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Italy and the Gulf States Reinforce Economic Ties

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The Kuwait Investment Authority (KIA), a major sovereign wealth fund in the Gulf, will invest €500 million into the Italian Strategic Fund (FSI), and through the fund into Italian companies. Specifically, the governments of Kuwait and Italy will create a company with a capital commitment of €2.5 billion, giving the FSI 80% control and the KIA 20%. The deal is earmarked for signatures in March 2014.

On February 4, 2014, in Kuwait City, Italian Prime Minister Enrico Letta announced the deal to the press. The committed capital will be used to assist and boost Italian enterprises.
To combat rising unemployment in Italy, public officials are courting Gulf investors to invest in Italy, to spur domestic economic growth and decrease government liabilities. Other major sovereign investors in Italy include the Qatar Investment Authority and the Russian Direct Investment Fund.

Qatar

The government of Qatar is planning on continuing making major investments in Italy – especially in the sectors of tourism, energy and healthcare. A delegation from the Qatar Investment Authority will visit Italy to analyze investment opportunities.

Italian Prime Minister Enrico Letta indicated Qatar could possibly invest in state-backed energy giant Eni SpA. There could be a possible capital injection for Eni to expand energy production. The mountainous Basilicata region of Italy is home to the Val’d Agri oil field, one of the biggest in Western Europe. The field is located in the Southern Apennines; Eni began production in 1996.

The Qatar Investment Authority invested a significant amount of capital in Spanish energy firm Repsol SA.

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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