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The UAE has seven sovereign wealth funds (SWFs) which control nearly $2 trillion accounting for around 20 percent of the total global SWF assets, the UAE semi-official Alittihad newspaper said on Monday.
It quoted Jamal Al-Jarwan, Secretary General of the state-backed UAE International Investors Council (UAEIIC), as saying the country has also emerged as one of the world’s largest capital exporters, pumping a total $240 billion into the global markets over the past 30 years.
In 2022 alone, investment outflow by the UAE government and private sector exceeded $25 billion, making the OPEC member the world’s 15th largest capital exporter, Jarwan was quoted as saying.
“The UAE has seven SWFs, with their total assets exceeding $2 trillion…this accounts for nearly 20 percent of the total global SFW resources,” said Jarwan.
He said the Group’s controls over $1 trillion and it has set a plan to increase its members from 26 to 50 and to boost its assets to $1.5 trillion within the next five years.
“The plan includes working to increase the assets and to diversify investments and strategic partnerships…it also aims to overcome challenges and to turn them to good investment opportunities, with an emphasis on emerging markets and on new markets.”
(Writing by Nadim Kawach; Editing by Anoop Menon)
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