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Friday SWFI News Roundup, May 29, 2015

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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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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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Wells Fargo Could be Slimming Down, Possible Retirement Unit Sale

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Wells Fargo (WFC) is looking to exit the retirement plan servicing market, for a potential sale price of US$ 1 billion. The unit is involved in record-keeping, custody, trust details and various other retirement plan services for corporations. It is housed under the Wealth and Investment Management unit. The retirement plan servicing market is not particularly compelling for the bank, especially in light of the U.S. Department of Labor’s newer regulations to force managers to disclose compensation arrangements and fees to plan fiduciaries. Wells Fargo has been lauded for its loyal consumer base and high revenue, and doesn’t require the business, though recent scandals have been a drag on the company’s profitability and public image. This news has pre-empted some advisors to jump ship. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Petroleum Signs Deal to Buy Interest in Nour North Sinai Offshore Area Concession

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Mubadala Petroleum, a division of Mubadala Investment Company, signed a deal to acquire a 20% percent participating interest in Egypt’s Nour North Sinai Offshore Area concession. The seller of the interest is a subsidiary of the Italian energy giant Eni. Eni holds an 85% stake in the partnership with Tharwa Petroleum Company, which holds a 15 percent interest. Formed in 2004, Tharwa Petroleum Company is 100% owned by the Egyptian government through a variety of state-owned entities such as the Egyptian General Petroleum Corporation (EGPC) at 20% and Egyptian National Gas Holding Company (EGAS) at 20%.

The sales transaction is subject to conditions, such as approval from government authorities in Egypt.

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