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Mumtalakat Holding Witnesses Asset Grow for 2017

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Bahrain’s Mumtalakat Holding Company released its 2017 consolidated financial statements. Consolidated assets grew to 5.8 billion BD (US$ 15.4 billion), a large increase of 46.4% compared to 2016 financial figures. The rise in assets was attributable to gains from Mumtalakat portfolio companies including the consolidation of McLaren Group Ltd. and Alba’s Line 6 project. Mumtalakat’s cash balances also increased. Alba is the country’s government-controlled aluminum producer.

Mumtalakat had committed 104 million BD (US$ 277 million) to new investments in 2017. 65% of Mumtalakat’s portfolio is in Bahrain and the Middle East, while 27% of its assets are in Europe and 8% are in the United States.

In a press release, Mahmood H. Alkooheji, Chief Executive Officer of Mumtalakat commented, “We reported net profits for the fifth consecutive year, reflecting the success of our investment model as we continue to invest in and for Bahrain while managing our portfolio with a commercial mindset.”

GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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Wells Fargo Could be Slimming Down, Possible Retirement Unit Sale

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Wells Fargo (WFC) is looking to exit the retirement plan servicing market, for a potential sale price of US$ 1 billion. The unit is involved in record-keeping, custody, trust details and various other retirement plan services for corporations. It is housed under the Wealth and Investment Management unit. The retirement plan servicing market is not particularly compelling for the bank, especially in light of the U.S. Department of Labor’s newer regulations to force managers to disclose compensation arrangements and fees to plan fiduciaries. Wells Fargo has been lauded for its loyal consumer base and high revenue, and doesn’t require the business, though recent scandals have been a drag on the company’s profitability and public image. This news has pre-empted some advisors to jump ship. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Petroleum Signs Deal to Buy Interest in Nour North Sinai Offshore Area Concession

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Mubadala Petroleum, a division of Mubadala Investment Company, signed a deal to acquire a 20% percent participating interest in Egypt’s Nour North Sinai Offshore Area concession. The seller of the interest is a subsidiary of the Italian energy giant Eni. Eni holds an 85% stake in the partnership with Tharwa Petroleum Company, which holds a 15 percent interest. Formed in 2004, Tharwa Petroleum Company is 100% owned by the Egyptian government through a variety of state-owned entities such as the Egyptian General Petroleum Corporation (EGPC) at 20% and Egyptian National Gas Holding Company (EGAS) at 20%.

The sales transaction is subject to conditions, such as approval from government authorities in Egypt.

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