Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
This document discusses the role of sovereign wealth funds (SWFs). It begins by categorizing SWFs into stabilization funds, savings funds, reserve investment corporations, development funds, and pension reserve funds. It then examines the purposes of SWFs, noting they can be used to manage commodity revenue volatility, save for future generations, or pursue higher investment returns. The size and growth of SWFs is also analyzed. Newly established SWFs are mentioned. The document reviews literature on SWFs and responsible investing, national development objectives, and their potential destabilizing effects. It finds evidence SWF investment impacts can differ based on the SWF's objectives and investment timeframe.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
This document discusses the role of sovereign wealth funds (SWFs). It begins by categorizing SWFs into stabilization funds, savings funds, reserve investment corporations, development funds, and pension reserve funds. It then examines the purposes of SWFs, noting they can be used to manage commodity revenue volatility, save for future generations, or pursue higher investment returns. The size and growth of SWFs is also analyzed. Newly established SWFs are mentioned. The document reviews literature on SWFs and responsible investing, national development objectives, and their potential destabilizing effects. It finds evidence SWF investment impacts can differ based on the SWF's objectives and investment timeframe.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
This document is a presentation on international finance that was given by Dr. Mital Bhayani. The presentation defines international finance as monetary transactions between two or more countries. It outlines the learning objectives, which are to explain the meaning of international finance, appreciate its importance and goals, describe its nature, compare it to domestic finance, and outline its scope. The presentation then covers the meaning, importance, nature, scope of international finance and how a country's economic wellbeing relates to globalization. It discusses key aspects like exchange rates, foreign exchange risk, political risk, and market imperfections.
The document provides an overview of the evolution of international monetary systems from bimetallism to the modern system. It discusses how bimetallism used both gold and silver standards until the late 1800s, but countries eventually moved to single gold or silver standards. It then explains how the Bretton Woods system established the US dollar as the dominant currency pegged to gold in the mid-1900s. Growing US deficits and inflation led to the system's collapse in the 1970s. The current system involves floating exchange rates between most currencies and the IMF helps oversee global currency stability.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
This document discusses various topics related to international finance including:
1. Sources of corporate funding such as internally generated cash, short-term external funds, and long-term external funds.
2. Types of debt instruments such as commercial bank loans and bonds.
3. International financial centers and their role in transferring funds between savers and borrowers.
4. Eurocurrency markets and how they have grown due to restrictive banking policies in the US.
5. Interest rate and currency swaps which allow parties to exchange interest rate and currency payments.
6. Development banks which finance large infrastructure projects.
The document lists and briefly describes several major international agencies that facilitate economic cooperation and development: the International Monetary Fund (IMF), World Bank, World Trade Organization (WTO), International Financial Corporation (IFC), International Development Association (IDA), Bank for International Settlements (BIS), Organization for Economic Co-operation and Development (OECD), and regional development agencies. These agencies promote international monetary cooperation, free trade, private enterprise, economic development, and reconstruction through activities like providing temporary funds, loans, investment, and risk insurance.
The document discusses foreign exchange reserves, including what they are, why countries hold them, who manages them, and debates around optimal levels. It addresses recent trends showing growing reserves held mostly as foreign currencies, with diminishing gold reserves. Motivations for holding reserves include transactions needs, intervention for stability, and diversification. There is no agreed framework for determining optimal levels, but factors like monetary policy, exchange rates, external exposure, and financial market development are relevant.
The Effects of the Global Financial Crisis on the Nigerian Stock Exchangeiosrjce
Financial Crises is a global phenomenon, a situation in which the values of financial institutions or
assets drop rapidly. It applied broadly to a variety of situations in which some financial institutions or assets
suddenly lose a large part of their values. This topic ‘The Effects of Global Financial Crises on the Nigerian
Stock Exchange tend to bring limelight the historical background, theories, causes and effects of financial crises
mostly in the country’s stock exchange. It aims of equipping the Readers, Economics and other Stakeholders in
the economics and financial sector with the right knowledge to face the challenges brought about by this ugly
phenomenon with the view of controlling and reducing its effects to the barest minimum.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
1) The Singapore Exchange (SGX) operates the stock market in Singapore, listing and trading stocks of over 700 companies with a total market capitalization of $650 billion.
