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Angola Launches Their Sovereign Wealth Fund

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fsdeaThe Sovereign Wealth Fund Institute concluded their Asia summit Tuesday afternoon in Singapore. Representatives from Angola’s new sovereign wealth fund called the Fundo Soberano de Angola (FSDEA) attended the summit. Mr José Filomeno de Sousa dos Santos, a member of the fund’s board, keynoted a session introducing Angola’s sovereign wealth fund to sovereign wealth peers, long-term public investors, government officials, and major firms in the investment industry.

“We are honored to have Mr José Filomeno de Sousa dos Santos speak at our summit in Singapore and share stories about social and economic developments occurring in Angola today,” said Michael Maduell, President of the Sovereign Wealth Fund Institute. “The government of Angola is passionately determined to invest, stimulate and create opportunities for the citizens of their country. Angola has allocated a substantial portion of money and future oil revenue to move forward an agenda of strategic development.”

Angola’s new sovereign wealth fund debuts with US$ 5 billion dollars. Nigeria’s sovereign wealth funds have started with US$ 1 billion.

Executives of the Fundo Soberano de Angola are keen on complying with the Santiago Principles and scoring high on the Linaburg-Maduell Transparency Index (LMTI), a global transparency system for sovereign funds.

The FSDEA will balance financial and social return objectives. One major area of focus is the hotel industry, in which financial returns look attractive for the African continent and at the same time can have an aggregate demand impact in the construction, tourism, and real estate sectors. In the past years, a small number of sovereign funds have invested African hotels. Social investments will be guided by the fund’s social charter which will initially focus on income generation, energy and education investments.

In December 2007, Angola reached a historic high of 23.2% GDP growth.

Over a period of time, the FSDEA will grow by a portion of collected oil revenue and financial returns on investments. Angola is a major sub-Saharan oil producer, pumping out around 1.8 million barrels of crude oil a day. Above 95% of its export earnings are accounted by the oil industry. The fund will receive inflows equivalent to the prevailing value of 100,000 oil barrels per day. Initially the FSDEA was planned to launch in 2009, but was delayed by effects from the North-Atlantic financial crisis of 2007.

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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