Latest news with #SovereignWealthFund
Argaam
6 days ago
- Business
- Argaam
Norway Wealth Fund CEO: No room for AI holdouts
Nicolai Tangen, CEO of Norway's sovereign wealth fund, said employees who resist using artificial intelligence (AI) have no future at the $1.7 trillion fund, underscoring the growing role of AI in asset management. In an interview cited by Bloomberg, Tangen said he's been pushing hard since 2022 to get the fund's roughly 670 employees to embrace AI tools. He said the use of AI is no longer optional, warning that employees who fail to embrace the technology will never be promoted and may not even be hired in the first place. AI has quickly become a critical tool for asset managers seeking to boost efficiency, cut costs and gain a competitive edge in decision-making. Investment firms around the world are racing to integrate the technology more deeply into their operations.
Business Insider
7 days ago
- Business
- Business Insider
Lobito Corridor initiative launched with $100M to drive regional growth in Africa
A $1 billion impact development platform, the Lobito Corridor Impact Development Platform (LCID) focused on the Lobito Corridor in Africa has officially launched, with a $100 million joint commitment from businessman, Haim Taib and Angola's Sovereign Wealth Fund (FSDEA). The Lobito Corridor Impact Development Platform (LCID) was launched with a $100 million commitment to enhance U.S.-Africa cooperation. The initiative aims to foster sustainable economic growth through investments in diverse sectors such as agriculture, healthcare, and infrastructure. It targets Angola, the Democratic Republic of Congo, and Zambia to promote regional integration and local value creation. The Lobito Corridor Impact Development Platform (LCID) aims to strengthen U.S.-Africa cooperation through investments in agriculture, infrastructure, healthcare, light industry, education, and digital inclusion—promoting economic growth and regional integration across Angola, the DRC, and Zambia. 'This landmark private initiative will fuel sustainable, inclusive development across Angola, through the DRC, and into Zambia,' said Haim Taib, Founder and President of the Menomadin & Mitrelli Group. Speaking to Business Insider Africa, Taib emphasized the platform's distinction from government-led infrastructure projects: 'This platform differs significantly from the broader Lobito Corridor infrastructure projects. In contrast, the Impact Platform emphasizes private-sector participation and social return, aiming to deliver direct benefits to communities across the region.' While Mitrelli is not directly involved in the fund, Taib said the group remains a strong partner: 'Mitrelli Africa has been in existence for years doing business in Africa... they are a strong partner in this fund.' He also praised collaboration with regional governments: 'Zambia is cooperating very well with us. And also we have some initial interest in DRC... I believe we will bring others, the African investor for this platform, I have no doubt.' Dr. Armando Manuel, Chairman of Angola's Sovereign Fund, said the goal is to improve lives through economic diversification: 'The core idea behind the infrastructure initiative is to create business opportunities, particularly targeting youth and women to ultimately improve living standards.' He added: 'This platform is bringing additional value by completing value chains... bringing all the sectors out of the extractive sector... making the economy more diversified.' The Lobito corridor project The Lobito Corridor project is a major transnational infrastructure and investment initiative designed to connect the Atlantic port of Lobito in Angola to the mineral-rich regions of the Democratic Republic of Congo (DRC) and Zambia. Strategically positioned, the corridor serves as a key gateway to global markets, particularly for exports of critical minerals such as copper and cobalt—materials that are essential for clean energy technologies, electric vehicles, and semiconductors. The Lobito Corridor Impact Development Platform represents a major shift in Africa's development approach—moving from reliance on public and donor-driven projects to private-sector–led investment. By engaging institutional and sovereign partners, it promotes sustainable, commercially viable growth. It also prioritizes inclusive development, targeting job creation for youth and women while driving economic diversification—an urgent need as donor funding declines across the continent. As Dr. Armando Manuel, chairman of Angola's Sovereign Wealth Fund, explained, the project also addresses Africa's over-reliance on imports especially in food and industrial goods by supporting domestic production and completing local value chains. 'This platform is just one example. I mean, a number of our countries are heavily dependent on imports—when we talk, for instance, about food security, I would say food sovereignty. We are heavily dependent on imports." "By implementing platforms like this, you create opportunities to improve the continent, the country. And leveraging the strategy deployed by the sovereign wealth fund, we are not only investing, but trying to fill the gaps we have within the value chains,' he added. The LCID Platform The Lobito Corridor Impact Development Platform (LCID) is a newly launched financial initiative aimed at mobilizing private investment across high-impact sectors, including agriculture, industrial production, pharmaceuticals, telecommunications, and mineral development. Its overarching goal is to foster sustainable and inclusive growth by enhancing local livelihoods, boosting food production, creating employment opportunities, and driving long-term prosperity in Angola, the Democratic Republic of Congo, and Zambia. Structured as an independent investment platform, the LCID seeks to accelerate Africa's next phase of industrial and human development. It invites participation from institutional investors, sovereign partners, and private investors—encouraging them to contribute capital, expertise, and credibility to a shared mission. Project selection will be managed by an independent investment committee through a transparent tender process, ensuring strategic alignment, measurable impact, feasibility, and financial viability.
