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Fund of the Month (Jun'22): Ethiopian Investment Holdings (EIH)

1st June, 2022

On January 31, 2022, the Federal Negarit Gazette of the Federal Democratic Republic of Ethiopia announced the establishment of the Ethiopian Investment Holdings (EIH) to serve as the country’s strategic investment arm. The fund will have an authorized capital of ETB 100 bn (US$ 1.9 bn at today’s exchange rate) and be seeded with over 43 public enterprises across different sectors, including Ethiopian Airlines, CBE and Ethio Telecom, as well as significant landholdings. We had the great pleasure of chatting with EIH’s CEO, Mr. Mamo Mihretu, and its Deputy CEO, Ms. Bilen Mammo, about the fund’s establishment and vision of the organization’s future.

Nigeria’s Sovereign Fund Posts Gains, but Warns of Inflation and Recession Risks

24th May, 2022

The Nigeria Sovereign Investment Authority (NSIA) shrugged off the impact of market volatility to post its ninth successive year of earnings, but has warned 2022 could be the most challenging year yet due to the impact of inflation, Russia’s invasion of Ukraine and supply chain bottlenecks on all asset classes.

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Kingdom Holdings Set to Align with PIF’s Strategic Domestic Interests After US$1.5bn Deal

23rd May, 2022

Saudi Arabia’s US$600 billion Public Investment Fund (PIF) has snapped up a 17% stake in Kingdom Holdings (KHC), a Saudi private investor in industry and real estate majority owned by its billionaire founder Prince Al Waleed bin Talal Al Saud, for US$1.5 billion – suggesting the two entities could align more closely in areas of common interest.

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Ethiopia’s Nascent SWF Seeks Strategic Alliances with Djibouti

6th May, 2022

Ethiopia has deployed its nascent sovereign wealth fund Ethiopia Investment Holdings (EIH) to broker a deal with neighboring Djibouti to ensure the East African country’s energy security.

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Kazakhstan’s Sovereign Fund Fights Corruption Ahead of Divestments

26th April, 2022

Kazakhstan’s Samruk Kazyna sovereign wealth fund is hiring someone to help draft its new strategy and seeking to boost transparency and improve governance, just months after cutting half its staff to 124 personnel and closing offices in Beijing, Moscow and London and ahead of plans to divest portfolio companies.

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OIA breathes again, but keeps privatization plans in place

18th April, 2022

The past few years have not been easy for the finances of Oman Inc. The Sultanate has one of the smallest shares of crude oil reserves in the GCC and the second highest fiscal breakeven point, after Bahrain. For the period 2015-2021, Omanis needed the oil price to be above $87/barrel to make money – which never happened, until January 2022.

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Indonesia’s INA puts international capital to work

15th April, 2022

This week the Indonesia Investment Authority (known as INA) signed two agreements to invest US$ 2.7 billion in three parts of the Trans-Sumatra toll-road as well as in two parts of the Trans-Java toll-road. When finished, the former will cover 2,818 km across the Western island while the latter will be smaller at 1,167 km and will link the country’s (current) capital city, Jakarta. The total cost of both projects is estimated at over US$ 40 billion.

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Russian Sovereign Funds Hammered by Sanctions and Geopolitical Risk

25th March, 2022

The conflict in Ukraine and the effects of sanctions on Russia have dealt a major blow to Russia’s National Wealth Fund (NWF), which saw its total assets under management plunge 11.5% to US$154.8 billion, and is likely to freeze the ability of the Russian Direct Investment Fund (RDIF) to secure inward investment.

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Turkey’s Fund Switches from High Ambitions to Crisis Management and Nationalization

10th March, 2022

With markets in turmoil, the Turkey Wealth Fund (TVF) has seen its total assets under management plunge to US$22 billion according to Global SWF estimates – nearly half the value it started with six years ago – and the fund is stepping in to resolve the massive challenges facing Turkey in an era of multiple global crises.

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On 1MDB, Goldman and how SWFs can go all wrong

18th February, 2022

This week in the federal courts of Brooklyn, former Goldman Sachs banker Roger Ng is facing as many as 30 years in prison for allegedly helping 1MDB to embezzle billions of Malaysian public funds. Tim Leissner, his former boss at the bank, testified yesterday to confirm that “greed and ambition” drove their involvement in the bribery and money laundering scheme. Goldman has already paid US$ 2.8 billion in fines.

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Fund of the Year (Jan'22): Mubadala Investment Company

1st January, 2022

For its significant contribution to the development of Abu Dhabi and the UAE, for its leadership in pursuing global partnerships, for its unparalleled investment and divestment activity displayed throughout the year, and, in general, for its contribution to the advancement of the SWF industry, Global SWF believes that Mubadala Investment Company is a worthy recipient of the 2021 Fund of the Year award. We spoke with Ahmed Saeed Al Calily, its Chief Strategy & Risk Officer, about the fund’s performance and ambitions.

2021 Ends with an African Roar

31st December, 2021

The conclusion of 2021 has a distinctly African feel in the world of sovereign wealth funds. In recent days, new funds have been proposed for Ethiopia and Egypt’s Suez Canal region, marking another milestone in the continent’s push for state-led investment.

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