Brunei Investment Agency: Difference between revisions

Brunei Investment Agency
Trade name	BIA
Company type	Sovereign Wealth Fund
Industry	Investment
Founded	July 1, 1983; 41 years ago
Founder	Sultan of Brunei
Headquarters	Ministry of Finance Building, Bandar Seri Begawan, Brunei
Area served	Worldwide
Key people	Khairuddin Abdul Hamid - Chief Investment Officer; Dato Abdul Rahman Karim - Managing Director;
Products	investment
AUM	US$73 billion (2023)
Total equity	US$30 billion (2009)
Owner	Government of Brunei
Parent	Ministry of Finance and Economy (Brunei)
Subsidiaries	Dorchester Collection; Fajr Capital;
Website	BIA Homepage

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The Brunei Investment Agency (BIA) is a government-owned corporation^[1] that reports to the Ministry of Finance of the Government of Brunei. Established in 1983, its offices are located in Bandar Seri Begawan at the Ministry of Finance HQ.^[2] Data on the agency's assets are not reported to the public^[3] and the Sultan and his assets, to a certain degree, are also incorporated in the agency; however the extent is unknown. In October 2023, the fund has a total of US$73 billion in assets under management.^[4]

Legal status

Prior to Brunei's independence, the country's investment portfolio was administered by the British Crown.^[5] The BIA was established under an Act of the Government of Brunei and became functional from 1 July 1983.

The objective defined under the Act is to hold and manage the General Reserve Fund of the Government and all its external assets. The agency manages 40% of Brunei's foreign reserves, remainder being managed by eight foreign organizations.^[6]

The Sultan of Brunei and Yang Di-Pertuan has the authority to specify any other issues that need to be addressed by BIA.^{[citation needed]}

Functions

The agency's principal tasks are to control and manage Brunei's general reserve funds and the growth of external holdings. It manages the country's income from oil exports in the form of foreign reserves.

BIA functions as one of the investment arms of the Brunei government and has a strong financial base with funds generated from the country's gas and oil resources, and other revenues.

Investments

Some major foreign assets of BIA include the Dorchester Collection, which is a portfolio of luxury hotels established in 1996; a 10% holding in the Paterson Securities of Australia, and Bahagia Investment Corporation (Malaysia), dealing with real estate.^[7]

BIA's investment portfolio, apart from investments within Brunei, covers diverse investments in bonds, equity, currency, gold and real estate. It has substantial investments in the US.

Brunei investors bought The Dorchester on Park Lane in London in 1985 for US$50 million and in 1996 BIA formed the Dorchester Collection, a conglomerate of luxury hotels in UK, United States, France and Italy.^[8] BIA also owns The Beverly Hills Hotel in Los Angeles which was bought for US$185 million in 1987 as well as the Grand Hyatt Singapore Hotel.^[9] BIA also has a 10% holding in the Paterson Securities of Australia, and Bahagia Investment Corporation of Malaysia, dealing with real estate.^[7]

In June 2018 BIA acquired a stake in Molten Ventures for £20 million.^[10]

References

^ Ariff, Mohamed (1998). APEC and Development Co-operation. Institute of Southeast Asian Studies. pp. 39–. ISBN 978-981-230-020-1.
^ "Brunei Investment Agency". Sovereign Wealth Funds News. Archived from the original on 15 October 2013. Retrieved 15 October 2013.
^ Singh, Daljit; Freeman, Nick J. (2000). Regional Outlook: Southeast Asia 2000–2001. Institute of Southeast Asian. pp. 50–. ISBN 978-981-230-087-4.
^ "Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI". www.swfinstitute.org. Retrieved 27 June 2023.
^ Sidhu, Jatswan S. (22 December 2009). Historical Dictionary of Brunei Darussalam. Scarecrow Press. pp. 87–. ISBN 978-0-8108-7078-9.
^ Gunn, Geoffrey C. (2000). New World Hegemony in the Malay World. The Red Sea Press. pp. 170–. ISBN 978-1-56902-135-4.
^ ^a ^b "Brunei Investment Agency". Sovereign Wealth Fund Institute. Retrieved 15 October 2013.
^ Alex Brummer (26 April 2012). Britain for Sale: British Companies in Foreign Hands – The Hidden Threat to Our Economy. Random House. pp. 123–. ISBN 978-1-4481-3681-0.
^ Current Biography Yearbook. H. W. Wilson Co. 1990. p. 57. ISBN 9780824201289.
^ "The Sultan of Brunei has made the country's first investment in a UK listed company, ploughing £20m into Graze backer Draper Esprit". City A.M. 5 June 2018. Archived from the original on 12 June 2018. Retrieved 8 June 2018.

