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Saudi Arabia Deputy Crown Prince to Target Majority of Aramco IPO Proceeds for Domestic Use

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In early May 2017, Saudi Arabia Deputy Crown Prince Mohammad Bin Salman Al Saud, in a state televised address, commented that the Public Investment Fund (PIF) will use proceeds from the initial public offering (IPO) in Saudi Aramco will be spent between 50% to 70% domestically. PIF would support and further strengthen the country’s mining, entertainment and domestic arms manufacturing industries. The IPO is due to take place 2018.

In addition, Saudi Arabia’s oil and gas reserves (the wells) will remain in government hands after Aramco’s IPO, according to the Saudi Arabia Deputy Crown Prince. Saudi Arabia is the largest oil exporter in the world.

Scatec Solar Places Big Solar Bet in Bangladesh

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Oslo-based Scatec Solar ASA, a publicly-traded independent power producer operating in the emerging market solar development space, plans to construct and own a 800 mega watt photovoltaic solar power plant in Chandpur, Bangladesh. Scatec Solar has solar assets scattered across numerous emerging markets such as South Africa, Rwanda, Honduras, Egypt, Jordan and the Czech Republic.

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APFC Sells $1.4 Billion Stake in Simpson Housing

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The Alaska Permanent Fund Corporation (APFC) embarked on a major shift in its real estate portfolio by selling a 50% ownership stake in Denver-based Simpson Housing LLLP for US$ 1.4 billion. Simpson Housing had made up roughly 24.7% of APFC’s US$ 5.6 billion real estate portfolio. The other owner of Simpson Housing is that State of Michigan Retirement Systems.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ISIF Invests in Cybersecurity Firm Vectra

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The Ireland Strategic Investment Fund (ISIF) committed €10 million to Vectra Networks, Inc., a San Jose, U.S.-based cybersecurity company. The investment capital will assist Vectra in creating a research and development center in Dublin.

ISIF is part of a larger funding round of €30 million. These other investors include Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Kevin Dillon, who is the former Head of Microsoft Ireland and a Managing Partner at Atlantic Bridge, will join the board of directors at Vectra.

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