Abu Dhabi’s Mubadala Eclipses Saudi PIF With $29 Billion Deals

Abu Dhabi: So, check this out! Mubadala Investment Co. really stepped up its game last year. They became the most active sovereign wealth fund globally, diving into all sorts of deals, from private credit to AI.

Meanwhile, Saudi Arabia’s Public Investment Fund (PIF) took a bit of a breather. They were the top player in 2023 but decided to focus more on local investments.

Mubadala dropped a whopping $29.2 billion in 2024, which is a huge jump of 67% from the previous year. That’s way more than the average growth of other sovereign funds worldwide.

Interestingly, five Middle Eastern sovereign funds made it to the top 10 dealmakers again. Besides Mubadala, Abu Dhabi Investment Authority and ADQ were also in the mix, along with PIF and Qatar Investment Authority. Together, they invested around $82 billion last year.

What’s really cool is that Abu Dhabi’s funds are leading the charge, showing how they’re using their financial strength to make a mark in various industries like finance and tech. They invested over $57.6 billion last year alone!

On the flip side, the Saudi fund spent about $31.6 billion in 2023, but that dropped to around $20 billion last year. PIF’s governor mentioned they’re now focusing on boosting the local economy and diversifying industries.

With energy prices soaring in 2022, the Middle East’s sovereign funds have become key players in international deals. Even Singapore’s GIC and Temasek are getting back in the game after a cautious 2023.

Most global sovereign funds are still eyeing developed markets, and Mubadala is no exception, putting 85% of its capital there.