Abu Dhabi’s Mubadala Investment Company has emerged as the world’s most active sovereign wealth fund in 2024, accounting for nearly 20% of the $136.1bn spent by such funds globally, according to a report by industry tracker Global SWF.
Mubadala and its subsidiaries invested $29.2bn, a significant increase from $17.5bn in 2023, a surge that propelled it past Saudi Arabia’s Public Investment Fund (PIF), which scaled back its spending by 37% to $19.9bn, down from $31.6bn in 2023.
According to the report, sovereign wealth funds from the Gulf region, including Abu Dhabi, Qatar, and Saudi Arabia, collectively spent a record $82bn in 2024, up more than 10% from the previous year, underscoring the Gulf’s increasing dominance in global sovereign investments.
PIF Governor Yasir Al-Rumayyan indicated in October that Saudi Arabia’s sovereign wealth fund is shifting focus to domestic projects and reducing its international investments.
Sovereign wealth fund assets under management reached a historic peak of $13tn in 2024, a 6.1% increase from the prior year, while public pension funds grew by 6% to $25tn.
Investments in digitalisation — including data centres, digital infrastructure, artificial intelligence, and space technologies — totalled $27.7bn, reflecting a growing focus on innovation.