2) SGX was formed in 1999 through the merger of Singapore's existing stock, futures, and options exchanges. It has since expanded through acquisitions and opening representative offices in other financial centers.
3) In addition to its core functions of facilitating stock trading, SGX also oversees derivatives and commodities markets, and has strategic investments in other Asian stock exchanges to boost regional connectivity.
Introduction to international finance and International economyAparrajithaAriyadasa
International economics is a field of study that assesses the implications of international trade, international investment, and international borrowing and lending.
There are two broad sub-fields within the discipline: international trade and international finance
This document provides an introduction to international financial management. It explains that international financial management is crucial for multinational corporations to understand how international events may affect their business and how to take advantage of opportunities in foreign markets. It also discusses how changes in foreign exchange rates, interest rates, stock markets, and other financial factors in one country can impact others in today's globalized and interdependent financial world. Finally, it outlines three key aspects of international financial management that managers of multinational corporations must understand: the international financial system, foreign exchange markets, and factors of the host country's business environment.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
International financial management ppt @ bec doms bagalkot mba financeBabasab Patil
This document discusses international financial management. It covers topics such as the motivations for international investment, making international capital budgeting decisions, exchange rate risk exposure, and methods for hedging exchange rate risk like currency options and forward contracts. It also addresses issues like foreign taxation, political risk, and financing methods for multinational companies including loans, bonds, and Eurodollar markets.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
CORPORATE SOURCES AND USES OF FUNDS IN INTERNATIONAL FINANCE
Internally generated cash
Funds that are generated via retained earnings and working capital of the company.
Short term external funds
These are the type of short term financial option used by corporates or individual to raise the finance for their business operations within a shorter period of time. Such as bank overdrafts, cash in hand and interest income generated on savings accounts etc.
Long Term External Funds
These are the Long Term Finance Options utilized by Corporates or individuals to to raise the finance for their business operations in longer period of time .Such as Borrowing debts, raising IPO(Initial Public offers), Stocks and capital markets.
This document discusses political and currency risks faced by private equity firms investing in Africa. It highlights key findings from a survey of general partners (GPs) on how they view and manage these risks. The survey found that GPs consider currency volatility and commodity price fluctuations to be the most important macroeconomic risks over the past three years. However, over the next three years, GPs view geopolitical risks and regulatory changes as greater concerns. The document also provides case studies of strategies used by GPs to mitigate these risks, such as diversifying investments, investing in resilient sectors, and expanding locally to reduce currency exposure.
The document provides an overview of the legal framework for growing international finance in India. It discusses several key acts and policies:
- The Foreign Exchange Regulation Act (FERA) of 1973 which imposed strict exchange controls was replaced by the Foreign Exchange Management Act (FEMA) of 1999 to liberalize controls.
- FEMA recognizes the distinction between current and capital account transactions and seeks to facilitate external trade and payments.
- The Prevention of Money Laundering Act (PMLA) of 2002 defines money laundering and outlines penalties. It established the Financial Intelligence Unit - India to analyze suspicious financial transactions.
- Other policies discussed include the Foreign Investment Promotion Board (FIPB), American/Global Depositary
The document discusses privatizing Mongolia's state-owned assets like ETT by listing them on the Mongolian Stock Exchange (MSE) rather than pursuing expensive international IPOs. Listing ETT on the MSE would cost $250k USD maximum versus $10-15m USD for an international IPO. It would quadruple the MSE market capitalization overnight, attracting foreign interest. Privatizing assets through the domestic exchange follows Mongolia's policy of supporting local businesses and is a smart, low-risk first step before potentially pursuing larger international listings once companies gain experience as public entities.
