Abu Dhabi’s Mubadala Investment Company spent the most among sovereign wealth funds in 2024, overtaking Saudi Arabia’s Public Investment Fund (PIF).
Mubadala spent US$29.2 billion (A$46.98 billion) in 2024, according to a report by Global SWF. Saudi Arabia’s PIF, which topped the rankings in 2023, spent $19.9 billion last year.
“Against this backdrop, and supported by sustained high oil prices, Sovereign Wealth Funds have, for the first time in history, surpassed $13 trillion in assets under management, while public pension funds have reached an unprecedented $25 trillion,” said Global SWF managing director Diego López.
Mubadala represented around 20% of the US$136 billion spent by sovereign wealth funds globally in 2024. Its spending last year was up 67% over 2023, while sovereign wealth funds worldwide saw spending increase by 7%.
The sovereign wealth fund’s major investments last year included data centre developer Yondr and a SailGP team based in Brazil. Mubadala also will add an artificial intelligence consultant to its investment committee in 2025, part of a bid to integrate AI into its operations as well as boost its investments in technology.
“We at Mubadala are going to be on the frontier side of AI-enablement in our way of doing business next year,” said Mubadala CEO Khaldoon Al Mubarak in December.
Mubadala holds around US$330 billion in assets under management.
Abu Dhabi-based funds ADQ and the Abu Dhabi Investment Authority also ranked among the Global SWF report’s top 10 investors.
Saudi Arabia’s PIF scaled back its international investments significantly last year, contributing to a 37% drop in spending. The fund spent US$31.6 billion in 2023.
The PIF’s portfolio includes at least 346 sponsorships across global sports as of 2024, according to a report by Play the Game. It is reportedly negotiating a deal to acquire a 6% stake in the PGA Tour.