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Friday SWFI News Roundup, September 12, 2014

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Emaar Malls Group Seeks to IPO

Emaar Properties is trying to have an initial public offering for its mall unit Emaar Malls Group. The IPO is targeted to raise approximately US$ 1.44 billion for Emaar Properties. The Emirates Investment Authority (EIA) reserves the right to purchase 5% of the transaction. The UAE federal sovereign wealth fund has the right with every IPO on the Emirati stock exchange. Rothschild is the financial adviser for Emaar Properties. Bank of America Merrill Lynch, JP Morgan and Morgan Stanley are joint global co-ordinators and joint bookrunners. Local banks joining are EFG Hermes, Emirates Financial Services, HSBC and National Bank of Abu Dhabi.

RCIF Invests in Russian Retailer

On September 9, 2014, the Russia-China Investment Fund (RCIF) agreed to acquire a minority stake in Russian children’s goods retailer Detsky Mir. The retailer is owned by Sistema, a conglomerate. The RCIF is a joint venture between the Russian Direct Investment Fund and the China Investment Corporation.

Aabar Investments Hearts Morocco

Aabar Investments PJS is opening a new office in Casablanca. The investment company plans to invest in a variety of sectors in Morocco.

Nomura Asset Management Partners and Creates a Mainland China JV Company

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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