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News and Updates
Abu Dhabi lands 15% stake in Gatwick for £125m
According to the Times, "The world’s largest sovereign wealth fund is to buy a £125 million stake in Gatwick as the airport’s new owner seeks to bring in additional investors. The Abu Dhabi Investment Authority (ADIA), which is thought to have more than $600 billion in assets, will buy a 15 per cent stake in the UK’s second-largest airport. ADIA’s purchase comes days after the South Korean National Pension Service bought a 12 per cent stake in Gatwick for £100 million. Global Infrastructure Partners (GIP), an infrastructure fund set up by Credit Suisse and GE, acquired Gatwick last year for £1.5 billion and has said that it is seeking additional investors but will retain management control of the airport. The fund, which also owns London City airport, is understood to be talking to several other potential investors but none of these are thought to be close to agreeing a deal. "
read more: Times UK
Abu Dhabi Investment Authority takes stake in Hyatt Hotels
According to the AP, "Abu Dhabi's biggest sovereign wealth fund has bought more than 10 percent of the Hyatt Hotels Corp. shares floated by the iconic hotelier last month. Chicago-based Hyatt disclosed the sale Monday in a filing with the U.S. Securities and Exchange Commission. The deal was made public on the same day oil-rich Abu Dhabi agreed to pump $10 billion in bailout funds into its struggling neighbor Dubai. The filing said the Abu Dhabi Investment Authority bought nearly 4.8 million, or 10.9 percent, of Hyatt's Class A common shares. Its overall stake in the company is considerably lower, however, because the wealthy Pritzker family holds the bulk of other stocks known as Class B shares that give it voting control over the company."
read more: AP
South Korea, Abu Dhabi Sovereign Wealth Funds Ink Advisory Deal
According to Nasdaq, "South Korea's sovereign wealth fund, Korea Investment Corporation, has signed a cooperation agreement with the Abu Dhabi Investment Authority, the finance ministry said Friday. The two sovereign wealth funds will provide each other with advisory services and other assistance when they seek overseas investments, the Ministry of Strategy and Finance said in a statement. The agreement follows non-deal road shows in Dubai and Abu Dhabi early this week by a South Korean delegation led by a vice finance minister.
Korean officials updated top executives from the region on the East Asian economy, investments in infrastructure projects and regulatory changes on the issuance of Islamic bonds in Korea, it said. The Korean government is aiming to attract capital from Islamic markets to diversify overseas debt sources and spread risk."
read more: Nasdaq
ADIA may invest in UAE bonds, says Saudi bank
According to Business 24-7, "The Abu Dhabi Investment Authority (Adia) may depart from its long-standing tradition and begin investing in the local market by buying bonds planned by the UAE Government and other institutions, a key Saudi bank said yesterday.
Although it has not specified the size of the planned sovereign bond issue, the UAE Federal Government will not find any difficulty raising money from local and foreign markets given its high rating and strong financial position, Samba Financial Group, previously known as Saudi American Bank, said in a study."
read more: Business 24-7
Abu Dhabi Investment Authority says reviewing long-term strategy
According to Reuters, "Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, said it was reviewing its long-term strategy for possible changes in the wake of the global financial crisis. Several sovereign wealth funds in the oil-exporting Gulf have suffered heavy losses on equity investments following the sharp slide in stock markets last year.
'ADIA is currently reviewing its long-term strategy of assets ... and assess whether changes are warranted,' Obaid Murad Al Suwaidi, director of the Equities for Far East Department of ADIA, said in a speech at a business seminar in Tokyo."
read more: Reuters
ADIA drops out of Gatwick race
According to the Times, "Six consortiums have submitted bids of up to £2 billion for Gatwick Airport, but the Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, is understood to have dropped out."
read more: Times Online
ADIA plans to begin disclosure of asset allocations
According to Emirates Business, ADIA "has started plans to enhance disclosure of its operations in line with an agreement with the IMF last week. But the giant sovereign wealth fund yesterday said transparency was also required by investment recipient countries as this would lead to better understanding with SWFs and allow them to play a more active role in global financial stability. 'Adia has disclosed its broad asset allocation and is engaged in an ongoing process to enhance disclosure in all these areas, including compliance verification,' said Hamad Al Suwaidi, Adia Director and Abu Dhabi Finance Department Undersecretary."
read more: Emirates Business
Dubai May Need Help From Abu Dhabi to Fund Borrowing
According to Bloomberg, "Dubai may need help from Abu Dhabi and the United Arab Emirates government to finance a surge in borrowing that paid for the world's tallest tower, palm tree- shaped man-made islands and stakes in banks worldwide."
read more: Bloomberg
ADIA's $280m office deal
According to the Australian, "the Abu Dhabi Investment Authority, will take a $280 million stake in Lend Lease's new office-tower project, Darling Walk, on the edge of the Sydney CBD as it expands its Australian property portfolio."
read more: The Australian
UK Prime Minister wants SWF Investment in Alternative Energy
The UK Prime Minister Gordon Brown met with Qatar and ADIA officials in the Middle East to discuss foreign investment in United Kingdom's alternative energy market. According to Thomson Reuters, “he told reporters that Britain and Qatar were looking at a new joint energy fund to invest in British energy industries, and that talks with the Abu Dhabi Investment Authority about investment opportunities in Britain were moving forward.”
read more: Thomson Reuters
US Treasury Secretary Paulson says foreign direct investment is welcome in the United States
Forbes writes that, "speaking on the home turf of the largest sovereign wealth fund in the world, U.S. Treasury Secretary Paulson had a simple message for foreign investors: Bring it on."
read more: Forbes
Lend Lease & ADIA reported to build Sydney office Site
Bloomberg writes that, "Lend Lease Corp. won backing from the Abu Dhabi Investment Authority for plans to build a A$600 million ($549 million) office tower at Sydney's Darling Harbor, the Australian Financial Review reported, without saying where it got the information."
read more: Reuters
ADIA official joins Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank (ADCB) has appointed Simon Copleston as its first-ever general counsel. Copleston joined the bank from the Abu Dhabi Investment Authority (ADIA) on 8 January to become the first lawyer to hold the post. The appointment is Copleston’s latest in-house position in the Middle East after leaving Olswang in January 2006 to join investment house Dubai International Capital. It is understood he will be responsible for building up the bank’s legal function to around five lawyers by the end of the year.
read more: Legal Week
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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