declining to be named because of commercial sensitivities. “But it’s something that’s top of their minds.” A Saudi commercial banker said bankers were pitching to both the finance ministry and SAMA………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

As the International Monetary Fund (IMF) noted in a working paper last year, Hong Kong and Singapore have developed a big enough banking franchise to make them the mainstay financial centres in Asia. But other countries have their eye on the prize of being go-to international finance hubs - the latest of which is the fabulously rich Abu Dhabi, capital of the United Arab Emirates.
Over the past decade, Dubai has attracted some of the biggest names in global finance, leveraging on its position as a stopover on trade routes between Europe and Asia to become the Middle East’s financial hub. Now, its sister emirate down the road, Abu Dhabi, whose sovereign wealth fund alone is an estimated US$1 trillion (S$1.4 trillion), aims to do the same - or even better………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

One of the world’s most powerful sovereign wealth funds is bucking the trend towards global expansion among its peers by shutting its office in the UK. The London office of the Abu Dhabi Investment Authority, its only international hub, is closing down after more than 20 years. “This has no impact on our investments in, and commitment to, the UK, which will continue as before,” Adia spokesman Erik Portanger said.
The fund doesn’t disclose its total assets, which are estimated to be in the hundreds of billions of dollars. In the UK, Adia owns stakes in the operator of Gatwick Airport, water utility Thames Water, train-leasing company Angel Trains and hotels including the high-end Lanesborough in London………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

Minister for Finance Mohammad Ishaq Dar, who is currently in Kuwait to attend the High Level Global Islamic Finance Conference, Tuesday held a meeting with Abdulwahab Al-Bader, Managing Director of Kuwait Fund for Arab Economic Development (Kuwait Fund) and reviewed progress of various projects being financed by the Fund. Senior officials of the Fund and Pakistan’s Ambassador to Kuwait Muhammad Aslam Khan also participated in the meeting, said a message received here from Kuwait.
The minister thanked Abdulwahab for the important role that Kuwait Fund has played as a reliable development partner, contributing to several important development projects in the energy, infrastructure, human resource development and other sectors. During the meeting, progress of various projects being financed by Kuwait Fund in Pakistan was reviewed………………………………………..Full Article: Source

Posted on 11 November 2015 by VRS |  Email |Print

Abu Dhabi’s diverse Mubadala Development Co. is to exhibit several companies from its aerospace and engineering portfolio at the Dubai Airshow this week. Al Yah Satellite Communications Company (Yahsat), Piaggio Aerospace, Nibras Al Ain Aerospace Park, Sanad, SR Technics, Strata Manufacturing and Turbine Services and Solutions Aerospace (TS&S Aerospace) will all feature in Mubadala’s presence at the show.
“The Dubai Airshow has become one of the world’s premier events for the aviation industry, and Mubadala along with its partners plays a key role in showcasing the potential of this industry to the region and the world,” said Homaid Al Shemmari, CEO of Aerospace and Engineering Services at Mubadala………………………………………..Full Article: Source

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