Mubadala led MENA sovereign investment activity in 9M 2025, deploying USD 17.4 bn, according to a Global SWF report. The fund was followed by the Abu Dhabi Investment Authority (Adia), which invested USD 9.6 bn during the first nine months of the year; the Public Investment Fund (PIF), which invested USD 6.2 bn; and ADQ with USD 4.8 bn.

Since its establishment, Mubadala has also recorded the highest total outbound investments by a MENA state-owned investor (SOI), deploying USD 261.8 bn across 459 transactions. Qatar Investment Authority ranks second with USD 251.3 bn, while PIF ranks third with USD 200 bn from 216 transactions, and Adia is fourth with USD 162.7 bn across 337. ADQ rounds out the top six with USD 46.8 bn deployed across 110 transactions. The Investment Corporation of Dubai (ICD) has deployed USD 23.8 bn across 24 transactions, while the Dubai Investment Fund has invested USD 23.2 bn across 27.

In terms of regional inbound activity, ADQ ranks second among MENA SOIs since its creation, having committed USD 9.5 bn across 27 transactions. PIF leads with USD 15.9 bn from 12 transactions, followed by Mubadala in third with USD 9.3 bn from 27. ADIA ranks seventh with USD 3.4 bn, while ICD is eighth with USD 2 bn. SOIs invested a total of USD 10 bn across 27 transactions in the MENA region in 9M 2024.

Abu Dhabi still tops Global SWF’s 2025 World City Ranking for sovereign wealth fund assets, with USD 1.81 tn of the USD 14 tn managed worldwide. Riyadh follows with USD 1.07 tn, and Dubai with USD 567 bn. MENA SWFs collectively manage USD 5.6 tn in assets in total, 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 investments from global state-owned investors — 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 a total of 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. On the other hand, Asian players have increased interest in the GCC, reflecting shifting global capital flows amid US tariffs and weak European growth.

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