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NDFI Meets with Norwegian Ambassador and Halkbank CEO

norwayiranA news release issued by the National Development Fund of Iran (NDFI) on Sunday states that the president of the fund, Dr. Seyyed Safdar Hosseini, met with Norwegian Ambassador to Tehran Jens-Petter Kjemprud to discuss potential collaboration between Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), and the NDFI.

According to the release, Mr. Kjemprud was hopeful that sanctions in the future would be diminished and that Norway’s advanced technologies could assist Iran in oil extraction. They also discussed about future events in the sovereign wealth space. Dr Hosseini wants to play host for the International Forum for Sovereign Wealth Funds 2015 in Iran. The forum is voluntary member-based organization of sovereign funds that meet annually. The 2013 forum was hosted by Norway in Oslo.

In a separate release, Dr. Hosseini also met with Suleyman Aslan, CEO of Halkbank, a Turkey-based bank that has maintained close ties to Iran since the latest sanctions were imposed.

Dr. Hosseini was reported to have requested that Turkish investors augment their investments in Iran, “with the financing support of both parties and Halkbank being in charge of doing the feasibility study of the projects,” the release said.

SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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