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Bank of Korea Increases Gold Holdings in July by 1.24 Billion

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Since the end of June 2011, Korea has the 7th largest foreign reserve holdings in the world. The Bank of Korea’s official reserves at the end of July 2011 totaled to $311.03 billion dollars. In addition, the Bank of Korea bought gold holdings worth $1.24 billion. The total gold amount owned is at $1.32 billion. Central banks, sovereign funds, and other governmental investors are using gold as a hedge against western currencies. This was the greatest purchase of gold for the Bank of Korea since the Asian debt fiasco of 1997. Gold prices continue to rise around the world.

Korea also has a sovereign wealth fund called the Korea Investment Corporation.

Korea’s Foreign Reserves Split (July 2011)

  • Dollar Securities – 88.5%
  • Deposits – 9.2%
  • Special Drawing Rights 1.2%
  • IMF Reserve Position – 0.7%
  • Gold – 0.4%

Source: Bank of Korea

QIA Becomes the Largest Shareholder in Colonial

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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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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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