Abu Dhabi’s Mubadala Investment Company accounted for approximately 20% of the nearly $136.1 billion spent globally by sovereign wealth funds in 2024, surpassing Saudi Arabia’s Public Investment Fund (PIF) amid increased spending from Gulf nations.
Mubadala and its subsidiaries invested $29.2 billion in 2024, up from $17.5 billion in 2023, according to a preliminary annual report by Global SWF, a firm specializing in tracking sovereign investment funds worldwide.
In contrast, Saudi Arabia’s PIF saw its investment spending drop by 37%, allocating $19.9 billion in 2024 compared to $31.6 billion the previous year. PIF Governor Yasir Al-Rumayyan stated in October that the fund has shifted its focus toward domestic investments while reducing its international exposure.
Despite this, Gulf sovereign wealth funds, including those of Abu Dhabi, Qatar, and Saudi Arabia, collectively invested a record $82 billion in 2024, marking an increase of more than 10% from 2023, the report noted.
Other players, such as Canada’s Maple 8, Singaporean funds, and Australian superannuation funds, increased their activity compared to 2023 but remained below their 2021-2022 peaks.
The total assets under management by sovereign wealth funds reached a historic high of $13 trillion in 2024, up 6.1% from the previous year, while public pension funds grew by 6% to $25 trillion. Norway retains the title of hosting the world’s largest sovereign wealth fund.
Investments in digitization, including data centers, digital infrastructure, artificial intelligence (AI), and space technologies, totaled $27.7 billion in 2024. Abu Dhabi, a significant oil producer and U.S. security partner, is racing to establish itself as a leader in AI, competing with Qatar and Saudi Arabia to become a regional hub for AI advancements.
This effort is driven by government-backed entities such as G42 and MGX, where Mubadala is a partner. Emirati officials view AI as a strategic move to bolster the nation’s global influence and sustain its economy in a post-oil future.
Real estate and private equity investments by sovereign wealth funds remained steady, while infrastructure and credit investments continued to grow.
Overall, sovereign wealth funds’ deal activity increased by 5% in 2024, reaching $216 billion, with the average deal size hitting a six-year high of $370 million.
