Mubasher: Abu Dhabi-based Mubadala Investment Company topped global sovereign investors in 2024, taking over the Saudi Public Investment Fund (PIF) with $29.20 billion deals.
Bloomberg indicated that this milestone came after the PIF slowed down spending and refocused on investing at home.
Mubadala hiked investments by 67% last year when compared to 2023, according to research consultancy Global SWF.
Abu Dhabi Investment Authority and ADQ were also on the list, alongside Qatar Investment Authority.
The five Middle East sovereign wealth funds invested a total of $82 billion in 2024
The report also indicated that sovereign funds controlled by the emirate invested more than $57.60 billion last year.
The Saudi wealth fund deployed $31.60 billion in 2023 either directly or through subsidiaries, higher than $20 billion last year.
Last October, the PIF Governor, Yasir Al Rumayyan, noted that the fund’s focus was shifting to the domestic economy as it looked to develop new industries and drive economic diversification.
PIF recently acquired a 15% shareholding in FGP TopCo, the holding company of Heathrow Airport Holdings Limited, to reinforce its global assets portfolio.
In December, Mubadala and AlpInvest Partner agreed to secure portfolio senior fund financing globally.
