Gulf Sovereign Wealth Funds Spent Nearly $26 Billion in Three Months
Five major Gulf funds from Saudi Arabia, the UAE and Qatar increased dealmaking activity from March through May. The spending occurred despite expectations that regional conflict would reduce investment.
680news.comGulf sovereign wealth funds increased investment activity over the past three months, according to a report published June 1 by Global SWF. Most of the capital went into developed market assets. The funds involved were Saudi Arabia's Public Investment Fund, the UAE's Mubadala, Abu Dhabi Investment Authority, L'imad and the Qatar Investment Authority.
The Qatar Investment Authority reduced its quarterly pace by about $2 billion compared with prior periods. The other four funds maintained or increased their activity relative to the five-year average before March. Public Investment Fund and Abu Dhabi Investment Authority directed more capital toward emerging markets than developed markets during this period.
Public Investment Fund placed $6.1 billion in emerging markets and $2.43 billion in developed markets. Abu Dhabi Investment Authority allocated $3.32 billion to emerging markets and $1.58 billion to developed markets.
Investment Fund announced in mid-April that about 80 percent of its portfolio will focus on domestic projects. The fund identified six priority sectors for its new five-year strategy: tourism and entertainment, urban development, advanced manufacturing, industrials and logistics, clean energy and renewables infrastructure, and the Neom project.
Abu Dhabi's government formed L'imad in January by combining the Abu Dhabi Development Holding Group and another entity, creating a $300 billion investment vehicle. L'imad's mandate covers infrastructure, property, financial services, technology and urban mobility.
In May, L'imad joined a consortium including BlackRock's Global Infrastructure Partners and Singapore's Temasek Holdings to pursue a $30 billion fund targeting energy, transportation and logistics projects across the Middle East and Central Asia. L'imad is also exploring participation with Public Investment Fund and Qatar Investment Authority in a planned equity commitment of roughly $24 billion toward Paramount Skydance's proposed $110 billion acquisition of Warner Bros.
Discovery, which is scheduled for completion between July and September pending regulatory approval.
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