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UAE Central Bank Issues Statement on Media Queries Over American Public Debt

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According to the Emirates News Agency, “Due to the controversy at the legislative authorities in the US, around the public debt of the US Government, we have received some questions from local and foreign media entities, said the Central Bank of the UAE in a statement.

It added that the Central Bank of the UAE currently possesses no U.S. treasury bonds or any other financial instruments issued by the U.S. government due to the very low return on holding these instruments.

“We believe that the debate on the U.S. public debt ceiling issue will end with a compromise solution before the deadline date”, the statement added.

It indicated that “We do not believe that it is necessary to imagine that the U.S. government may default on its debts given its enormous potential, and we had seen in the past under President Clinton, the U.S. economy’s ability to reduce its public debt.”

The statement noted that no fear on the U.S. dollar, although it is exposed to price fluctuations as it happens with all the major currencies. Despite the fact that the Central Bank foreign reserves are mostly denominated in U.S. dollars, they are invested mostly in non-US assets. Eventually these investments are not obligations on the U.S. government.

It added that there is no direct link between the dollar-denominated assets and the U.S. Government debt. The peg of the Dirham to the U.S. dollar is steady and consistent.”

Read more: Emirates News Agency

Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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

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