This document discusses international flows of funds and balance of payments. It explains that the balance of payments records all transactions between domestic and foreign entities over a period of time. It is made up of a current account, capital account, and financial account. The current account covers trade in goods and services as well as income flows. A country's balance of payments can be influenced by economic factors like exchange rates, inflation, national income, and government policies. It also discusses how trade imbalances can be corrected and describes several international organizations that facilitate global capital flows and trade.
Bankmed DIFC 2016 Conference Presentation by Bruno Gremez and Samir Kasmi of ...Bruno Gremez
Joined presentation by Bruno Gremez of CT&F and Bankmed at DIFC about impacts of oil developments on the region and the opportunities it offers Dubai as a trading hub.
The document discusses recent developments and investments in the renewable energy sector globally and in Saudi Arabia. It provides three main reasons for increased interest and investment in renewables: 1) Improved economic feasibility as costs have dropped significantly; 2) Improved efficiency as production capacity and costs have increased; 3) Supportive global and local regulations to encourage renewables over carbon-based sources. While storage remains a challenge, technological advances indicate renewables will play a larger role in future energy production. The document argues renewables now represent an investment opportunity for investors and fund managers.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
This document is a presentation on international finance that was given by Dr. Mital Bhayani. The presentation defines international finance as monetary transactions between two or more countries. It outlines the learning objectives, which are to explain the meaning of international finance, appreciate its importance and goals, describe its nature, compare it to domestic finance, and outline its scope. The presentation then covers the meaning, importance, nature, scope of international finance and how a country's economic wellbeing relates to globalization. It discusses key aspects like exchange rates, foreign exchange risk, political risk, and market imperfections.
The document provides an overview of the evolution of international monetary systems from bimetallism to the modern system. It discusses how bimetallism used both gold and silver standards until the late 1800s, but countries eventually moved to single gold or silver standards. It then explains how the Bretton Woods system established the US dollar as the dominant currency pegged to gold in the mid-1900s. Growing US deficits and inflation led to the system's collapse in the 1970s. The current system involves floating exchange rates between most currencies and the IMF helps oversee global currency stability.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
This document discusses various topics related to international finance including:
1. Sources of corporate funding such as internally generated cash, short-term external funds, and long-term external funds.
2. Types of debt instruments such as commercial bank loans and bonds.
3. International financial centers and their role in transferring funds between savers and borrowers.
4. Eurocurrency markets and how they have grown due to restrictive banking policies in the US.
5. Interest rate and currency swaps which allow parties to exchange interest rate and currency payments.
6. Development banks which finance large infrastructure projects.
The document lists and briefly describes several major international agencies that facilitate economic cooperation and development: the International Monetary Fund (IMF), World Bank, World Trade Organization (WTO), International Financial Corporation (IFC), International Development Association (IDA), Bank for International Settlements (BIS), Organization for Economic Co-operation and Development (OECD), and regional development agencies. These agencies promote international monetary cooperation, free trade, private enterprise, economic development, and reconstruction through activities like providing temporary funds, loans, investment, and risk insurance.
The document discusses foreign exchange reserves, including what they are, why countries hold them, who manages them, and debates around optimal levels. It addresses recent trends showing growing reserves held mostly as foreign currencies, with diminishing gold reserves. Motivations for holding reserves include transactions needs, intervention for stability, and diversification. There is no agreed framework for determining optimal levels, but factors like monetary policy, exchange rates, external exposure, and financial market development are relevant.
The Effects of the Global Financial Crisis on the Nigerian Stock Exchangeiosrjce
Financial Crises is a global phenomenon, a situation in which the values of financial institutions or
assets drop rapidly. It applied broadly to a variety of situations in which some financial institutions or assets
suddenly lose a large part of their values. This topic ‘The Effects of Global Financial Crises on the Nigerian
Stock Exchange tend to bring limelight the historical background, theories, causes and effects of financial crises
mostly in the country’s stock exchange. It aims of equipping the Readers, Economics and other Stakeholders in
the economics and financial sector with the right knowledge to face the challenges brought about by this ugly
phenomenon with the view of controlling and reducing its effects to the barest minimum.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
1) The Singapore Exchange (SGX) operates the stock market in Singapore, listing and trading stocks of over 700 companies with a total market capitalization of $650 billion.
