{"id":617017,"date":"2024-03-14T00:00:00","date_gmt":"2024-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/"},"modified":"2024-03-14T00:00:00","modified_gmt":"2024-03-14T00:00:00","slug":"three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/","title":{"rendered":"Three Gulf wealth funds inch closer to the USD 1 tn mark"},"content":{"rendered":"

UAE, KSA, Kuwaiti wealth funds each inch close to USD tn worth of assets:<\/strong> 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<\/a> reports. <\/p>\n

By the numbers: <\/strong>The Abu Dhabi Investment Authority leads the pack with USD 993 bn worth of assets, followed by Saudi Arabia\u2019s 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.<\/p>\n

Abu Dhabi alone boasts three wealth funds managing nearly USD 1.5 tn,<\/strong> in addition to its latest tech fund, which is said will exceed<\/a>USD 100 bn<\/a> in assets in a few years. One of the emirate\u2019s top three funds is ADQ<\/a> \u2014 the fund that was given the development rights to Ras El Hekma under a wider USD 35 bn agreement<\/a> that helped pave the way for the Egyptian government to float the EGP last week.<\/p>\n

2023 was a big year for Gulf wealth funds:<\/strong> PIF was named as the world\u2019s top sovereign<\/a>wealth fund spender<\/a> 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<\/a> led M&A activity in MENA.<\/p>\n

\n

THE MARKET THIS MORNING-<\/p>\n

Asian markets are trading sideways this morning <\/strong>after Wall Street's tech rally appeared to lose momentum, <\/a>CNBC<\/a> 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 <\/a>Wall Street Journal<\/a> suggested it had hired bankruptcy advisors.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

31,014<\/p>\n<\/td>\n

\n

-5.0% (YTD: +25.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.35<\/p>\n<\/td>\n

\n

Sell 48.49<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 48.4<\/p>\n<\/td>\n

\n

Sell 48.5<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

26.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,723<\/p>\n<\/td>\n

\n

+0.9% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,244<\/p>\n<\/td>\n

\n

+0.2% (YTD: -3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,259<\/p>\n<\/td>\n

\n

+0.2% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,165<\/p>\n<\/td>\n

\n

-0.2% (YTD: +8.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,772<\/p>\n<\/td>\n

\n

+0.3% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,001<\/p>\n<\/td>\n

\n

+0.4% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 84.03<\/p>\n<\/td>\n

\n

+2.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.66<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,176<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 73,236<\/p>\n<\/td>\n

\n

+3.0% (YTD: +72.9%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX3<\/strong>0 fell 5.0% at<\/strong> yesterday\u2019s close<\/strong> 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.<\/p>\n

In the green: <\/strong>GB Corp (+2.7%), Eipico (+1.5%), and Delta Sugar (+0.9%).<\/p>\n

In the red: <\/strong>Ezz Steel (-8.4%), Alexandria Mineral Oils Company (-7.9%), and E-Finance (-7.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":617018,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[985,72,119,1304,8462,122,7345,734],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-abu-dhabi-investment-authority","tag-enterpriseam","tag-financial-markets","tag-gcc","tag-kuwait-investment-authority","tag-planet-finance","tag-public-investment-fund","tag-sovereign-wealth-funds","wpautop","entry"],"acf":{"mongo_id":"d43d5592-5f23-4863-97ef-6f91e7fad102","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1198.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Three Gulf wealth funds inch closer to the USD 1 tn mark","related_issue":[616997],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.f0d400f2-1135-409a-9837-6e268851dbf9.mp3"},"yoast_head":"\nThree Gulf wealth funds inch closer to the USD 1 tn mark - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Gulf wealth funds inch closer to the USD 1 tn mark\" \/>\n<meta property=\"og:description\" content=\"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 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-14T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1198.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Three Gulf wealth funds inch closer to the USD 1 tn mark\",\"datePublished\":\"2024-03-14T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/\"},\"wordCount\":426,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1198.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abu Dhabi Investment Authority\",\"EnterpriseAM\",\"Financial Markets\",\"GCC\",\"Kuwait Investment Authority\",\"Planet Finance\",\"Public Investment Fund\",\"Sovereign wealth funds\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/three-gulf-wealth-funds-inch-closer-to-the-usd-1-tn-mark\/\",\"name\":\"Three Gulf wealth funds inch closer to the USD 1 tn mark - 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The fund currently owns assets worth almost USD 12 bn, accounting for 0.14% of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580789,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/global-sovereign-wealth-funds-didnt-have-a-great-2022\/","url_meta":{"origin":617017,"position":1},"title":"Global sovereign wealth funds didn\u2019t have a great 2022","author":"enterpriseam admin","date":"18 January 2023","format":false,"excerpt":"Even sovereign wealth funds weren\u2019t spared in the 2022 market sell-off: The value of sovereign wealth funds declined for the first time ever in 2022 on the back of the rout in the global equity and bond markets, according to industry specialist Global SWF\u2019s annual report. 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