Abu Dhabi’s Mubadala Investment Company has been recognized as the top global sovereign investor for 2024, deploying $29.2 billion throughout the year, a significant increase from $17.5 billion in 2023, according to a report by industry analyst Global SWF.
The investments covered 52 deals, a 67% rise from the previous year. The report noted that The Abu Dhabi-based sovereign wealth fund continues to expand across regions and industries, leveraging its subsidiaries such as Abu Dhabi Investment Council, Mubadala Capital, and MGX
Saudi Arabia’s Public Investment Fund dropped from its position as the world’s most active sovereign wealth fund, reducing its investment spending by 37% in 2024 to $19.9 billion, down from $31.6 billion the previous year.
Global SWF’s report highlights that approximately 85% of Mubadala’s capital was allocated to developed markets, with a notable focus on North America and Europe. The company’s investment strategy concentrated on sectors such as Technology, Healthcare, and aerospace, aligning with global trends towards digitalization and sustainability.
In December, Mubadala acquired an 80 percent stake in Global Medical Supply Chain and Al Ittihad Drug Store from GlobalOne Healthcare Holding, thereby expanding its presence in healthcare logistics and pharmaceutical distribution.
In November 2024, Mubadala and Safran, a leading French aerospace and defense company, joined forces to advance aerospace innovation and development within the UAE. This partnership was anchored in a strategic framework agreement that emphasizes essential areas such as Maintenance, Manufacturing, Human Capital Development, Advanced Materials, and Space.
Also, Abu Dhabi is making substantial investments in the AI sector, contributing $27.7 billion to digitization through partnerships with companies like G42, MGX, and Mubadala. This focus on AI is aimed at establishing the region as a competitive tech hub beyond the US, challenging established industry giants and creating new investment opportunities.
Sovereign wealth funds collectively invested $136.1 billion in 2024, marking a 7.1% increase compared to the previous year. These funds were involved in 358 deals, a 10% rise from 2023. The average investment per deal amounted to $380 million.
The report noted that other groups, including Canada’s Maple 8, Singaporean funds, and Australian superannuation funds, were more active in 2024 compared to 2023 but remained below their peak activity levels from 2021–2022.
Real estate and private equity investment volumes by sovereign wealth funds were unchanged, while infrastructure and credit continued to rise.
Sovereign wealth funds’ assets under management grew by 6.1%, reaching a record high of $13 trillion, while public pension funds saw a 6% increase, bringing their total to $25 trillion. Investments in digitization, encompassing data centers, digital infrastructure, artificial intelligence, and space ventures, amounted to $27.7 billion in 2024.
Much of this capital is concentrated in two regions: the Gulf, which accounts for 38% of the total, and South-East Asia, holding 10%. Within this landscape, two countries dominate sovereign wealth funds, with China controlling 20% of total assets and Norway, home to the world’s largest fund, holding 14%.
For the first time in six years, North America saw a drop in its importance, with investments in the US falling by 12%. On the other hand, the UK, Australia, Italy, and Germany saw more investment among developed markets, while India, China, and Indonesia became more important for sovereign investors in emerging markets. At the same time, developed Asia, which includes Japan and South Korea, continued to lose momentum.
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