By Hadeel Al Sayegh<\/p>\n
DUBAI (Reuters) – Abu Dhabi’s Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia’s wealth fund amid a surge in spending from Gulf countries. <\/p>\n
Mubadala and its subsidiaries deployed $29.2 billion in 2024, up from $17.5 billion invested in 2023, based on a preliminary annual report from industry specialist Global SWF, which tracks the world’s sovereign investment funds. <\/p>\n
Saudi Arabia’s Public Investment Fund lost its ranking as the world’s most active sovereign wealth fund after it cut its investment spend by 37% to $19.9 billion in 2024 from $31.6 billion the previous year, according to the report.<\/p>\n
PIF Governor Yasir Al-Rumayyan said in October the sovereign wealth fund was more focused on the domestic economy and aiming to reduce the fund’s international investments.<\/p>\n
Still, the Gulf’s sovereign wealth funds controlled by governments of Abu Dhabi, Qatar and Saudi Arabia “invested a record” $82 billion in 2024, a rise of more than 10% from 2023, the report said. <\/p>\n
Other groups such as Canada\u2019s Maple 8, the Singaporean funds or the Australian superannuation funds were more active than in 2023, but remained below their peaks in 2021-2022, the report added.<\/p>\n
Overall sovereign wealth funds’ assets under management rose 6.1% this year to $13 trillion, a historical peak, and public pension funds rose 6% to reach $25 trillion. Norway has the world’s biggest sovereign wealth fund. <\/p>\n
Sovereign investments into digitisation, which include data centres, digital infrastructure, artificial intelligence and space investing, reached $27.7 billion in 2024.<\/p>\n
Abu Dhabi, a wealthy oil producer and longtime security partner of the U.S., is in a race to become an AI leader amid rising competition in the region as Qatar and Saudi Arabia pitch themselves as potential AI hubs outside the United States.<\/p>\n
The push is led by the government-backed G42 and MGX, a firm in which Mubadala is a partner. Emirati officials believe the Gulf state’s bet on artificial intelligence will strengthen its international clout by making it a key economic actor long after demand for oil has dried up.<\/p>\n
Real estate and private equity investment volumes by sovereign wealth funds were unchanged, while infrastructure and credit continued to rise, the report said.<\/p>\n
Deal activity by state funds rose 5% in 2024 to $216 billion. Average deal size rose to a six-year high of $370 million. <\/p>\n
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