Abu Dhabi-based investment firm Mubadala made headlines in 2024 for its massive investment spending.
With $29.2 billion in investments, Mubadala accounted for nearly 20% of the $136.1 billion spent by sovereign wealth funds (SWFs) worldwide.
For your information, a SWF is a sum of money held by a country that is used to save and invest, with Norway having the largest SWF.
That amount marked a sharp increase from the $17.5 billion Mubadala invested in 2023.
Meanwhile, Saudi Arabia's Public Investment Fund (PIF), which led global spending in previous years, saw its spending decline significantly.
Its investments in 2024 fell 37% to $19.9 billion, down from $31.6 billion in 2023.
The PIF has shifted its focus to boosting Saudi Arabia's domestic economy, reducing its international business dealings.
Despite the decline in PIF spending, Gulf countries continue to dominate with sovereign wealth funds from Abu Dhabi, Qatar and Saudi Arabia collectively investing a record $82 billion in 2024, up 10% from the previous year.
A total of $27.7 billion was invested in digital sectors such as artificial intelligence (AI), data centers and space technology.
Abu Dhabi is seeking to become a leader in AI, driven by state-backed firms such as G42 and MGX.
