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CIC, Vnesheconombank, RDIF and RCIF Signed MOU for Russian Projects and Investments

The press release states, “State Corporation “Bank for Foreign Economic Affairs” (Vnesheconombank), The Russian Direct Investment Fund (RDIF), China Investment Corporation (CIC) and The Russia-China Investment Fund (RCIF) have today signed a Memorandum of Understanding (MOU), which sets forth a number of principles to promote future cooperation on investments into infrastructure projects and projects in the Russian Far East Region.

Parties have set out three main investment themes that will provide the foundation for a range of future investments in the region. Investments will be focused on projects with growing demand for new infrastructure, logistics, as well as high value-added development and processing of natural resources, and leading manufacturing and services companies with strong credentials.

The signing ceremony took place in Moscow today in the presence of the Russian President Vladimir Putin and the President of the People’s Republic of China Xi Jinping.

Vladimir Dmitriev, chairman of Vnesheconombank, said: “Together with our partners in China we have been financing Russian-Chinese development projects in priority sectors of the economy. These are primarily technology, innovation and energy efficiency amongst others. Our partnership is an important step towards greater economic cooperation between Russia and China.”

Kirill Dmitriev, CEO, The Russian Direct Investment Fund (RDIF) commented: “This opportunity will help to further attract long-term investments into the Russian economy, and will concentrate on investment and development of Russia’s Far East, including the implementation of large-scale infrastructure projects.”

Gao Xiqing, Vice Chairman and President, China Investment Corporation (CIC) said: “This memorandum gives further impetus to the ongoing cooperation between CIC and its partners in Russia to jointly seek investment opportunities with attractive returns and win-win solution”.

Hu Bing, Co-CEO, The Russia-China Investment Fund (RCIF) commented: “Today’s memorandum marks another significant step for the Russia-China Investment Fund. The growing demand for infrastructure in the Russian Far East offers excellent opportunities to deliver on the objectives set out in the memorandum to promote economic development and to achieve strong risk-adjusted returns for our investors”.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in spring 2007 in accordance with the Russian Federal Law “On the Bank for Development” on the basis of Vnesheconombank USSR. The Bank’s activity is designed to remove economic growth infrastructure restrictions, modernize and boost non-raw materials economy, high-technology industries as well as to stimulate innovations and the export of high-tech products and implement projects in the special economic zones, projects in environment protection, provide support for small and medium-sized enterprises.”

Read more: Russian Direct Investment Fund Press Release

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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