Norway’s sovereign wealth fund now has stakes in 42 UAE listed companies
Government Pension Fund Global now has stakes in 42 UAE public stock companies
Dubai: The world’s biggest wealth fund now holds Dh8.6 billion worth of investments in 42 listed UAE stocks, as more institutional funds target Gulf stocks to be part of their portfolios. Norway’s Government Pension Fund Global, which posted H1-2024 net profits of $138 billion, has 5.25 per cent in Dubai school operator Taaleem and 2.1 per cent in Parkin, among others.
The fund’s overall investments in GCC based listed companies now come to just over $4 billion, according to a report in Argaam.
“UAE blue-chips have been getting high visibility from being part of the MSCI indicies,” said a market analyst. “This is clearly helping to draw international funds, and none gets bigger than the Norwegian sovereign fund.”
The MSCI UAE Index currently lists 12 companies, with ADNOC Drilling being the latest addition.
But the Government Pension Fund Global has gone beyond the MSCI UAE picks, with exposures in the likes of Al Ansari Financial Services, the F&B operator Americana, Dubai Taxies, Burjeel Holding and others.
In dollar terms, the biggest exposure is the $143 million for an 0.89 per cent stake in ADCB.