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Qatar’s Buy and Build Approach

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The Qatar Investment Authority (QIA) makes large investments in a select universe of potentially strategic companies and assets through Qatar Holding. The Gulf sovereign wealth fund is opportunistic in nature; furthermore, it does not follow tightly controlled models or allocations. The QIA does not have an official geographic allocation or asset allocation, since the global financial crises has shifted long-term thinking and mindsets. The investments of the QIA include a concentrated portfolio of strategic assets.

Other sovereign wealth funds are trying to adopt a similar strategy. The Western norms of following modern portfolio theory is constantly being tested, some funds have thrown it out the window. Many sovereign wealth funds and even pension funds have become disillusioned with the Occidental philosophy of finance, risk and asset allocation.

In 2010, Qatar Holding purchased Harrods for around £1.5 billion from Mohamed Al Fayed. Many Gulf sovereign investors have been purchasing luxury-branded companies and assets around the world whether it comes to consumer goods or real estate properties. In fact, Qatar through its sovereign wealth fund and other investment vehicles is a major owner of commercial property in central London. Qatar Holding plans to transform Harrods into a global hotel brand, playing off its successful image of luxury and quality. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

FIRRMA Bill is a Big Deal for Foreign Asset Owners

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The United States Treasury is analyzing options on further restricting investments into “sensitive” sectors, such as technology and defense, in the United States from Chinese state-owned capital. The U.S. Commerce Department, under the export control regime, banned U.S. companies from selling parts to ZTE Corporation, a Chinese telecommunications manufacturer, for seven years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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AIMCo Posts 10.4% Return in 2017

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The Alberta Investment Management Corporation (AIMCo) posted its performance for the 12-month period trailing December 31, 2017, which saw its overall assets grow by 8.4% – or C$ 8.0 billion (US$ 6.1 billion) – to C$ 103.7 billion (US$ 82.3 billion). This represents returns net-of-fees on its C$ 88.2 billion (US$ 70.3 billion) worth of balanced fund investments in 2017 of 10.4%, against a 9.1% custom benchmark. Established in 2008, AIMCo represents the financial well-being of 32 pension, endowment, government, and specialty funds in the Canadian province of Alberta. This includes the Albert Heritage Fund.

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Mubadala Real Estate Targets JV Developers, Eyeing Local REIT Launch

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Mubadala Investment Company’s property arm is preparing to launch a local real estate investment trust (REIT) by 2020, and is currently in talks with several developers for international joint ventures on a plot-by-plot basis that are expected to be finalized in 2018, according to Ali Eid Al Mheiri, executive director of Mubadala Real Estate and Infrastructure. Ali Eid Al Mheiri is also Vice Chairman of ALDAR Properties PJSC and Chairman of Abu Dhabi Finance Company PJSC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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