Sovereign wealth funds (SWFs) of the six-nation Gulf Cooperation Council (GCC) states are substantial enough on the one hand and have positive implications for regional and global economies on the other. In other words, benefits of these SWFs are not confined to GCC economies, as these investments in the form of deposits, own ownership of securities issued by authorities in the US and others as well as investments are all over the world.
By one account, combined value of various SWFs of GCC authorities surpassed US$1.7 trillion at the start of the year. Certainly, this is a staggering figure by virtue of being some $600 billion above the monetary value of gross domestic product (GDP) of GCC states put together.
The UAE in general and Abu Dhabi in particular is noted for amassing a substantial amount of assets through its SWF. According to the Sovereign Wealth Fund Institute, which tracks SWFs, Abu Dhabi Investment Authority (ADIA) is the richest of its kind in the world. Latest statistics and rankings released by the institute put ADIA’s assets at an exceptional $627 billion.
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