2) SGX was formed in 1999 through the merger of Singapore's existing stock, futures, and options exchanges. It has since expanded through acquisitions and opening representative offices in other financial centers.
3) In addition to its core functions of facilitating stock trading, SGX also oversees derivatives and commodities markets, and has strategic investments in other Asian stock exchanges to boost regional connectivity.
Introduction to international finance and International economyAparrajithaAriyadasa
International economics is a field of study that assesses the implications of international trade, international investment, and international borrowing and lending.
There are two broad sub-fields within the discipline: international trade and international finance
This document provides an introduction to international financial management. It explains that international financial management is crucial for multinational corporations to understand how international events may affect their business and how to take advantage of opportunities in foreign markets. It also discusses how changes in foreign exchange rates, interest rates, stock markets, and other financial factors in one country can impact others in today's globalized and interdependent financial world. Finally, it outlines three key aspects of international financial management that managers of multinational corporations must understand: the international financial system, foreign exchange markets, and factors of the host country's business environment.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
International financial management ppt @ bec doms bagalkot mba financeBabasab Patil
This document discusses international financial management. It covers topics such as the motivations for international investment, making international capital budgeting decisions, exchange rate risk exposure, and methods for hedging exchange rate risk like currency options and forward contracts. It also addresses issues like foreign taxation, political risk, and financing methods for multinational companies including loans, bonds, and Eurodollar markets.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
CORPORATE SOURCES AND USES OF FUNDS IN INTERNATIONAL FINANCE
Internally generated cash
Funds that are generated via retained earnings and working capital of the company.
Short term external funds
These are the type of short term financial option used by corporates or individual to raise the finance for their business operations within a shorter period of time. Such as bank overdrafts, cash in hand and interest income generated on savings accounts etc.
Long Term External Funds
These are the Long Term Finance Options utilized by Corporates or individuals to to raise the finance for their business operations in longer period of time .Such as Borrowing debts, raising IPO(Initial Public offers), Stocks and capital markets.
This document discusses political and currency risks faced by private equity firms investing in Africa. It highlights key findings from a survey of general partners (GPs) on how they view and manage these risks. The survey found that GPs consider currency volatility and commodity price fluctuations to be the most important macroeconomic risks over the past three years. However, over the next three years, GPs view geopolitical risks and regulatory changes as greater concerns. The document also provides case studies of strategies used by GPs to mitigate these risks, such as diversifying investments, investing in resilient sectors, and expanding locally to reduce currency exposure.
The document provides an overview of the legal framework for growing international finance in India. It discusses several key acts and policies:
- The Foreign Exchange Regulation Act (FERA) of 1973 which imposed strict exchange controls was replaced by the Foreign Exchange Management Act (FEMA) of 1999 to liberalize controls.
- FEMA recognizes the distinction between current and capital account transactions and seeks to facilitate external trade and payments.
- The Prevention of Money Laundering Act (PMLA) of 2002 defines money laundering and outlines penalties. It established the Financial Intelligence Unit - India to analyze suspicious financial transactions.
- Other policies discussed include the Foreign Investment Promotion Board (FIPB), American/Global Depositary
The document discusses privatizing Mongolia's state-owned assets like ETT by listing them on the Mongolian Stock Exchange (MSE) rather than pursuing expensive international IPOs. Listing ETT on the MSE would cost $250k USD maximum versus $10-15m USD for an international IPO. It would quadruple the MSE market capitalization overnight, attracting foreign interest. Privatizing assets through the domestic exchange follows Mongolia's policy of supporting local businesses and is a smart, low-risk first step before potentially pursuing larger international listings once companies gain experience as public entities.
