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Saudi Arabia Forecasts Budget Surplus of 12 Billion Riyals

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Saudi Arabia is an oil-based economy with strong state controls. The Kingdom of Saudi Arabia is the biggest exporter of petroleum in the world. When planning for their budget, they traditionally use a conservative price for oil of around $60 per barrel. If oil prices surge higher, then revenue and surplus levels next year will surpass the estimate. Saudi Arabia is forecasting a budget surplus of 12 billion riyals (US$ 3.2 billion) next year.

The Kingdom of Saudi Arabia is boosting domestic spending to create jobs, fund housing, and modernize defenses.

In 2011, the Kingdom of Saudi Arabia increased government spending sharply to fund social welfare developments. According to the Saudi Arabian Finance Ministry, King Abdullah ordered the transfer of 250 billion riyals from the 2011 budget surplus to the account of the Saudi Arabian Monetary Fund to finance the construction of 500,000 housing units that were approved in March.

On another note, the Saudi Arabian Monetary Agency (SAMA) is in discussion with several financial institutions about issuing riyal-denominated sukuks. Saudi Arabia wants to drain some liquidity from the domestic market.

Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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