UAE, other wealth funds deploy $31bln in March

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Sovereign wealth funds (SWFs) in the UAE and other countries saw a steep acceleration in deal activities, deploying $31.1 billion (Dh114 billion) in March 2023 alone.

According to the Global Sovereign Wealth Fund data, a total of 52 deals were closed in March. The UAE’s sovereign funds —Abu Dhabi Investment Authority (Adia) and Mubadala — closed five deals each of $4.4 billion and $2.1 billion, respectively, last month.

Turkey Wealth Fund was the largest investor in March, pumping $5.8 billion into three state banks, followed by Singapore’s GIC at $5.5 billion, Adia at $4.4 billion, Canada’s CPP at $3.0 billion and Mubadala at $2.0 billion.

Last month, Abu Dhabi’s Supreme Council for Financial and Economic Affairs issued resolutions reconstituting the board of directors of Mubadala, with Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister and Minister of the Presidential Court, and Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, as the Chairman of Adia.

In the Middle East, around 40 sovereign wealth funds and public provident funds control $5 trillion in assets under management.