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Sovereign Wealth Funds Briefing 19.Nov 2015

Posted on 19 November 2015 by VRS |  Email |Print

Saudi Arabia is working with the Boston Consulting Group to help start a state-owned mortgage firm similar to the US’s Fannie Mae and Freddie Mac as it seeks to develop a secondary market for home loans, people with knowledge of the plans said. Public Investment Fund, the kingdom’s sovereign wealth fund, will provide most of the approximately 10 billion riyals (Dh9.79 billion or $2.67 billion) of the institution’s capital, three people said, asking not to be identified because the plans aren’t public.
PIF is in the process of selecting an executive to lead the new company, according to two of the people. Saudi Arabia is seeking to boost home ownership amid one of the world’s lowest mortgage penetration rates. It approved a mortgage law in 2013 and is planning to tax undeveloped land within urban boundaries to boost the availability and affordability of homes…………………………………….Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

The sovereign wealth fund of the United Arab Emirates should start investing in India soon, Finance Minister Arun Jaitley told Reuters on a visit to Dubai to drum up interest in Asia’s third-largest economy.
The first investment in India could be into India’s national infrastructure fund, Mr Jaitley said in an interview, adding that the government would put legal structures and tax predictability in place to attract sovereign wealth funds. ADIA’s first investment in India could be with the National Investment and Infrastructure Fund, set up in August with a mandate to co-invest with strategic partners and own 49% of projects……………………………………..Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

Mumtalakat and India’s Synergies Castings will build a $150 million downstream aluminium facility in Bahrain, the chief executive of the kingdom’s sovereign fund said on Wednesday. The aluminium casting and specialty alloy wheel manufacturing plant, will take around 18 months to build and is expected to open in late-2017, Mahmood al-Kooheji told Reuters.
“There is a secure channel for the products as they have the customer demand, which will make it very easy to make profits,” said Kooheji, adding that the joint venture was the first outside India for Synergies Castings, which supplies alloy wheels to car companies including General Motors, Ford and Toyota……………………………………..Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

Kazakhstan plans to sell stakes of at least 25 percent in 43 large state-owned companies via initial public offerings (IPOs) in 2016-17, the Samruk-Kazyna sovereign wealth fund said. The government faces a plunge in revenues from oil, Kazakhstan’s main export. President Nursultan Nazarbayev told a government meeting on Wednesday he wanted Kazakh businessmen and companies to take part in the privatisations.
The stakes will be sold on the floor of the oil-rich nation’s financial centre being built in the capital Astana, the fund said. The businesses to go public include oil and gas company KazMunaiGas, uranium company Kazatomprom, railway company Kazakhstan Temir Zholy and mining firm Tau-ken Samruk, it said……………………………………..Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

The Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) held a meeting on 30 October 2015. The meeting chaired by Artur Rasizadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board endorsed the SOFAZ’s draft budget for 2016. The SOFAZ press release says that Fund’s 2016 budget revenues were offered at the level of AZN 6.7 bn and expenditures at AZN 8.26 bn.
“The Supervisory Board recommended the Fund’s 2016 draft budget, including the major directions of its investment policy and projects for the approval by the President of Azerbaijan,” it was informed. The Supervisory Board approved a transition of the Oil Fund’s accounting system from International Public Sector Accounting Standards (IPSAS) to International Financial Reporting Standards (IFRS)……………………………………..Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

Singapore’s sovereign fund GIC, the Russia-China Investment Fund (RCIF), Goldman Sachs Group Inc and Silverlink Capital LP participated in the funding round. TutorGroup, which offers online courses on English in the greater China region and for Chinese students abroad, has already attracted investments from Alibaba Group Holding Ltd and Temasek.
“Despite an extremely challenging fundraising environment, we generated significant interest and excitement from some of the world’s top investors, which validates the clear leadership we have established in the online education market and underscores our belief that TutorGroup has the right technology, strategy and team to be the long-term winner in the industry,” said Dr. Ming Yang, Founder of TutorGroup……………………………………..Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

The interim auditor-general’s report on 1Malaysia Development Berhad (1MDB) has stated that 1MDB and the RM2.6 billion in Prime Minister Datuk Seri Najib Razak’s personal accounts are “different subjects”, Public Accounts Committee (PAC) chairman Datuk Hasan Arifin said.
“I must state here that 1MDB and RM2.6 billion are completely different subjects. They are not the same,” Hasan said during a press conference today. Asked how PAC came to such a conclusion, Hasan said his statement was based on the interim report released in the middle of this year and never made public to date …………………………………….Full Article: Source

Posted on 19 November 2015 by VRS |  Email |Print

PKR’s Kelana Jaya MP Wong Chen might be hauled up to the rights and privileges committee for naming the wrong individual in a parliamentary question related to 1Malaysia Development Berhad (1MDB), Deputy Home Minister Datuk Nur Jazlan Mohamed said.
Wong had named Deutsche Bank country manager Yusof Annuar Yaacob as one of five individuals sought by authorities in connection with investigations into 1MDB, but later admitted making a mistake. He said he had meant to name SRC International director Datuk Suboh Md Yassin instead of Yusof. …………………………………….Full Article: Source

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