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Mubadala Shifts Focus from Emerging Markets

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emerging markets sovereign wealth funds

Mubadala Development Company is altering its course from emerging markets to developed markets, its Deputy CEO Waleed al Muhairi told Reuters on February 25th. The Abu Dhabi state-owned investment vehicle had turned its attention to emerging markets as the United States and Europe were battered by financial crises. Public stocks in emerging markets had a challenging 2013. The Federal Reserve is expected to pullback on asset purchases. The sovereign wealth executive stated the fund will begin widening its footprint in markets with long-term potential in 2014.

“We’re of course looking at emerging markets, but also to markets like the U.S. and Europe in particular, as recession is being replaced by signs of recovery,” he said.

Mubadala had US$ 55.5 billion in assets under management as of June 2013. Its European portfolio currently consists of renewables (United Kingdom, Germany and Spain), semiconductors (Germany) and aerospace technology (Switzerland and Italy).

In the United States, Mubadala has existing investments in information and communications technology (Prodea Systems and Damballa), real estate (Viceroy Hotel Group) and semiconductors (Global Foundries). The sovereign fund also holds shares in General Electric, Advanced Micro Devices, The Carlyle Group, EMI Music Publishing, John Buck Company, The Raine Group LLC, and Related Companies.

Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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