UAE’s Mubadala leads gulf sovereign investment surge in ’24

Abu Dhabi’s Mubadala Investment Company accounted for 20 per cent of the $136.1 billion spent by sovereign wealth funds globally in 2024, surpassing Saudi Arabia’s Public Investment Fund (PIF), which cut its spending by 37 per cent to $19.9 billion.

Mubadala invested $29.2 billion, up from $17.5 billion in 2023, as Gulf funds hit a record $82 billion, a 10 per cent rise, according to Global SWF.

Sovereign wealth fund assets climbed 6.1 per cent to $13 trillion, with investments in A and digital infrastructure reaching $27.7 billion. Abu Dhabi is advancing its AI ambitions through Mubadala-backed firms like G42 and MGX, aiming to reduce oil dependence. Total deal activity grew 5 per cent to $216 billion, with average deal sizes at a six-year high of $370 million.

Attribution: Reuters

Subediting: Y.Yasser