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Venezuela Brings Cash Reserves and Gold Back Home

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Venezuela is fortunate enough to be the largest oil producer in Latin America being courted by several economic powers such as China, Russia, and Brazil.  The country is highly dependent on oil revenues and the price of oil. Nearly 95% of export earnings stem from oil revenues. With the excess petroleum wealth, the country had the ability to take on a myriad of socialist policies, increase military expenditures, and fund infrastructure projects. Venezuelan President Hugo Chavez has transformed the country in a matter of a decade to nearly a centrally planned economy. In fact, numerous foreign companies, especially in the oil sector were forced to be nationalized. Venezuelan President Hugo Chavez also made a statement to nationalize the gold industry in his country.

Recently, the South American nation approved plans to shift money and gold held abroad back to Banco Central de Venezuela. Sources believe $6.3 billion in cash reserves and at least 211 tons of gold are held internationally and are being moved.

What is the reason for the shifting of money and gold?[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

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

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