External links

Official website

[Ariff1998-1] Ariff, Mohamed (1998). APEC and Development Co-operation. Institute of Southeast Asian Studies. pp. 39–. ISBN 978-981-230-020-1.

[2] "Brunei Investment Agency". Sovereign Wealth Funds News. Archived from the original on 15 October 2013. Retrieved 15 October 2013.

[SinghFreeman2000-3] Singh, Daljit; Freeman, Nick J. (2000). Regional Outlook: Southeast Asia 2000–2001. Institute of Southeast Asian. pp. 50–. ISBN 978-981-230-087-4.

[4] "Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI". www.swfinstitute.org. Retrieved 27 June 2023.

[Sidhu2009-5] Sidhu, Jatswan S. (22 December 2009). Historical Dictionary of Brunei Darussalam. Scarecrow Press. pp. 87–. ISBN 978-0-8108-7078-9.

[Gunn2000-6] Gunn, Geoffrey C. (2000). New World Hegemony in the Malay World. The Red Sea Press. pp. 170–. ISBN 978-1-56902-135-4.

[Invest-7] "Brunei Investment Agency". Sovereign Wealth Fund Institute. Retrieved 15 October 2013.

[Brummer2012-8] Alex Brummer (26 April 2012). Britain for Sale: British Companies in Foreign Hands – The Hidden Threat to Our Economy. Random House. pp. 123–. ISBN 978-1-4481-3681-0.

[9] Current Biography Yearbook. H. W. Wilson Co. 1990. p. 57. ISBN 9780824201289.

[10] "The Sultan of Brunei has made the country's first investment in a UK listed company, ploughing £20m into Graze backer Draper Esprit". City A.M. 5 June 2018. Archived from the original on 12 June 2018. Retrieved 8 June 2018.

