Falah Fund
From Taighde
The Falah Fund was established on July 21, 2008, by the International Petroleum Investment Company, on behalf of the government of the United Arab Emirates, and the government of Kazakhstan.
At its inception, the Fund was targeting investments in energy-related sectors, with an initial value of approximately USD 1 billion, with a USD 500 million investment from each government. The Fund will be be run jointly by the IPIC and the Kazakhstan government, under the management of Sheikh Mansour bin Zayed Al Nahyan.
With this venture, the UAE became Kazakhstan's main trading partner in the Middle East. According to the the BP Statistical Review, Kazakhstan has 39.8 billion barrels of oil in its reserves, making it the world’s ninth-largest holder of oil. Earlier in 2008 Kazakhstan's government-sponsored Kazyna Capital Management announced the creation of a USD 1 billion investment fund with Bahrain-based Ithmaar Bank.
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