This document discusses international flows of funds and balance of payments. It explains that the balance of payments records all transactions between domestic and foreign entities over a period of time. It is made up of a current account, capital account, and financial account. The current account covers trade in goods and services as well as income flows. A country's balance of payments can be influenced by economic factors like exchange rates, inflation, national income, and government policies. It also discusses how trade imbalances can be corrected and describes several international organizations that facilitate global capital flows and trade.
Bankmed DIFC 2016 Conference Presentation by Bruno Gremez and Samir Kasmi of ...Bruno Gremez
Joined presentation by Bruno Gremez of CT&F and Bankmed at DIFC about impacts of oil developments on the region and the opportunities it offers Dubai as a trading hub.
The document discusses recent developments and investments in the renewable energy sector globally and in Saudi Arabia. It provides three main reasons for increased interest and investment in renewables: 1) Improved economic feasibility as costs have dropped significantly; 2) Improved efficiency as production capacity and costs have increased; 3) Supportive global and local regulations to encourage renewables over carbon-based sources. While storage remains a challenge, technological advances indicate renewables will play a larger role in future energy production. The document argues renewables now represent an investment opportunity for investors and fund managers.
The Gulf Cooperation Council (GCC) consists of six Arab states in the Arabian Gulf that have experienced rapid economic growth. Their economies have become less dependent on government and natural resources as they have developed private sectors and attracted foreign investment and expatriate workers. However, investments between Arab countries remain low due to political risks and bureaucracy. The GCC countries offer economic stability due to their oil and gas reserves, which account for 45% and 15% of global reserves respectively. They have a combined GDP of over $550 billion and inflation rates under 5%. Their populations of over 38 million people have high incomes that support domestic demand. The GCC has focused industrialization on oil, gas, petrochemicals and energy-intensive industries due to
Most GCC countries have addressed the need to diversify their economies and reduce dependence on hydrocarbon revenues. In contrast to previous years where Qatar and Dubai led diversification efforts, focus in coming years will be on Saudi Arabia and Abu Dhabi, with other GCC members following suit. Saudi Arabia and the UAE are restructuring their financial frameworks to invest in non-oil sectors and future-proof their economies. Questions have also emerged about potential exposure of senior Emirati figures to the 1MDB corruption scandal in Malaysia, as Abu Dhabi's IPIC had provided guarantees to the Malaysian fund.
1. The document discusses sovereign wealth funds (SWF), their evolution, composition, and impact on workers in the European Union.
2. It provides background on major SWFs such as those from China, United Arab Emirates, Norway, and Singapore. Commodity-based funds tend to come from oil-exporting nations while non-commodity funds come mostly from Asian export surpluses.
3. Recent SWF activity has included investments in the financial sector during the 2008 crisis, as well as real estate and retail sectors according to the example of Singapore SWF activity from 2005 to 2008.
MENA PEA_10th Annual Private Equity and Venture Capital Report for 2015Lina El Zein
Private equity and venture capital activity in the MENA region continued to grow in 2015 according to the report. The number of disclosed transactions increased significantly from 72 in 2014 to 175 in 2015, reflecting growth in both private equity and venture capital investments. While total investment values decreased slightly by 4% compared to 2014 levels, the average size of private equity deals decreased. Fundraising levels also declined compared to previous years, though some managers adopted a "deal by deal" approach rather than relying on formal funds. Overall, private equity managers surveyed indicated continued challenges with fundraising in 2016 but demonstrated an ability to find investment opportunities and increase divestment values and levels.
1) Abu Dhabi's oil and gas wealth fueled Dubai's diversification strategy and major infrastructure projects, leading to the success of the Dubai International Financial Center (DIFC).
2) However, the DIFC showed lack of transparency, high credit risk, and overexposure to the real estate sector, leaving Dubai significantly in debt following the global financial crisis.
3) The debt crisis threatens Dubai's clusters and could negatively impact employment, economic growth, and investor confidence across the UAE if not properly addressed.
