Gulf SWFs expected to gain $134bn this year

Sovereign wealth funds (SWFs) of Gulf oil producers lost about $90 billion (Dh330bn) in 2008, but are expected to gain nearly $134bn this year following an improvement in crude prices, according to a key financial institution.

From nearly $724bn at the end of 2007, the combined assets of the four major SWFs in the GCC shrank to about $634bn at the end of 2008 because of losses suffered from the global financial turmoil, said the Washington-based International Institute of Finance (IIF).

By the end of 2009, the assets of Abu Dhabi Investment Authority (Adia), Kuwaiti Investment Authority (KIA), Qatari investment Authority (QIA) and Oman Reserve Fund (ORF) are projected to swell to about $768bn, IIF said in a study on the GCC economies, sent to Emirates Business yesterday.