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NEXT PHASE: QIA and CITIC Form $10 Billion JV Fund

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Ahmad Al-Sayed

Ahmad Al-Sayed, Chief Executive Officer,
Qatar Investment Authority

For years, Qatar has demonstrated significant interest investing in China whether applying for a quota under China’s QFII scheme, being a cornerstone investor in the Agricultural Bank of China’s IPO or opening an office in Beijing. The Qatar Investment Authority (QIA) penned an agreement with state-owned CITIC Group Corporation to form a US$ 10 billion fund for Asia. The 50:50 joint venture investment fund will help the QIA diversify from excess exposure to European portfolio holdings. This deal follows the central banks of China and Qatar signing a major currency swap deal. In addition, according to the People’s Bank of China, one of China’s 4 major banks, Industrial and Commercial Bank of China has been chosen to clear all yuan trades in Qatar.

View the Institutional Investor Profile of the Qatar Investment Authority

CEO Ahmed Al-Sayed of the QAIA told reporters at an investment conference in Beijing, ” We’ve just done a deal in Europe, and we’ll continue doing deals in Europe.”

He then added, ” But as a global fund, also we need to diversify asset allocations and geographical location but we will continue in Europe, of course.”

The QIA is seeking to invest between US$ 15 billion to US$ 20 billion in Asia over the next 5 years. The QIA is growing its Beijing office, and is looking at investments in real estate, infrastructure and healthcare in China. By partnering with state-backed Chinese investment companies, the QIA will be exposed to greater deal flow.

In August 2012, Qatar Holding, a sovereign wealth enterprise of the QIA, acquired a 22% stake in CITIC Capital Holdings. Qatar is looking for greater exposure in the Chinese alternative space.

Marina One and DUO Officially Open

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Khazanah Nasional Berhad and Temasek Holdings (Private) Limited announced the official opening of two major building projects, Marina One and DUO. Together the properties have a gross development value of 11 billion SGD. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, January 16, 2018

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BP Plans to Take $1.7 Billion Charge to End Legal Claims on Deepwater Horizon

BP Plc is planning to take a US$ 1.7 billion charge to end legal claims regarding the disastrous 2010 Deepwater Horizon spill in the Gulf of Mexico.

Ethereum Co-Founder Leaves Fenbushi Capital

Vitalik Buterin, a co-founder of Ethereum, which is a cryptocurrency, exited China-based Fenbushi Capital. Fenbushi Capital was formed in 2015. Buterin is retaining his role as an advisor of Fenbushi Capital. Buterin dropped out of the University of Waterloo in 2014 when he got a Thiel Fellowship. This permitted him to work on Ethereum full time.

Kingdom Holding Sells Four Seasons Beirut Hotel Stake

Saudi Arabia’s Kingdom Holding sold its position in the Four Seasons Hotel in Beirut for roughly US$ 100 million. Blominvest, a unit of Blom Bank, advised on the transaction. The Four Seasons will continue to manage the property.

Mercer Signs Deal to Buy BFC

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Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

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Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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