This SlideShare provides a brief overview of what are Sovereign Wealth Funds, classifications, and top SWFs globally. In recent years SWFs have shown interest in VC-backed deals, with a growing trend in technology and life sciences. SWFs can be a force for positive change: the amount of money in an SWF is usually substantial, allowing them to contribute towards a country’s long-term growth by means of long-term investments in life sciences innovations.
Sovereign wealth funds are among the most important players in global financial market, because of their increasing size and number. Both the global financial crisis and oil price crisis have confirmed this prominent status due to the resilience of
sovereign wealth funds against these crises. Nevertheless, sovereign wealth funds recently caught the attention of many experts because of the shifting of their features from riskless assets and debts instrument to more risk-return profile assets.
Dr. Fawzi Behzad is a Bahraini national born in 1955 who has extensive experience in capital markets and stock exchanges spanning over 40 years. He received degrees in economics, business administration, and finance. He has held high-level advisory and leadership positions for governments and financial authorities across the Gulf region and helped establish several stock exchanges. Currently he runs his own consulting firm and training center focused on capital markets.
Dr. Fawzi Behzad is a Bahraini national born in 1955 who has extensive experience in capital markets and stock exchanges spanning over 40 years. He received degrees in economics, business administration, and finance. He has held high-level advisory and leadership positions for governments and financial authorities across the Gulf region and helped establish several stock exchanges. Currently he is a consultant focused on issues like restructuring financial systems and establishing new regulatory bodies and exchanges in the Gulf and Middle East.
ISLAMIC BANKING AND FINANCE: WHAT’S IN IT FOR CANADIAN COMPANIES?
Mohammad Fadel
Canada Research Chair in the Law and Economics of Islamic Law University of Toronto Faculty of Law October 16, 2006
The document discusses the history and growth of Islamic banking, particularly in the Middle East. It outlines opportunities for Canadian companies and financial institutions to become involved in Islamic finance. The key points are:
- Islamic banking has grown significantly since the 1970s, especially in Malaysia, the Gulf, and the UK. It provides financing compliant with Sharia law like murabaha and sukuk bonds.
- The sector grew after 9/11 due to reverse capital flight to the Middle East and increased oil prices. Major banks now have Islamic windows to serve Muslim clients.
- Islamic finance is a large and growing sector, estimated between $250-750 billion. It provides capital for sovereign and corporate debt, project finance, and
Local bond markets as a cornerstone of developmenttapask7889
The document discusses the importance of developing domestic bond markets for economic development. It notes that bond markets contribute to efficient financial intermediation and economic growth. However, bond markets in the Middle East are underdeveloped compared to other regions. The document recommends that governments issue bonds across maturity spectrums to develop yield curves and provide liquidity. It also recommends establishing primary dealers and allowing bonds to trade on exchanges and over-the-counter. The DIFC provides an infrastructure that can help develop the regional bond market through its legal system, trading platforms, and NASDAQ Dubai exchange.
This document summarizes an Islamic finance presentation on emerging opportunities for Islamic ship financing. It outlines the concepts of Islamic finance, including a prohibition on interest (riba) and a focus on profit and loss sharing. It discusses the progress of Islamic banking, current market size, and recent deals in Islamic ship financing. Structures for Islamic ship financing include existing vessel financing using an ijara (lease) structure and newbuild vessel financing using an istisna'a (procurement contract) structure. Case studies of recent Islamic ship financing deals are also presented.
The document discusses corporate Sukuk issuance and prospects in Pakistan, particularly for utility and state-owned enterprises. It provides definitions of Sukuk, describes their structure and how they are linked to real assets. Global Sukuk issuance trends are presented, showing growth from 2001-2006. Key considerations for a successful Sukuk market include proper Shariah, legal and regulatory frameworks and developing the interbank market. International experience from Malaysia, UAE, and Bahrain demonstrates the importance of consistent sovereign issuance, innovations in Sukuk products, and developing investor bases. While prospects for Sukuk issuance are large in Pakistan, current issues include the lack of a sovereign Sukuk market and developed inter
A glimpse from the multi year expert meeting on Improving all forms of cooper...Ira Kristina Lumban Tobing
This document summarizes the proceedings of the fourth session of the Multi-year Expert Meeting on Promoting Economic Integration and Cooperation. Key points discussed included:
1) Challenges facing developing countries in the current macroeconomic environment, including vulnerability to financial instability and external economic shocks. Public investment was proposed as a way to boost resilience.
