Mubadala Surpasses PIF to Lead Global Sovereign Wealth Fund Spending
Abu Dhabi’s Mubadala Investment Company emerged as the world’s largest sovereign wealth fund spender in 2024, accounting for approximately 20% of the nearly $136.1 billion spent globally by such funds. The surge in Gulf countries’ spending played a significant role in propelling Mubadala past Saudi Arabia’s Public Investment Fund (PIF).

Abu Dhabi’s Mubadala Investment Company emerged as the world’s largest sovereign wealth fund spender in 2024, accounting for approximately 20% of the nearly $136.1 billion spent globally by such funds. The surge in Gulf countries’ spending played a significant role in propelling Mubadala past Saudi Arabia’s Public Investment Fund (PIF).
According to a preliminary annual report by industry tracker Global SWF, Mubadala and its subsidiaries invested $29.2 billion in 2024, marking a substantial increase from the $17.5 billion deployed in 2023. In contrast, PIF saw its spending drop by 37%, falling from $31.6 billion in 2023 to $19.9 billion in 2024. This decline ended PIF’s reign as the most active sovereign wealth fund. PIF Governor Yasir Al-Rumayyan previously stated that the fund’s focus had shifted towards supporting the domestic economy and reducing international investments.
Despite this decline, sovereign wealth funds from Abu Dhabi, Qatar, and Saudi Arabia collectively invested $82 billion in 2024, representing a more than 10% increase from the previous year. These Gulf funds were pivotal in driving record-breaking investments, underscoring the region’s significant role in the global financial landscape. The report also highlighted that Canadian, Singaporean, and Australian funds increased their activity compared to 2023 but remained below their investment peaks seen in 2021 and 2022.
Globally, the total assets under management by sovereign wealth funds rose by 6.1% in 2024, reaching a historic high of $13 trillion. Similarly, public pension funds grew by 6%, climbing to $25 trillion in assets. Norway continues to lead as the country with the largest sovereign wealth fund.
Investments in digitization, which include data centers, digital infrastructure, artificial intelligence, and space technologies, drew significant attention from sovereign wealth funds, with $27.7 billion allocated to these sectors in 2024. Abu Dhabi has positioned itself as a key player in the global artificial intelligence race, intensifying competition with Qatar and Saudi Arabia. The Emirate’s initiatives are spearheaded by government-backed entities such as G42 and MGX, the latter being a Mubadala partner. Officials in Abu Dhabi view AI investments as a pathway to securing long-term economic influence as global oil demand diminishes.
The report noted no significant changes in real estate and private equity investments by sovereign wealth funds, while infrastructure and credit investments continued to rise. Total deal activity by state funds grew by 5% in 2024, reaching $216 billion. The average deal size increased to $370 million, the highest in six years.
Abu Dhabi’s concentrated push into artificial intelligence underscores its ambition to remain a critical player in the post-oil economy. As Gulf nations diversify their economic portfolios, competition in AI and other technological sectors is expected to shape the region’s strategic priorities in the coming years.