Riyadh David Degner/Getty Images

实现MENA主权财富基金的愿景

迪拜—十年前,来自中东和北非地区(MENA)的主权财富基金就像是闯进全球金融圈的巨兽。卡塔尔投资局(QIA)等基金贪婪地大量买进资产——包括上市证券、私人公司和房地产,主要是欧洲和北美的资产,诸如此类的消息充斥着新闻标题。但主权财富基金的投资环境已经发生了变化,它们也必须随着变化。

在过去20年中,巨大的石油收入让中东主权财富基金兴旺发达,人们发明了许多名词来给它们分类,比如稳定基金、子孙后代基金、投资基金等等。但大部分主权投资者——也包括规模可观的社会保障和退休基金,包括沙特阿拉伯的社会保险总会(General Organization for Social Insurance)和公共退休金管理局(Public Pensions Agency)——其实界限十分模糊。

几乎所有中东主权财富基金都不是纯粹的财务投资者。因为其中许多激进在成为财务投资者之前就持有国有企业股份,它们的持仓往往十分多样化,通常包括同样的国有企业以及房地产和上市和非上市公司股份。这些持仓还包括日益庞大的发达经济体资产——这一现象令欧洲和美国皱眉。

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