Gulf sovereign wealth funds
The six Gulf Cooperation Council states hold 28 of the entities on our list: 15 in the United Arab Emirates, 5 in Kuwait, 4 in Saudi Arabia, 2 in Bahrain, and 1 each in Qatar and Oman.
They include some of the oldest and best-known state investors, such as the Kuwait Investment Authority, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Saudi Arabia's Public Investment Fund, as well as Mubadala, ADQ, the Investment Corporation of Dubai, the Oman Investment Authority and Bahrain's Mumtalakat.
Comparing them takes care. ADIA, KIA and QIA do not publish their total assets, so the figures you see are outside estimates. PIF publishes both assets under management and a larger consolidated total. ADQ, ICD and Mumtalakat publish consolidated balance sheets that include operating companies. These are not the same measure, so our table labels each one and does not add them up.
This page also shows who owns what: how the funds in Abu Dhabi and Dubai relate to each other and to their governments, based on each fund's own disclosures.
Funds in the Gulf (28)
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| Abu Dhabi Investment Authority (ADIA) | United Arab Emirates (Abu Dhabi) Middle East | Savings and future generations fund | About USD 1.1T Estimate Published estimate, | 5.5 | 1976 |
| Kuwait Investment Authority | Kuwait Middle East | Savings and future generations fund | About USD 1T Estimate Published estimate, | 3.5 | 1953 |
| Public Investment Fund (PIF) | Saudi Arabia Middle East | Strategic development fund | SAR 3,396B Assets under management, | 8.0 | 1971 |
| Qatar Investment Authority (QIA) | Qatar Middle East | Savings and future generations fund | About USD 580B Estimate Published estimate, | 4.0 | 2005 |
| SAMA Foreign Holdings | Saudi Arabia Middle East | Reserve investment corporation | SAR 1,827B Total assets (balance sheet) | 5.5 | 1952 |
| Investment Corporation of Dubai (ICD) | United Arab Emirates (Dubai) Middle East | State holding company | AED 1,680B Total assets (balance sheet), | 8.0 | 2006 |
| Mubadala Investment Company | United Arab Emirates (Abu Dhabi) Middle East | Strategic development fund | AED 1,414B Assets under management, | 9.0 | 2002 |
| ADQ and L'IMAD Holding | United Arab Emirates (Abu Dhabi) Middle East | State holding company | AED 996.8B Total assets (balance sheet), | 7.0 | 2018 |
| XRG, ADNOC international investment company (Abu Dhabi) | United Arab Emirates (Abu Dhabi) Middle East | Strategic development fund | USD 150B+ Estimate Published estimate | 4.0 | 2024 |
| Dubai Holding | United Arab Emirates (Dubai) Middle East | State holding company | AED 500B Assets under management | 4.5 | 2004 |
| Emirates Investment Authority (EIA) | United Arab Emirates Middle East | Savings and future generations fund | About USD 116B Estimate Published estimate, | 3.5 | 2007 |
| Lunate | United Arab Emirates (Abu Dhabi) Middle East | Fund of funds or co-investment platform | More than USD 115B Assets under management, | 4.0 | 2023 |
| National Development Fund (NDF) | Saudi Arabia Middle East | Strategic development fund | About SAR 430B Committed or authorised capital, | 4.0 | 2017 |
| Dubai Investment Fund | United Arab Emirates (Dubai) Middle East | State holding company | About USD 80B Estimate Published estimate, | 2.5 | 2023 |
| Oman Investment Authority (OIA) | Oman Middle East | Strategic development fund | OMR 22.922B Total assets (balance sheet), | 7.5 | 2020 |
| MGX | United Arab Emirates (Abu Dhabi) Middle East | Strategic development fund | USD 49B Committed or authorised capital, | 5.0 | 2024 |
| Mumtalakat Holding Company | Bahrain Middle East | State holding company | BHD 7.22B Total assets (balance sheet), | 7.5 | 2006 |
| Awqaf and Islamic Affairs Fund (Kuwait) | Kuwait Middle East | Savings and future generations fund | KWD 1.47B Portfolio value, | 2.0 | 1993 |
| Gulf Investment Corporation (GIC), Kuwait | Kuwait Middle East | Strategic development fund | USD 3.50B Total assets (balance sheet), | 9.5 | 1983 |
| Bahrain Future Generations Reserve Fund | Bahrain Middle East | Savings and future generations fund | USD 1.11B Total assets (balance sheet), | 6.5 | 2006 |
| Wafra | Kuwait Middle East | State holding company | KD 119.0M Net assets or equity, | 4.0 | 1994 |
| Abu Dhabi Fund for Development | United Arab Emirates (Abu Dhabi) Middle East | Strategic development fund | Not disclosed Total assets (balance sheet), | 5.0 | 1971 |
| Ciyada Development Fund Proposed | Kuwait Middle East | Proposed or pipeline fund | Not disclosed Announced target, not current assets | 0.0 | |
| Dubai World | United Arab Emirates (Dubai) Middle East | State holding company | Not disclosed Total assets (balance sheet) | 2.5 | 2006 |
| EDGE Group | United Arab Emirates (Abu Dhabi) Middle East | State holding company | Not disclosed Estimate Published estimate | 3.5 | 2019 |
| Fujairah Holding | United Arab Emirates (Fujairah) Middle East | State holding company | Not published Estimate Published estimate | 0.5 | |
| Saudi Technology Development and Investment Company (TAQNIA) | Saudi Arabia Middle East | Strategic development fund | Not published Total assets (balance sheet) | 0.5 | 2011 |
| Sharjah Asset Management | United Arab Emirates (Emirate of Sharjah) Middle East | Strategic development fund | Not published Total assets (balance sheet) | 3.0 | 2008 |
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