Express Tribune
22-05-2025
- Business
- Express Tribune
Govt misses investment target
Listen to article Pakistan's investment ratio has slightly improved to 13.8% of the economy's size in the outgoing fiscal year but remained below the official target, as private investment stayed almost stagnant despite the government's multi-front efforts to attract non-debt creating foreign inflows. The Sovereign Wealth Fund remained dormant, while the Special Investment Facilitation Council's (SIFC) efforts also proved fruitlessboth vehicles had been set up two years ago to significantly boost investment. According to figures approved by the National Accounts Committee, investment as a percentage of the economy missed the official target again this fiscal year. Against a target of a 14.2% investment-to-GDP ratio, it remained at 13.8%, according to provisional figures. These will be officially released next Sunday at the launch of the Economic Survey of Pakistan. Still, the 13.8% figure marks an improvement from the previous year, when the ratio fell to a five-decade low of 13.1%. The Pakistan Democratic Movement (PDM) government had established the SIFC through an Act of Parliament to raise investment levels and remove growth bottlenecks. Despite year-long efforts, these have not yet produced tangible results. The government also established the Pakistan Sovereign Wealth Fund (PSWF) to attract investment from the Middle East. However, it remains non-functional due to disagreements with the International Monetary Fund (IMF) over its legal framework. SIFC has now shifted its focus toward resolving issues faced by domestic investors and helping the government formulate and implement economic policies. The fixed investment-to-GDP ratio also rose to 12%, up from last year's 11.4%, though still short of the official 12.5% target set in the previous budget. Private sector investment inched up to 9.1% of GDP, below the targeted 9.7%. The public sector investment-to-GDP ratio rose to 2.9%, contributing to the overall improvement. This assumes that the full Rs1.1 trillion development budget will be spent. Failure to meet the investment target limits the government's ability to address deteriorating infrastructure and social sector challenges using its own funds, resulting in increased reliance on loans for development. The savings-to-GDP ratio surpassed the official target of 13.3% and surged to 14.1% due to an anticipated current account surplus in this fiscal year. The IMF last week released its staff report, offering a detailed look into the workings of the SIFC and the Sovereign Wealth Fund. IMF projected foreign direct investment (FDI) for the fiscal year at 0.5% of GDPslightly lower than last year. In absolute terms, FDI is estimated at $2.1 billion this year. The IMF said that addressing the anti-export bias caused by restrictive trade policies and an ineffective tariff structure is central to unlocking Pakistan's competitiveness and attracting private investment. The government has again assured the IMF of its intent to amend the Sovereign Wealth Fund law and ensure transparency within the SIFC. According to Pakistan's commitment, "By end-March 2026 we will, in consultation with Fund staff, enact the necessary legal amendments to the PSWF Act and other legislation to strengthen the PSWF's legal framework, governance arrangements, and transparency and accountability mechanisms." To end ambiguity surrounding the Fund's legal standing, the government has assured the IMF that it will be defined as a state-owned enterprise (SOE) and made subject to the SOE Act. Other legal changes will also be made in the law to ensure the SWF's governance structures correspond with a holding entity's nature and mandate, and narrow its mandate to holding and managing SOEs on behalf of the state and creating value through their operational and financial improvement. The law will be amended to limit the wealth fund's role to attract foreign direct investment by facilitating and mobilising co-investment in strategic commercial ventures that generate financial returns in line with the SWF's investment mandate, while ensuring that the SWF and any sub-funds are neither the sole investors nor the first loss in any project, and that any investment is only motivated by financial risk-return considerations, according to the IMF report. The IMF report added that the revised legislation will ensure that all privatisation and procurement processes follow rules set by the SWF's Board. These rules must align with international best practices, ensuring open, transparent, competitive, and non-discriminatory procedures. Minimum disclosure requirements will be established for every stage of the process, including beneficial ownership. These rules will operate independently of government regulations but will generally align with official guidelines for divestment and procurement. Regarding the SIFC, the government assured the IMF that it would take additional measures to promote investment, maintain competitive neutrality, and ensure a level playing field. "We commit to ensuring that the SIFC does not propose, nor that the government provides, regulatory, spending, or tax-based incentives of any sort, or any guaranteed returns, or take any other action that could distort the investment landscape," the report stated. It added that all SIFC-led investments will follow the standard Public Investment Management framework.
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Qatar's QIA Plans to at Least Double Annual US Investments over Next Decade
Qatar's sovereign wealth fund (QIA) is planning to at least double its annual US investments in the next decade, its CEO said on Tuesday, after the fund has already pledged to invest $500 billion in the US economy over the next 10 years. President Donald Trump visited Doha last and signed agreements with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani that the White House said would generate an economic exchange worth at least $1.2 trillion, and included a $96 billion sale to Qatar Airways, Reuters reported. When asked on how the fund's annual investment into the US would change since previous years, CEO Mohammed Al Sowaidi said: "It increased the pace for sure. So I think some years probably increased by double, some years probably buying more than double what we've been doing for the past five to six years."
Zawya
20-05-2025
- Business
- Zawya
Qatar's wealth fund plans to double US investments; may revise fixed income strategy
The Qatar Investment Authority (QIA) aims to at least double its annual investments in the US over the next decade, compared to the past five years. The sovereign wealth fund may also revise its fixed income strategy, with a greater focus on infrastructure and real estate, according to its CEO. Mohammed Saif Al-Sowaidi, while addressing an economic forum in Doha, said QIA was betting big on AI and has been 'investing extensively in hyperscale data centres in the US over the past 10 years.' Last week, US President Trump signed an agreement with Qatar to generate an economic exchange worth at least $1.2 trillion, with the sovereign wealth fund looking to invest close to $500 billion in the American market. Qatar's greenfield investment in the US totalled $3.3 billion in 2023, focused on hotels and tourism, information technology, advanced manufacturing, financial services, and oil and gas, according to the US state department. Al-Sowaidi also spoke about QIA's future investments, with the head of the $526 billion Qatar sovereign investor saying they were 'thinking hard' about revising the fund's fixed income strategy and how much to allocate to the asset class, along with sectors such as infrastructure and real estate. He further addressed the fund's private credit strategy, calling the asset class 'more crowded' from seven years ago, with QIA now focusing on few managers and scale. (Writing by Bindu Rai, editing by Seban Scaria)
