SWF Radar

The Daily Star (Lebanon) reports that, “A consortium led by state-owned Qatari Diar Real Estate Investment has purchased the Chelsea Barracks in London for $1.91 billion, the consortium announced on Thursday. Britain’s Defense Ministry closed the sale of Chelsea Barracks, former home of the Public Duties and State Ceremonial personnel and a prime development property in Westminster.”

Qatari Diar is fully owned by the Qatar Investment Authority.

Reuters reports that, “State-controlled Abu Dhabi National Energy Company (Taqa), which agreed on $10 billion of buyouts last year, posted record quarterly profit after adding petroleum revenue from Canadian and Dutch operations.”

BI-ME reports that, “Dubai World, one of the world's largest holding companies, today announced the appointment of Adel Al Shirawi as the Vice Chairman of Istithmar World, an alternative investment house for Dubai World. Al Shirawi, the former Chief Executive Officer of Tamweel, the largest provider of real estate finance in the UAE, will assume his duties from 3 February 2008, and as Vice Chairman, he will report directly to the Chairman of Dubai World and Istithmar World, Sultan Ahmed Bin Sulayem.”

Istithmar World is the new name of Istithmar.

Interfax reports that, “Russia’s Stabilization Fund of 3.85 trillion rubles ($157.38 billion) as of January 30, 2008, ceased to exist after it was divided into two parts on Wednesday, January 30.”

The reports states that the new Reserve Fund holds an initial 3.069 trillion rubles ($125.4 billion) and the new National Welfare Fund an initial 783 billion rubles ($32 billion).

The National Welfare Fund will play the role of a sovereign wealth fund.

Reuters reports that, “The Government of Singapore Investment Corp (GIC) has raised its stake in UK insurer Friends Provident to just over 1 percent, according to a disclosure statement made on Thursday.”

The Economic Observer writes that, “China’s sovereign wealth fund [China Investment Corporation (CIC)] has overly concentrated its investments in financial assets, leaving it little room to take further advantage of the credit crunch and facing difficulty in paying off debt. Though it has significant stakes in Morgan Stanley, Blackstone, the Bank of China, the Construction Bank of China, and ICBC, it may have trouble gathering enough revenue from dividends to make interest payments in February on its debt.”

Bloomberg reports that, “Inmobiliaria Colonial SA, the Spanish developer that’s lost more than half of its market value in six months, was approached by a Dubai government company about a possible bid. Colonial shares climbed as much as 7.5 percent, valuing the owner of offices, malls and homes at 2.8 billion euros ($4.2 billion) after the Barcelona-based company said Investment Corp. of Dubai asked for access to its accounts.”

Channel NewsAsia reports that, “Sovereign wealth funds (SWFs) are currently worth about 1.3 percent of total global financial assets. But at US$2.2 trillion, they have surpassed the value held by private equity and hedge funds. Based on current trends, studies suggest that sovereign wealth funds will overtake forex reserves and grow to about US$13 trillion in the next decade.”

Channel NewsAsia reports that, “The Gulf Cooperation Council - a trade bloc of six Arab states - is expected to spend US$1 trillion in planned public and private projects over the next six years. And Singapore companies are keen to work with their Qatari counterparts to explore joint ventures, said Senior Minister Goh Chok Tong on Thursday. ”

The Philippine Daily Inquirer reports that, “Government of Singapore Investment Corp. (GIC), a sovereign fund that manages Singapore's foreign reserves, bought some 9.5 percent of Pepsi-Cola Products Philippines Inc., market sources said.”