Abu Dhabi’s Mubadala Investment Company has started the new financial year, contributing around 20% of the $136.1 billion spent by sovereign wealth funds globally in 2024, surpassing Saudi Arabia’s wealth fund.

Saudi Arabia’s Public Investment Fund (PIF) saw its investment spending drop by 37% in 2024, falling to $19.9 billion from $31.6 billion the previous year, losing its position as the world’s most active sovereign wealth fund. PIF Governor Yasir Al-Rumayyan stated in October that the fund is shifting its focus to the domestic economy, aiming to scale back international investments.

Sovereign wealth funds in the Gulf, including those from Abu Dhabi, Qatar, and Saudi Arabia, invested a record $82 billion in 2024, marking a more than 10% increase from the previous year, according to the report. Other entities, such as Canada’s Maple 8, Singaporean funds, and Australian superannuation funds, also showed increased activity compared to 2023, though their investments remained below the peaks of 2021-2022.

The total assets managed by sovereign wealth funds grew by 6.1% in 2024, reaching a record $13 trillion, while public pension funds saw a 6% increase, totaling $25 trillion. Norway’s sovereign wealth fund remains the largest globally. Investments by sovereign funds in digitalization, spanning data centers, digital infrastructure, artificial intelligence, and space exploration, amounted to $27.7 billion in 2024.

The report also highlighted steady investment in real estate and private equity, alongside growth in infrastructure and credit investments.