Riyadh David Degner/Getty Images

Honorer la promesse des fonds souverains de la région MOAN

DUBAÏ – Il y a une dizaine d’années, les fonds souverains (FSv) de la région Moyen-Orient et Afrique du Nord (MOAN) débarquaient tels des mastodontes sur la scène financière internationale. Plusieurs d’entre eux, tels que le fonds Qatar Investment Authority (QIA), allaient ainsi faire les gros titres en engloutissant un certain nombre d’actifs – titres cotés, sociétés privées, bien immobiliers – principalement situés en Europe et en Amérique du Nord. Seulement voilà, le monde au sein duquel investissent les FSv a désormais changé, et il appartient à ces fonds d’évoluer avec lui.

Ces 20 dernières années, les solides revenus tirés des hydrocarbures ont permis aux FSv du Moyen-Orient de se multiplier et de croître, plusieurs dénominations ayant été créées aux fins d’une catégorisation incluant les fonds de stabilisation, les fonds pour les générations futures, ou encore les fonds d’investissement. En réalité, la plupart des fonds souverains – qui englobent également plusieurs importants fonds de sécurité sociale et de retraite, tels les fonds saoudiens que sont l’Organisation générale pour l’assurance sociale et l’Agence chargée des pensions du secteur public – échappent à toute catégorisation clairement définie.

Au Moyen-Orient, rares sont les FSv qui opèrent strictement en tant qu’investisseurs financiers. Dans la mesure où un grande nombre de ces fonds détenaient une participation dans des entreprises publiques avant de devenir des investisseurs financiers, leurs participations ont tendance à être diversifiées, incluant bien souvent ces mêmes entreprises publiques, et portent sur de l’immobilier et des actions de sociétés cotées ou non cotées. Ces participations incluent également un volume croissant d’actifs au sein des économies développées – une réalité qui fait sourciller en Europe et aux États-Unis.

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