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Abu Dhabi is now the world’s richest city in terms of capital managed by its sovereign wealth funds (SWFs), with assets amounting to USD 1.7 tn, according to a report by Global SWF. This positions Abu Dhabi ahead of other major cities such as Oslo, Beijing, and Singapore for the first time.
Breakdown of assets: The USD 1.7 tn includes assets from several key entities, including the Abu Dhabi Investment Authority (Adia), Mubadala (which encompasses Adic and Mubadala Capital), the Abu Dhabi Developmental Holding Company (ADQ), the Abu Dhabi Fund for Development (ADFD), Tawazun (including defense conglomerate Edge), and the Emirates Investment Authority (EIA). The capital managed by Abu Dhabi’s royal private offices is also estimated at USD 344 bn, although this is not included in the USD 1.7 tn assets.
Abu Dhabi also leads in human capital, employing 3.1k individuals across its SWFs, surpassing Singapore, Riyadh, Kuala Lumpur, and Dubai, which each employ over 1k staff.
Investment activity: In the first three quarters of 2024, Adia, Mubadala, and ADQ made investments worth a total of USD 36 bn globally. This accounted for two-thirds of the total investments made by all Gulf SWFs and represented 26% of global SWF investments during that period.
Sector breakdown: Capital was deployed into financials (20%), infrastructure (19%), real estate (17%), and in energy (17%). About one-sixth of these investments have historically been domestic, with significant allocations to markets such as the US, UK, Spain, India, and China — though the report did not clarify a time period for this figure.
Remember: GCC sovereign wealth funds invested USD 55 bn across 126 transactions in the first nine months of 2024. Key contributors to these investments include the Public Investment Fund, Adia, ADQ, Mubadala, and the Qatar Investment Authority, collectively known as the “Oil Five.”
Future projections: Global SWF sees Abu Dhabi’s assets under management rising to USD 2.3 tn by 2030, with total public capital reaching approximately USD 3.4 tn. This growth is expected to be supported by sustained high oil prices and projected fiscal surpluses estimated at around USD 60 bn over the next two years.
Dubai’s status: Dubai ranks as the fifth richest city in the Mena region in terms of sovereign wealth fund capital, managing approximately USD 490 bn through entities such as the Investment Corporation of Dubai and the Dubai Investment Fund.
