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With Greater Egyptian Stability, Aabar Invests in Real Estate Development Company

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Aabar Investments PJS, owned by International Petroleum Investment Company (IPIC), has acquired a 5.1% stake in the second largest real estate developer listed on the Egyptian Stock Exchange. Aabar purchased the stake in Palm Hills Developments Company SAE. Aabar will nominate a representative to the board of Palm Hills Developments. Palm Hills Development has a market capitalization of about 5.6 billion EGP.

Palm Hills Development is planning to expand development on its Hacienda Bay project, a resort project along the North coast of Egypt. The development is being designed by Sanford Gold Design. The project was on hold, starting January 2011, due to the Arab Spring affecting Egypt. The resort project has reduced the turf area from 80 acres to 60 acres.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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