19.10.2015 - Sovereign wealth funds in Arabian Gulf sell off assets to plug fiscal deficits
Sovereign wealth funds (SWFs) across the Arabian Gulf are selling financial assets as the low oil price hits the region’s economies. The Saudi Arabian Monetary Authority (Sama) and the Qatar Investment Authority (QIA) are selling stakes in European companies, as the oil price slump forces Gulf states to run major fiscal deficits for the first time since 2009, and encourages SWFs to plug the gap. Sama has withdrawn US$1.3 billion from European equities this year, according to Nasdaq estimates. The QIA said last week that it was selling its 10 per cent stake, valued at $615 million, in the German construction company Hochtief, the QIA’s third divestment in three months. Sama and QIA did not respond to requests for comment...............................................Full Article: Source
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