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Friday SWFI News Roundup, May 29, 2015

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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SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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