SINGAPORE: Singapore state investor Temasek Holdings is likely to book a record S$300 billion ($221 billion) for the value of its portfolio, powered by gains in DBS Group and Chinese banks, while it steps up investment in tech startups.
At the same time, Temasek is swooping in on opportunistic purchases with its stake buy in Swiss-based airline caterer Gategroup Holding, weeks after an announced move to buy into Hainan Airlines Holding Co. Ltd. Both firms are part of China’s debt-saddled HNA Group Co. Ltd, which has been selling part of its holdings.
Analysts estimate Temasek, the top investor in about a third of companies in Singapore’s Straits Times index, to report a net portfolio value of about S$300 billion for the year ended March 31, up roughly 9 percent versus a nearly 14 percent increase to S$275 billion a year earlier.
Temasek said it will give details of its performance this week.
“Last year was a good year across all asset classes and across the world. A rise in its portfolio value to above S$300 billion is quite doable,” said Song Seng Wun, economist at CIMB Private Banking.
Last month, Temasek and GIC Pte Ltd, Singapore’s bigger state fund, featured among main investors in a record-setting $14 billion fundraising by China’s Ant Financial Services Group. Temasek also put more money into online Chinese services firm Meituan Dianping last year.
Meanwhile, MSCI’s Asia shares ex-Japan index advanced 18 percent in the year to March, while Singapore’s main index rose 8 percent.
Temasek reports its annual scorecard next week. Under Chief Executive Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong, it has become a global investor, plowing billions of dollars into startups and emerging markets in recent years.
Veljko Fotak, assistant professor of international finance, University at Buffalo in the United States, said that despite Temasek’s renewed emphasis on the tech sector, it is “at the same time, keeping its feet well on the ground, investing in real estate and infrastructure worldwide.”
Last year, Temasek’s Mapletree Investments Pte Ltd. bought a portfolio of student accommodation properties in North America worth $1.6 billion, expanding its exposure to the sector.
Analysts see no let-up in Temasek’s investments in start-ups, which often attract billion-dollar funding as they race to build up war chests to stay competitive.
“Tech investments this year have been focused on virtual reality, education tech startups, ride-hailing and fintech startups,” said Javier Capape, director of the Sovereign Wealth Lab at IE Business School.
Capape said though more sovereign wealth funds are joining the group of sovereign venture funds, Temasek was still leading in terms of capital deployed and activity.
Temasek also participated in a funding in Indonesian ride-hailing firm Go-Jek and led a $502 million investment in Magic Leap Inc, a US startup developing augmented reality tech products.
In the past year, Temasek benefited from a 42 percent surge in shares of DBS, while in Hong Kong, China Construction Bank Corp. and Industrial and Commercial Bank of China Ltd. rose 29 percent and over 32 percent respectively.
Singapore’s Temasek set to report record portfolio
Singapore’s Temasek set to report record portfolio
- Analysts estimate Temasek to report a net portfolio value of about S$300 billion for the year ended March 31
- Temasek reports its annual scorecard next week
Saudi Aramco achieves significant progress in its gas production plan
RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.
The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.
This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.
President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”
He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.
Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.
The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.
Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development.
Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.
The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.
The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth.
Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program.
The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.
Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider.
It also helps meet the growing demand for natural gas and enhances its supply to national industries.
The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.
