The report by Global SWF highlights the robust activity of Gulf-based funds Image Credit: Shutterstock

Dubai: Saudi Arabia’s Public Investment Fund (PIF) emerged as the top state-owned investor, spending $10.2 billion (Dh37.4 billion) in the first half of 2024.

The PIF, which holds stakes in key Saudi companies such as Saudi Aramco, Saudi Telecom Co, and Saudi National Bank, is leading the country’s giga-project development initiative - a continuation of its significant investment activity after having deployed $31.6 billion (Dh116 billion) in 2023.

The report by Global SWF, a data platform that tracks over 400 sovereign wealth funds, highlights the robust activity of Gulf-based funds amidst global market uncertainty, attributing their heightened activity to substantial oil revenues.

Together, these Gulf entities, including Qatar Investment Authority which invested $1.9 billion (Dh6.9 billion), collectively spent $38.2 billion (Dh140.3 billion) across 58 deals in the first half of 2024.

This amount starkly contrasts with the combined investments of Canada’s largest funds and Singaporean funds, demonstrating the Gulf region’s vigorous investment presence on the global stage.