Friday SWFI News Roundup, May 29, 2015
GIC Bids for in Exora Business Park
Singapore’s GIC Private Limited is in the front of the pack in acquiring a 60% stake in Exora Business Park from Indian real estate firm Red Fort Capital. Other bidders are Singapore-based Ascendas and the Blackstone Group. The property is located in Bangalore.
Institutional Money Agreements for Egypt
A group of Egyptian banks, investors, Abu Dhabi Investment Authority (ADIA) and the Russian Direct Investment Fund (RDIF) have agreed to form a new investment fund. Egyptian Minister of Commerce, Industry and SME Munir Fakhri Abulnour made comments at a joint press conference giving bits of details about the fund. Officials from Russia and Egypt discussed potential projects in desalinization and waste recycling and energy developments. According to data by the Central Bank of Egypt, trade between Russia and Egypt for the first half of 2015 amounted to US$ 998.8 million. Russia is a major exporter of wheat.
GETTING CLOSER: Bahamas Inches Toward Petroleum Act
The Bahamian House of Assembly is examining both a Petroleum Bill and Sovereign Wealth Bill. If these bills pass the vote in the assembly, they will be sent to the Bahamas’s Governor General for signing. Parts of the bill include a legislative framework for managing accrued oil wealth. The Bahamas Petroleum Company Plc, founded by the late Alan Burns, sees the laws as a guide to govern the next phase of oil exploration around the islands.
Mumtalakat Posts 10.8% Increase in Net Profit in 2014
Bahrain’s Mumtalakat Holdings generated a 10.8% increase in net profit in 2014. Bahrain, Gulf Air and Batelco, made 91.6 million bahraini dinars (US$ 243 million) in 2014 compared to 82.7 million dinars in 2013.
IPIC Lends US$ 1 Billion to 1MDB
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