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@@ Line 17: / Line 17: @@
 | traded_as =
 | ISIN =
-| industry = Investment
+| industry = [[Investment]]
 | genre =
 | fate =
 | predecessor =
 | successor =
-| founded = July 1st, 1983
+| founded = {{Start date and age|1983|7|1}}
 | founder = [[Hassanal Bolkiah|Sultan of Brunei]]           <!-- or: | founders = -->
 | defunct =
@@ Line 34: / Line 34: @@
 | key_people = *'''Khairuddin Abdul Hamid''' - Chief Investment Officer
 *'''Dato Abdul Rahman Karim''' - Managing Director
-| products =
+| products = [[investment]]
 | brands =
 | production =
@@ Line 44: / Line 44: @@
 | net_income = <!-- or: | profit = -->
 | net_income_year = <!-- or: | profit_year = --><!-- Year of net_income/profit data (when known) -->
+| aum = {{decrease}}[[United States Dollar|US]]$73 billion (2023)
-| aum = US$170 Billion
-<ref>http://www.investopedia.com/terms/b/brunei-investment-agency.asp</ref>
 | assets =
 | assets_year = <!-- Year of assets data (when known) -->
+| equity = {{no change}}[[United States Dollar|US]]$30 billion
-| equity = US$30 billion <ref>http://www.investopedia.com/terms/b/brunei-investment-agency.asp</ref>
-| equity_year = 2009    <!-- Year of equity data (when known) -->
+| equity_year = 2009
-| owner = [[Government of Brunei]]           <!-- or: | owners = -->
+| owner = [[Government of Brunei]]
 | members =
 | members_year = <!-- Year of members data (when known) -->
 | num_employees =
 | num_employees_year = <!-- Year of num_employees data (when known) -->
-| parent = [[Ministry of Finance Building, Brunei|Ministry of Finance Brunei]]
+| parent = [[Ministry of Finance and Economy (Brunei)]]
 | divisions =
-| subsid = [[Dorchester Collection]]
+| subsid = {{hlist|[[Dorchester Collection]]|[[Fajr Capital]]}}
 | slogan = <!-- or: | slogans = -->
 | module = <!-- Used to embed other templates -->
@@ Line 64: / Line 63: @@
 }}
-The '''Brunei Investment Agency''' (BIA) is a [[government-owned corporation]]<ref name="Ariff1998">{{cite book|last=Ariff|first=Mohamed|title=APEC and Development Co-operation|url=https://books.google.com/books?id=p0lBpkmzI2gC&pg=PA39|year=1998|publisher=Institute of Southeast Asian Studies|isbn=978-981-230-020-1|pages=39–}}</ref> that reports to the Ministry of Finance of the [[Government of Brunei]]. Established in 1983, its offices are located in [[Bandar Seri Begawan]] at the [[Ministry of Finance Building, Brunei|Ministry of Finance HQ]].<ref>{{Cite web|url=http://www.sovereignwealthfundsnews.com/bruneiinvestmentagency.php|title=Brunei Investment Agency|accessdate=15 October 2013|publisher=Sovereign Wealth Funds News|archive-url=https://web.archive.org/web/20131015150715/http://www.sovereignwealthfundsnews.com/bruneiinvestmentagency.php|archive-date=15 October 2013|url-status=dead}}</ref> Data on the agency's assets are not reported to the public<ref name="SinghFreeman2000">{{cite book|last1=Singh|first1=Daljit|last2=Freeman|first2=Nick J.|title=Regional Outlook: Southeast Asia 2000–2001|url=https://books.google.com/books?id=muoKcOVcOKoC&pg=PA50|year=2000|publisher=Institute of Southeast Asian|isbn=978-981-230-087-4|pages=50–}}</ref> and the [[Hassanal Bolkiah|Sultan]] and his assets, to a certain degree, are also incorporated in the agency; however the extent is unknown.
+The '''Brunei Investment Agency''' (BIA) is a [[government-owned corporation]]<ref name="Ariff1998">{{cite book|last=Ariff|first=Mohamed|title=APEC and Development Co-operation|url=https://books.google.com/books?id=p0lBpkmzI2gC&pg=PA39|year=1998|publisher=Institute of Southeast Asian Studies|isbn=978-981-230-020-1|pages=39–}}</ref> that reports to the Ministry of Finance of the [[Government of Brunei]]. Established in 1983, its offices are located in [[Bandar Seri Begawan]] at the [[Ministry of Finance Building, Brunei|Ministry of Finance HQ]].<ref>{{Cite web|url=http://www.sovereignwealthfundsnews.com/bruneiinvestmentagency.php|title=Brunei Investment Agency|accessdate=15 October 2013|publisher=Sovereign Wealth Funds News|archive-url=https://web.archive.org/web/20131015150715/http://www.sovereignwealthfundsnews.com/bruneiinvestmentagency.php|archive-date=15 October 2013|url-status=dead}}</ref> Data on the agency's assets are not reported to the public<ref name="SinghFreeman2000">{{cite book|last1=Singh|first1=Daljit|last2=Freeman|first2=Nick J.