(MENAFN) The spotlight is firmly fixed on the Middle East, renowned for its oil-rich reserves, as it emerges as the only region globally boasting three sovereign wealth funds, each valued at a trillion dollars. In the latest development, Saudi Arabia made headlines by transferring its substantial USD164 billion stake in Aramco to the country's Public Investment Fund. Meanwhile, the Kuwait Investment Authority is poised to achieve remarkable financial performance, driven by the overall market growth.
These strategic moves have effectively narrowed the gap between Saudi and Emirati entities, with the Abu Dhabi Investment Authority's assets valued at an impressive USD993 billion, solidifying its position as the largest sovereign fund in the region. Globally, Norway's sovereign wealth fund holds the top spot, closely followed by the China Investment Corporation. Notably, Abu Dhabi commands a prominent presence with three wealth funds, including the Abu Dhabi Investment Authority, Mubadala Investment Company, and the Holding Group (ADQ).
The launch of a new technology investment company in Abu Dhabi underscores the emirate's escalating significance in the realm of investment. With expectations that the assets managed by this new entity will surpass USD100 billion, Abu Dhabi is poised to further enhance its standing as a major player in global investment circles. As the Middle East continues to assert its influence in the financial domain, the region's sovereign wealth funds are poised to play an increasingly pivotal role in shaping the global economic landscape.
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