Abu Dhabi’s Mubadala Investment was the lead sovereign wealth fund (SWF) investor in 2024, deploying USD 29.2 bn across 52 transactions — rising 67% y-o-y, according to research consultancy Global SWF’s 2025 report (pdf). The story got ink from Reuters and Bloomberg.

Mubadala topping the league means it overtook Saudi’s Public Investment Fund (PIF), which fell one spot in 2024 from the top rank the previous year. PIF’s ranking dip came as it shifted its spending focus towards domestic projects and cut outlays 37% y-o-y to USD 20 bn.

And the rest of the Oil Five weren’t far behind: Abu Dhabi-based ADIA and ADQ, as well as Qatar’s QIA — which, together with Mubadala and PIF are known as the “Oil Five” — all made it to the top 10 SWFs by investment value, shelling out a record-breaking USD 82 bn in new investments.

Differing investment tastes: GCC funds showed a tendency for investments in emerging markets — including their own domestic economies — but global SWFs maintained a preference for developed markets, the report explained.

Combined, the region’s funds accounted for 38% of the total USD 13 tn in assets under management (AUM) of SWFs worldwide, benefitting from high oil prices and strong financial markets, despite headwinds from geopolitical tensions.

GLOBALLY- China and Norway continued to top the SWF scene in 2024, accounting for 20% and 14% AuM worldwide, while Southeast Asian funds held another 10%, the report said. Norway remained home to the world’s largest SWF — Norges Bank Investment Management — with USD 1.8 tn in AuM.

State-owned investors (SOIs) also broke records in 2024, logging USD 55 tn in AUM. The category’s assets are projected to hit USD 60 tn this year and USD 75 tn in 2030 as GCC economic agendas drive growth in assets.

Sovereign funds around the world invested heavily in digital infrastructure, data centers and AI startups such as OpenAI and xAI, driven by rapid AI adoption. GCC funds also went all in on AI in 2024, with the UAE, Saudi, and Qatar vying to position themselves as prospective AI hubs, Reuters noted.

MARKETS THIS MORNING-

Asian markets are mixed following the release of PMI figures, with Hong Kong’s Hang Seng opening higher before slipping marginally, and China’s CSI 300 losing 0.2%. Japan’s Nikkei is also down, as is the Topix, while South Korea’s Kospi is up 1.5% despite political uncertainty following the failed arrest of impeached president Yoon Suk Yeol.

On Wall Street, futures are also telling a mixed story ahead of the first full week of trading in 2025, with Nasdaq and S&P 500 futures up slightly and Dow Jones futures down.

ADX

9,323

+0.0% (YTD: -1%)

DFM

5,127

-0.5% (YTD: -0.6%)

Nasdaq Dubai UAE20

4,145

-0.5% (YTD: -0.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.2% o/n

4.4% 1 yr

TASI

12,070

-0.3% (YTD: +0.3%)

EGX30

30,184

+0.4% (YTD: +1.5%)

S&P 500

5942

+1.3% (YTD: +1.0%)

FTSE 100

8224

-0.4% (YTD: +0.6%)

Euro Stoxx 50

4871

-0.9% (YTD: -0.5%)

Brent crude

USD 76.51

+0.8%

Natural gas (Nymex)

USD 3.35

-8.4%

Gold

USD 2654.70

-0.5%

BTC

USD 98,398.20

+0.04% (YTD: +5.3%)

THE CLOSING BELL-

The ADX rose 0.01% on Friday on turnover of AED 812.3 mn. The index is down 1% YTD.

In the green: National Bank of Fujairah (+5.6%), Umm Al Quwain General Investment (+4.9%) and Mair Group (+4.5%).

In the red: Rapco Investment (-8.9%), Gulf Cement Co. (-3.6%) and Sharjah Cement and Industrial Co. (-3.3%).

Over on the DFM, the index fell 0.5% on turnover of AED 584.9 mn. Meanwhile, Nasdaq Dubai fell 0.5%.

CORPORATE ACTIONS-

NBF converts USD 275 mn AT1 capital into ordinary shares: National Bank of Fujairah completed the conversion of Additional Tier 1 capital securities amounting to USD 275 mn (AED 1 bn) into shares after receiving approval from shareholders and regulatory authorities, according to an ADX disclosure (pdf).

Orascom Construction is shelling out an interim dividend of USD 0.22 per share on 15 January 2025, according to a Nasdaq disclosure (pdf).

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