Middle East sovereign wealth funds set to reduce spending in overseas markets as oil prices plunge | The National

Middle East sovereign wealth funds set to reduce spending in overseas markets as oil prices plunge | The National:

"Middle East sovereign wealth funds are likely to cut down international spending next year as they tighten their belts to make up for falling oil prices.

According to new research from property broker JLL, Middle Eastern SWFs, known for buying large trophy buildings in London and other key European cities, signed deals to buy US$6.5 billion worth of property in the first nine months of this year – up from about $6bn recorded in the whole of last year and $7bn in 2013.

JLL predicted that the volume of investment from the Middle East funds set up to invest money away from country’s surpluses made from oil, would decline significantly next year as Gulf countries cut back spending because of the weak crude prices."



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