Two Abu Dhabi sovereign wealth funds were the most active investors in the Middle East and North Africa during the first nine months of 2025, as the region continues to strengthen its economic diversification.
A total of $56.3 billion from 97 transactions was deployed by Mena SWFs in the period through to the end of September, industry tracker Global SWF said in its 2025 Mena Playbook released on Wednesday.
Mubadala topped the charts with $17.4 billion, followed by Abu Dhabi Investment Authority with $9.6 billion, with the two wealth funds comprising nearly half of all activity in the region.
They were followed by the Qatar Investment Authority ($7.6 billion), Saudi Arabia's Public Investment Fund ($6.2 billion) and Abu Dhabi's ADQ ($4.8 billion), the report said.
Mena activity comprised about 40 per cent of all activity globally, with more than a third deployed in the US, 28 per cent in Europe including the UK and 16 per cent in their respective localities, Singapore-based Global SWF said.
Overall, activity of state-owned investors − which includes SWFs, public pension funds and central banks − recently surpassed $8.2 trillion for the first time, despite tensions “shaking the region’s stability”, with most of the growth still being driven by Gulf countries, Global SWF said.
While that was a modest annual increase, that figure is expected to grow by more than 46 per cent to about $12 trillion by 2030, the report showed.
“The landscape of sovereign investors across Mena continues to evolve and to show strength and resilience … we expect this growth to continue over the next five years, political issues permitting,” it said.
Mena SWF activity remained resilient despite ongoing geopolitical conflict, as it continues to be a “hub of economic activity and financial strength, drawing the attention of governments, asset owners, managers, bankers, consultants and lawyers worldwide.”
The report acknowledged that the oil and gas industry still plays a key role in regional economies, but heightened SWF activity mirrors diversification efforts to tap into potential high-value sectors.
Among the industries Mena countries are increasingly investing in are renewable energy, digital technology, artificial intelligence and tourism, as they seek to “position themselves as regional innovation hubs and global economic players”, the study found.
“Achieving these ambitions requires navigating a complex, shifting landscape marked by regional tensions, political fragmentation and global economic uncertainty,” Global SWF said.
It added that governments must contend with geopolitical instability, tighter global financial conditions, trade protectionism, commodity price volatility and climate-related shocks.
“These challenges weigh on both short-term prospects and long-term planning,” it said.
Mubadala, Abu Dhabi's strategic investment arm, was ranked as the world’s top sovereign investor in 2024 by Global SWF. Mubadala’s total assets under management in 2024 reached Dh1.2 trillion ($326 billion), with annualised returns of 10.1 per cent over five years, the company said in its annual report in May.
Adia, which does not disclose its assets, invests on behalf of the Abu Dhabi government. It is the largest SWF in the Gulf, with assets touching $1.1 trillion, according to Global SWF.
The PIF, meanwhile, aims to boosts its assets value to $1.75 trillion by the end of the year to be the “biggest SWF … and our target by 2030 is to be at least $2 trillion and there's a good chance for us to be $3 trillion”, governor Yasir Al Rumayyan said last month.
“Fiscal policy across Mena is also evolving. GCC countries are advancing fiscal frameworks, and spending priorities are shifting toward targeted social transfers and investment in non-oil sectors,” Global SWF said.
“The challenge across the region is balancing adjustment with social needs, as high borrowing costs and elevated debt levels constrain fiscal space while demands for inclusive growth and job creation remain pressing.”
