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Emirates Investment Authority Takes a Strategic Spin

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In November 2007, the Emirates Investment Authority (EIA) was created by Emiri decree. They are the United Arab Emirates’s federal sovereign wealth fund. The sovereign fund has characteristics of a strategic development sovereign wealth fund, similar to that of the Mubadala Development Company and Bahrain’s Mumtalakat Company. This marks a stark contrast in style to the Abu Dhabi Investment Authority. The sovereign entity is even debating whether to raise debt to enable more acquisitions.

The EIA controls positions in several UAE firms such as Etisalat (Emirates Telecommunications Group) and du.  Etisalat operates in over 18 countries and services over 100 million customers in Asia, the Middle East, and Africa.  The EIA holds around 60% in Etisalat.  In terms of direct investments, they are allocated towards telecommunications; however, they see possibilities of jumping more into financial services, education, food production companies, and healthcare. The EIA does not only invest in just direct stakes in companies. They are also active in bonds and private equity funds.

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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