|title=Regional Outlook: Southeast Asia 2000–2001|url=https://books.google.com/books?id=muoKcOVcOKoC&pg=PA50|year=2000|publisher=Institute of Southeast Asian|isbn=978-981-230-087-4|pages=50–}}</ref> and the [[Hassanal Bolkiah|Sultan]] and his assets, to a certain degree, are also incorporated in the agency; however the extent is unknown. In October 2023, the fund has a total of US$73 billion in [[assets under management]].<ref>{{Cite web |title=Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aadd |access-date=2023-06-27 |website=www.swfinstitute.org}}</ref>
 ==Legal status==
 Prior to Brunei's independence, the country's investment portfolio was administered by the [[The Crown|British Crown]].<ref name="Sidhu2009">{{cite book|last=Sidhu|first=Jatswan S.|title=Historical Dictionary of Brunei Darussalam|url=https://books.google.com/books?id=Bry0sOwstIMC&pg=PA87|date=22 December 2009|publisher=Scarecrow Press|isbn=978-0-8108-7078-9|pages=87–}}</ref> The BIA was established under an Act of the Government of Brunei and became functional from 1 July 1983.
-The objective defined under the Act is to hold and manage the General Reserve Fund of the Government and all its external assets. The agency manages 40% of Brunei's foreign reserves, remainder being managed by eight foreign organizations.<ref name=Gunn2000 />
+The objective defined under the Act is to hold and manage the General Reserve Fund of the Government and all its external assets. The agency manages 40% of Brunei's foreign reserves, remainder being managed by eight foreign organizations.<ref name="Gunn2000">{{cite book|last=Gunn|first=Geoffrey C.|title=New World Hegemony in the Malay World|url=https://books.google.com/books?id=55mXS56nMPkC&pg=PA170|year=2000|publisher=The Red Sea Press|isbn=978-1-56902-135-4|pages=170–}}</ref>
-The [[Sultan of Brunei]] and Yang de Pertuan have the authority to specify any other issues that need to be addressed by BIA.{{citation needed|date=March 2015}}
+The [[Sultan of Brunei]] and Yang Di-Pertuan has the authority to specify any other issues that need to be addressed by BIA.{{citation needed|date=March 2015}}
 ==Functions==
 The agency's principal tasks are to control and manage Brunei's general reserve funds and the growth of external holdings. It manages the country's income from oil exports in the form of foreign reserves.
+BIA functions as one of the investment arms of the Brunei government and has a strong financial base with funds generated from the country's gas and oil resources, and other revenues.
-Its managing director, Dato Abdul Rahman Karim, is also a Permanent Secretary in the Finance Ministry.<ref name="Gunn2000">{{cite book|last=Gunn|first=Geoffrey C.|title=New World Hegemony in the Malay World|url=https://books.google.com/books?id=55mXS56nMPkC&pg=PA170|year=2000|publisher=The Red Sea Press|isbn=978-1-56902-135-4|pages=170–}}</ref> BIA mostly functions as the central bank in the country and has a strong financial base with funds generated from the country's gas and oil resources, apart from Worker's Provident Fund and other revenues.<ref name="UsaNovember2009">{{cite book|author=IBP USA|title=Brunei Mineral & Mining Sector Investment and Business Guide|url=https://books.google.com/books?id=BVNkS0nrFLgC&pg=PA124|date=November 2009|publisher=International Business Publications|isbn=978-1-4330-0442-1|pages=124–}}</ref><ref name="Usa2010">{{cite book|author=IBP USA|title=Brunei Telecom Industry Business and Investment Opportunities Handbook|url=https://books.google.com/books?id=9oBP2nzDyrcC&pg=PA200|date=March 2010|publisher=International Business Publications|isbn=978-1-4387-0643-6|pages=200–}}</ref>
 ==Investments==
@@ Line 82: / Line 81: @@
 Some major foreign assets of BIA include the [[Dorchester Collection]], which is a portfolio of luxury hotels established in 1996; a 10% holding in the Paterson Securities of Australia, and Bahagia Investment Corporation (Malaysia), dealing with real estate.<ref name=Invest>{{Cite web|url=http://www.swfinstitute.org/swfs/brunei-investment-agency/|title= Brunei Investment Agency|accessdate=15 October 2013|publisher=Sovereign Wealth Fund Institute}}</ref>
