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Top related persons:
Mubadala - 1 Prince Mohammed Bin Salman's - 1 Ahmed Hagagy - 1 Hadeel Al Sayegh - 1 David Holmes - 1
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KUWAIT Kuwait Abu Dhabi
Top related orgs:
KUWAIT CITY - 1 Sunday - 1 Ministry of Finance - 1 Kuwait Investment Authority - 1 Ciyada - 1 Kuwait Investment Office - 1 Reserve Fund - 1 Fund - 1

Search resuls for: "International Petroleum Investment Co"


4 mentions found


☆ Kuwait to set up new sovereign fund to develop mega projects and local economy
  + stars: | 2023-07-16 | by ( Ahmed Hagagy | ) www.reuters.com   time to read: +2 min
KUWAIT CITY, July 16 (Reuters) - Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects, and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday. The government has tasked the Ministry of Finance and the Kuwait Investment Authority (KIA) with studying plans for the proposed fund, dubbed Ciyada, Arabic for sovereign, the document says. Ciyada Development Fund will be used to spearhead domestic investments, intended to fuel economic development and diversify Kuwait's economy, the document says. Ciyada would accelerate Kuwait's economic growth, promote transformation and progress in various fields of development, through strategic planning and implementation of major development projects, the document says. Abu Dhabi for instance in 2002 created Mubadala Development Co to diversify the emirate's economy and accelerate development.
Persons: Mubadala, Prince Mohammed Bin Salman's, Ahmed Hagagy, Hadeel Al Sayegh, David Holmes Organizations: KUWAIT CITY, Reuters, Sunday, Ministry of Finance, Kuwait Investment Authority, Ciyada, Kuwait Investment Office, Reserve Fund, Fund, Government, International Petroleum Investment Co, Mubadala, Saudi Arabia's Public Investment Fund, Thomson Locations: KUWAIT, Kuwait, Abu Dhabi
☆ Real Madrid lose $440 million sponsorship battle with Abu Dhabi fund
  + stars: | 2023-05-13 | by ( ) www.reuters.com   time to read: +1 min
MADRID, May 13 (Reuters) - Spanish soccer's Real Madrid have lost a $440 million court battle with Abu Dhabi sovereign investor Mubadala (MUDEV.UL) over the proposed sponsorship of its stadium in Madrid, sources with knowledge of the case told Reuters. Real Madrid had claimed 400 million euros ($440 million) from Mubadala because it said the Abu Dhabi sovereign investor failed to honour a sponsorship deal under which it would acquire rights to name the Santiago Bernabeu stadium for 20 years. In 2014, Real agreed a strategic partnership with Abu Dhabi fund International Petroleum Investment Co (IPIC), now Mubadala, to help finance a planned stadium overhaul. However, in 2015, a Madrid court halted the original modification of the stadium. The court ruled the sponsorship contract had expired by the time the second expansion was agreed in 2017.
☆ Malaysia to review $3.9 bln settlement deal with Goldman Sachs - PM Anwar
  + stars: | 2023-04-17 | by ( ) www.reuters.com   time to read: +2 min
KUALA LUMPUR, April 17 (Reuters) - The Malaysian government is re-evaluating a $3.9 billion settlement deal reached between the previous administration and U.S. investment bank Goldman Sachs (GS.N) over the 1MDB financial scandal, state news agency Bernama reported on Monday. Prime Minister Anwar Ibrahim said on Monday a government taskforce looking into 1MDB issues was scrutinising the 2020 deal with Goldman, adding that it was a matter of recovering public funds, Bernama reported. "I agree (with a review) because from the start, I felt the settlement agreement was done hastily which led to many questions being raised," Anwar was quoted as saying by Bernama. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department. Since taking office last November, Anwar has sought to review previous governments' decisions on 1MDB in a bid to recoup money embezzled from the fund.
☆ Abu Dhabi's IPIC and Aabar to pay Malaysia $1.8 bln to settle 1MDB dispute
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +2 min
KUALA LUMPUR, Feb 27 (Reuters) - Abu Dhabi's International Petroleum Investment Co (IPIC) and its unit Aabar Investments PJS have agreed to pay $1.8 billion to settle a legal dispute over the scandal at Malaysian state fund 1MDB, Malaysia's finance ministry said on Monday. Malaysia in 2018 had filed a challenge in a London court against a settlement agreement between 1MDB and IPIC that had been negotiated a year earlier during the premiership of former leader Najib Razak. Najib was sentenced to 12 years in jail last year after being found guilty in a 1MDB-related corruption case. In its challenge, Malaysia had argued that the 2017 settlement was procured by fraud. Malaysia's 1MDB is the subject of corruption and money-laundering investigations in at least six countries.
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