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Sovereign Wealth Funds Briefing 21.Nov 2016

Posted on 21 November 2016 by VRS |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, announced on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income.
Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 billion to about $2 trillion and increase investments abroad. The PIF did not name the people it had appointed, but LinkedIn profiles showed at least five financial professionals had begun working at the Fund in the last several weeks……………………………………Full Article: Source

Posted on 21 November 2016 by VRS |  Email |Print

Turkey has established its Sovereign Wealth Fund (Türkiye Varlık Fonu) and the Turkish Sovereign Wealth Fund Management Incorporation (Türkiye Varlık Fonu Yönetimi Anonim Şirketi), its asset management company. On November 9, the Council of Ministers’ decree regarding the Asset Manager’s operating principles(Decree) was published in the Official Gazette.
The resources of the Sovereign Fund are: The institutions and assets within the scope of the privatization program, as well as the Privatization Fund’s excess cash that the High Board of Privatization agrees to transfer to the Sovereign Fund; Surplus income, resources and assets at the disposition of public institutions and organizations that the Council of Ministers decides to transfer to the Sovereign Fund;…………………………………..Full Article: Source

Posted on 21 November 2016 by VRS |  Email |Print

Authorities in London have approved Qatari Diar’s plans to convert the erstwhile US embassy building in Mayfair’s Grosvenor Square into a luxury hotel. The firm, which is the property development arm of sovereign wealth fund Qatar Investment Authority, bought the listed building in 2009.
The United States of America will move its diplomatic presence from the site to Vauxhall. The plans approved by Westminster Council, will see two new floors added to the listed building, with floor space nearly doubling to 45,000m2……………………………………Full Article: Source

Posted on 21 November 2016 by VRS |  Email |Print

Analysts are predicting that Middle East sovereign wealth funds will continue to buy big chunks of real estate in America’s biggest cities despite Donald Trump’s election victory. Over the past year, the funds, which have traditionally invested in high-profile London buildings such as the Shard and the Berkeley Square estate, have moved much of their buying appetite to North America and Asia following the Brexit vote.
But property advisers say that Mr Trump’s victory will not have the same effect. Qatar Investment Authority (QIA), which already owns stakes in Europe’s tallest building, The Shard, the Canary Wharf Estate, Harrods and the Olympic Park in London, said that it had bought a 9.9 per cent stake in Empire State Realty Trust, acquiring 29.6 million shares in the group at $21 each……………………………………Full Article: Source

Posted on 21 November 2016 by VRS |  Email |Print

Optimistic on enhanced strategic relationship between Qatar and China, Doha Bank has said the recently held ‘Made in China’ exhibition will offer an opportunity for Doha to tap into the Asian country’s technological advancements. Qatar’s sovereign wealth fund received permission in 2012 to invest in China’s capital markets. Qatar Investment Authority holds shareholding in Agriculture bank of China.
China’s foreign exchange regulator awarded Kuwait Investment Authority (KIA) fresh quota of $700mn for direct investment in the Chinese securities market, on top of the $300mn already granted earlier. KIA has stake in agriculture bank of China. KIA was also granted a $1bn licence by China’s central bank in 2012 to invest in its domestic interbank bond market……………………………………Full Article: Source

Posted on 21 November 2016 by VRS |  Email |Print

The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income.
The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar……………………………………Full Article: Source

Posted on 21 November 2016 by VRS |  Email |Print

Singapore’s sovereign wealth fund, GIC Real Estate Pte Ltd, has acquired G-Square, a Seoul-based retail complex, for $136 million. The complex was completed in 2014 and is spread over an area of 238,248.43 square meters. It has 28 stories and is located in the heart of Anyang, a bustling metropolitan area in the southern part of Seoul.
The complex is strategically located as it offers direct access to the city’s subway. Besides retail outlets, G-Square also has offices, spread over an area of 34,681 square meters. The complex is operated by one of the largest retail operators in South Korea, Lotte Shopping Co. However, after acquisition, it will be managed by IGIS Asset Management, a leading real estate management company in South Korea……………………………………Full Article: Source

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