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Deal activity by sovereign wealth funds (SWFs) in the UAE and elsewhere has accelerated dramatically, with US$31.1 billion (AED114 billion) deployed in March 2023 alone.
According to global sovereign wealth fund data, a total of 52 deals were completed in March. Last month, the UAE’s sovereign funds, Abu Dhabi Investment Authority (Adia) and Mubadala, completed five deals worth $4.4bn and $2.1bn respectively.
Turkey’s wealth fund was the largest investor in March, pumping $5.8 billion into the three state-owned banks, followed by Singapore’s GIC with $5.5 billion, Adia with $4.4 billion, Canada’s CPP with $3 billion and Mubadala with $2 billion.
Last month, Abu Dhabi’s Supreme Council for Financial and Economic Affairs issued a resolution to restructure Mubadala’s board of directors, with Vice President, Deputy Prime Minister and Minister of the Presidency Sheikh Mansour bin Zayed Al Naha Yang and Sheikh Tahnoun bin Zayed Al Nahyan, Abu Dhabi’s deputy ruler and national security adviser, served as Aditya’s chairmen.
In the Middle East, some 40 sovereign wealth funds and provident funds manage $5 trillion in assets.
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