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Dubai CEO Doubles Down

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On April 7th, in London’s financial center, was a confluence of wealth, forecasts and discussions as Dubai officials met with international bankers and institutional investors. These “roadshow” meetings came ahead of Dubai World’s annual creditor meeting. Government officials reiterated that pre-crisis, pro-growth measures were not a regret and the area is set for another boom.

Chief Executive Mohammed al-Shaibani of the Investment Corporation of Dubai told the audience at Deutsche Bank’s London offices, “If Dubai had to do the same again, most likely we would follow the same approach.”

Al-Shaibani contended that massive Dubai investment between 2006-2008 had helped jumpstart Dubai as a key financial center.

Emirates Global Aluminium

On the same day, the Investment Corporation of Dubai and the Mubadala Development Company incorporated Emirates Global Aluminium (EGA), the jointly-owned aluminium company formed by integrating the two shareholders’ interests.

The new joint venture has two core operating entities, Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL). Emirates Global Aluminium will be chaired by Khaldoon Khalifa Al Mubarak and the vice-chair will be Saeed Mohammed Al Tayer.

According to the EGA press release, EGA CEO and Managing Director Abdulla Kalban stated, “I would like to extend our gratitude to the shareholders for their support in establishing this global business. This is a proud day for EGA’s highly-skilled employees, who represent a company led by UAE Nationals using technology that is unique to our company and the industry. Combining the strengths of DUBAL and EMAL creates a national champion for technological innovation and business performance excellence.”

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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