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GCC members’ sovereign wealth funds exceeded $4 trillion last year, a record high.
The group of top sovereign wealth funds, known as the “Oil Five,” includes three from the United Arab Emirates, one from Saudi Arabia and the Qatar Investment Authority. The five companies invested a total of $75.6 billion last year, a decrease compared to the amount invested in 2022, Khaleej Times reported, citing data from the Global SWF report.
The most active investors were the Saudi Public Investment Fund and the Qatar Investment Authority, which accounted for most of the five countries’ total of around $68 billion. Saudi Arabia’s sovereign wealth fund remained the world’s biggest investor last year, investing $31.6 billion in 49 deals.
This amount was a 33% increase compared to 2022 and a record amount for a sovereign wealth fund. Total spending by sovereign wealth funds last year reached $123.8 billion. During the year, his five oil funds in the Gulf were the most active investors.
The Gulf oil kingdom’s increased investment in sovereign wealth funds comes amid falling oil prices and declining production in Saudi Arabia. However, looking at assets under management, the effects of last year’s oil price collapse appear to be delayed.
Meanwhile, the UAE launched a new investment fund at the COP28 climate conference in December. The Financial Times reported in late November, citing sources, that the $30 billion entity would be a partnership between Emirates, BlackRock, TPG and Brookfield.
The next day, Reuters confirmed the news, citing an official statement from the UAE president, saying the fund, called Alterra, aims to raise up to $250 billion by the end of the decade to invest in climate-related initiatives. .
Written by Charles Kennedy, Oilprice.com
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