The Public Investment Fund (PIF) ranked fourth in MENA sovereign investment activity in 9M 2025, deploying USD 6.2 bn, according to a Global SWF report. Abu Dhabi’s Mubadala led the pack with USD 17.4 bn, followed by the Abu Dhabi Investment Authority (Adia) with USD 9.6 bn, while ADQ placed fifth with USD 4.8 bn.

Inbound leader: The PIF led MENA sovereign investors in total inbound investments since inception, deploying USD 15.9 bn across 12 transactions. ADQ ranked second with USD 9.5 bn from 27, Mubadala third with USD 9.3 bn from 27, Adia seventh with USD 3.4 bn from five, and the Investment Corporation of Dubai (ICD) eighth with USD 2 bn from two.

PIF ranked third in historical outbound investments, deploying USD 200 bn across 216 transactions. Mubadala led with USD 261.8 bn from 459, Adia followed in fourth with USD 162.7 bn from 337, ADQ was sixth with USD 46.8 bn from 110, ICD eighth with USD 23.8 bn from 24, and the Dubai Investment Fund ninth with USD 23.2 bn from 27.

Global SWF’s 2025 World City Ranking for sovereign wealth fund assets puts Riyadh in second place, with USD 1.07 tn of the USD 14 tn managed worldwide. Abu Dhabi topped the list with USD 1.8 tn, while Dubai placed fifth with USD 567 bn. MENA SWFs collectively manage USD 5.6 tn in assets in total — a figure that is projected to rise to USD 8.8 tn by 2030, reflecting a 10% compound annual growth rate.

MENA sovereign investors deployed USD 56.3 bn across 97 transactions in 9M 2025, accounting for 40% of global SOI dealmaking — unchanged from 2023-2024. More than a third of flows went to the US (34%), 28% to Europe, and 16% stayed domestic. Over a third of flows went to the US (34%), 28% to Europe, and 16% remained domestic.

Typically, 75% of capital deployed by MENA funds goes abroad, with the US (34%) and UK (14%) together capturing nearly half. China (including Hong Kong) (5%), India, and Egypt have also gained traction. By sector, MENA funds tend to allocate 40% to real estate and infrastructure, 22% to financials, and 12% to technology.

Foreign inflows lag far behind outflows: While Mena sovereign investors have deployed USD 1.1 tn, the region has only attracted a third of that from global peers, including just USD 77 bn from funds outside their home markets. Asian players have increased interest in the GCC, reflecting shifting global capital flows amid US tariffs and weak European growth.

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