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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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Rumors Swirl Around PIF Looking at Tesla Rivals

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Saudi Arabia’s Public Investment Fund (PIF) could be doubling down on electric automobile manufacturers. It was revealed that PIF has a sizeable stake in Tesla Inc. Elon Musk’s recent tweets have stirred up financial media and has even prompted an SEC probe.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DLF-GIC to Kick in Rs 12.5 Billion for Midtown Project

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Indian real estate giant DLF, which has worked with Singapore’s GIC Private Limited in the past, is working on a new housing project in central Delhi dubbed Midtown. Large residential real estate projects in India’s capital are difficult to come by. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA-Glencore Stake Valued at 7.4 Billion euros

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QHG Oil Ventures is selling a 14.2 % stake in Moscow-based Rosneft for €7.4 billion (US$ 8.4 billion) to the Qatar Investment Authority (QIA). This is according to a QHG financial statement. QHG Oil Ventures is a joint venture between the Qatar Investment Authority and Glencore, a Swiss-based, broad-spectrum mining and commodity company. QHG Oil Ventures was originally formed to invest in Rosneft. QHG purchased a 19.5 % stake in the company in 2016, in a deal that supplied Russia with needed funding at the time, and the estimated value of the investment has remained steady. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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