-BIA's investment portfolio, apart from investments within Brunei, covers diverse investments in bonds, equity, currency, gold and real estate. It has substantial investments in the US.<ref name="Usa(COR)2000">{{cite book|author=IBP USA|title=Brunei Business Intelligence Report: Strategic Information and Opportunities|url=https://books.google.com/books?id=vbwv4guOmgQC&pg=PA128|date=1 May 2000|publisher=International Business Publications|isbn=978-0-7397-2524-5|pages=128–}}</ref>
+BIA's investment portfolio, apart from investments within Brunei, covers diverse investments in bonds, equity, currency, gold and real estate. It has substantial investments in the US.
 Brunei investors bought [[The Dorchester]] on [[Park Lane, London|Park Lane]] in London in 1985 for US$50 million and in 1996 BIA formed the [[Dorchester Collection]], a conglomerate of luxury hotels in UK, United States, France and Italy.<ref name="Brummer2012">{{cite book|author=Alex Brummer|title=Britain for Sale: British Companies in Foreign Hands – The Hidden Threat to Our Economy|url=https://books.google.com/books?id=ZZj_0-AgfLwC&pg=PA123|date=26 April 2012|publisher=Random House|isbn=978-1-4481-3681-0|pages=123–}}</ref> BIA also owns [[The Beverly Hills Hotel]] in Los Angeles which was bought for US$185 million in 1987 as well as the Grand Hyatt Singapore Hotel.<ref>{{cite book|title=Current Biography Yearbook|page=57|url=https://books.google.com/books?id=nbL0IhGcXYwC|year=1990|publisher=H. W. Wilson Co.|isbn=9780824201289}}</ref> BIA also has a 10% holding in the Paterson Securities of Australia, and Bahagia Investment Corporation of Malaysia, dealing with real estate.<ref name="Invest"/>
-In June 2018 BIA acquired a stake in [[Draper Esprit]] for £20 million.<ref>{{cite web |title=The Sultan of Brunei has made the country's first investment in a UK listed company, ploughing £20m into Graze backer Draper Esprit |url=http://www.cityam.com/286978/sultan-brunei-has-made-his-first-investment-uk-listed |website=[[City A.M.]] |accessdate=8 June 2018 |date=5 June 2018 |archive-url=https://web.archive.org/web/20180612142435/http://www.cityam.com/286978/sultan-brunei-has-made-his-first-investment-uk-listed |archive-date=12 June 2018 |url-status=dead }}</ref>
+In June 2018 BIA acquired a stake in [[Molten Ventures]] for £20 million.<ref>{{cite web |title=The Sultan of Brunei has made the country's first investment in a UK listed company, ploughing £20m into Graze backer Draper Esprit |url=http://www.cityam.com/286978/sultan-brunei-has-made-his-first-investment-uk-listed |website=[[City A.M.]] |accessdate=8 June 2018 |date=5 June 2018 |archive-url=https://web.archive.org/web/20180612142435/http://www.cityam.com/286978/sultan-brunei-has-made-his-first-investment-uk-listed |archive-date=12 June 2018 |url-status=dead }}</ref>
-==Controversy==
-On 3 April 2019, the state of Brunei introduced new punishments under an interpretation of strict Sharia law, including punishing homosexual acts with death by stoning.<ref>{{cite web |title=Brunei implements stoning to death under anti-LGBT laws |url=https://www.bbc.co.uk/news/world-asia-47769964 |website=[[BBC News]] |accessdate=3 April 2019 |date=3 April 2019}}</ref> International condemnation and celebrity endorsement led to calls to boycott companies owned by the Brunei
-Investment Agency.<ref>{{cite web |title=George Clooney calls for hotel boycott over Brunei LGBT laws |url=https://www.bbc.co.uk/news/world-asia-47744566 |website=[[BBC News]] |accessdate=3 April 2019 |date=29 March 2019}}</ref>
 ==References==
@@ Line 97: / Line 91: @@
 ==External links==
-*[https://www.mofe.gov.bn/Brunei%20Investment%20Agency/Home.aspx Brunei Investment Agency]
+*[https://www.mofe.gov.bn/Brunei%20Investment%20Agency/Home.aspx Official website]
-*Brunei Investment Agency SWFI Profile [https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05aadd]
 {{Brunei government ministries and agencies|state=expanded}}
 [[Category:Banks of Brunei]]

v t e Government of Brunei
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