2) Issues of rising public debt levels in many developing nations since the 2008 crisis. Debt poses a risk but capital controls have helped in some countries.
3) Evidence of "premature deindustrialization" occurring at lower income levels in developing regions today compared to histories. Industrial policy is important to prevent or mitigate this.
The document discusses concerns about valuations and liquidity in GCC stock markets. It argues that current valuations cannot be justified by economic fundamentals and rely too heavily on liquidity from local investors. When domestic investors decide to sell, it is unclear who will replace them as buyers. The document also discusses how increased competition from globalization and WTO membership could reduce profitability in Saudi industries like banking and petrochemicals that currently benefit from protection. Finally, it notes that Dubai's economy is heavily exposed to lower asset prices through its real estate and stock markets.
Similar to Political economy of sovereign wealth funds on the oil exporting countries of the Arab region and especially the Gulf (20)
This document discusses key data gaps in labor supply and demand in North Africa. For labor supply, it notes that while youth unemployment rates exist, they are not sufficiently highlighted. For labor demand, the biggest gap is data on job creation and losses within business sectors, including gains and losses from new, expanding, contracting, and closing establishments. It also outlines statistical development efforts in Egypt to improve labor force and establishment surveys to better measure employment, unemployment, wages, and the reconciliation of survey data.
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Political economy of sovereign wealth funds on the oil exporting countries of the Arab region and especially the Gulf
1. Political Economy of Sovereign Wealth Funds
in the Oil Exporting Countries of the Arab
Region and especially the Gulf
Sara Bazoobandi and Jeffrey B. Nugent
ERF Workshop on Sovereign Wealth Funds
World Bank, Washington D.C.
September 9-10, 2016
14. Achievements of Several Other Arab SWFs
• Mumtalakat (Bahrain), Mabadala (Abu Dhabi)
– High Scores on Transparency, SWF Scoreboard
• Saudi Arabia’s SAMA For. Holding: not transparent but
reportedly very conservative policies and risk management .
– Royal family not the managers $686 Billion Assets by 2015, not
far below Norway’s $878 billion
Will SA’s PIF become the pillar of its Vision 2030 with $1.3Trillion
linking investments to attract FDI, tech, industries? A Fantasy of
McKenzie?
• Qatar QIA established only in 2005;
– more aggressive and strategic in investments (World Cup)
diversification though perhaps only of “trophy” type. Assets well
over $250 billion by 2015 (though very non transparent)
27. Elements on the SWF Scoreboard (Truman)
• A. Structure and Objectives
• 1. Is the SWF’s objective clearly stated?
• 2. Is there a clear legal framework for the SWF?
• 3. Is the procedure for changing the structure of the SWF clear?
• 4. Is the overall investment strategy clearly stated?
• 5. Is the source of the SWF funding clearly specified?
• 6. Is the nature of the subsequent use of the principal and earnings of the fund
clearly specified?
• 7. Are the SWF’s operations appropriately integrated with fiscal and monetary
policies?
• 8. Is the SWF separate from the country’s international reserves?
• B. Governance
• 9. Is the role of government in setting the investment strategy of the SWF clearly
established?
• 10. Is the role of the governing body of the SWF clearly established?
• 11. Is the role of the managers in executing the investment strategy clearly
established?
• 12. Are decisions on specific investments made by the managers?
• 13. Does the SWF have internal ethical standards for its management and staff?
• 14. Does the SWF have in place and make publicly available guidelines for corporate
responsibility that it follows?
• 15. Does the SWF have ethical investment guidelines that it follows?