UAE, KSA, Kuwaiti wealth funds each inch close to USD tn worth of assets: Gulf sovereign wealth funds have been benefiting from a global market rally, making the region the only home to three wealth funds nearing a close on the USD 1 tn mark, Bloomberg reports.

By the numbers: The Abu Dhabi Investment Authority leads the pack with USD 993 bn worth of assets, followed by Saudi Arabia’s Public Investment Fund (PIF) with USD 940 bn, and the Kuwait Investment Authority (KIA) with USD 923 bn, according to data from the Sovereign Wealth Fund Institute and Global cited by the outlet.

Abu Dhabi alone boasts three wealth funds managing nearly USD 1.5 tn, in addition to its latest tech fund, which is said will exceedUSD 100 bn in assets in a few years. One of the emirate’s top three funds is ADQ — the fund that was given the development rights to Ras El Hekma under a wider USD 35 bn agreement that helped pave the way for the Egyptian government to float the EGP last week.

2023 was a big year for Gulf wealth funds: PIF was named as the world’s top sovereignwealth fund spender in 2023 by Global SWF, after having spent USD 31.6 bn in 49 transactions over the course of the year. The sovereign wealth fund consultancy also named the Gulf as the Region of the Year, with assets under management of all GCC funds reaching USD 4.1 tn. During 2023, Gulf sovereign wealth funds also led M&A activity in MENA.

THE MARKET THIS MORNING-

Asian markets are trading sideways this morning after Wall Street’s tech rally appeared to lose momentum, CNBC reports. Futures suggest major European benchmarks are also heading for a mixed open, while things are looking up on Wall Street: Futures inched higher overnight as traders shrugged off a 46% slump in EV maker Fisker’s shares after the Wall Street Journal suggested it had hired bankruptcy advisors.

EGX30

31,014

-5.0% (YTD: +25.0%)

USD (CBE)

Buy 48.35

Sell 48.49

USD at CIB

Buy 48.4

Sell 48.5

Interest rates CBE

27.25% deposit

26.25% lending

Tadawul

12,723

+0.9% (YTD: +6.3%)

ADX

9,244

+0.2% (YTD: -3.5%)

DFM

4,259

+0.2% (YTD: +4.9%)

S&P 500

5,165

-0.2% (YTD: +8.3%)

FTSE 100

7,772

+0.3% (YTD: +0.5%)

Euro Stoxx 50

5,001

+0.4% (YTD: +10.6%)

Brent crude

USD 84.03

+2.6%

Natural gas (Nymex)

USD 1.66

+0.1%

Gold

USD 2,176

+0.1%

BTC

USD 73,236

+3.0% (YTD: +72.9%)

THE CLOSING BELL-

The EGX30 fell 5.0% at yesterday’s close on turnover of EGP 5.5 bn (14.6% above the 90-day average). Foreign investors were net sellers. The index is up 25.0%YTD.

In the green: GB Corp (+2.7%), Eipico (+1.5%), and Delta Sugar (+0.9%).

In the red: Ezz Steel (-8.4%), Alexandria Mineral Oils Company (-7.9%), and E-Finance (-7.7%).

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