UAE's ADIA ranked as world's largest sovereign wealth funds

08:36, June 07, 2010      

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The Abu Dhabi Investment Authority (ADIA) of the United Arab Emirates (UAE) has been ranked as the largest sovereign wealth funds (SWFs) in the world, with total assets under management of 627 billion U.S. dollars, a local business daily reported Sunday.

Saudi Arabia's Sama Foreign Holdings and Kuwait Investment Authority (KIA) also ranked among the top 10 global SWFs, Emirates Business 24/7 said, citing the recent ranking by the Sovereign Wealth Fund Institute, a private corporation headquartered in the United States.

ADIA, Sama Foreign Holdings and KIA were the only three SWFs from the Gulf Cooperation Council (GCC) to rank among the top 10 global SWFs, the report said.

Norway's Government Pension Fund Global ranked second with 443 billion dollars of assets under management, followed by Sama Foreign Holdings, which had total assets of 432 billion dollars, it said, adding that all the top three SWFs are oil-based.

Overall, the UAE topped the GCC in terms of the highest number of SWFs from any Gulf nation making it to the top 50 global list, according to Emirates Business 24/7.

The combined assets under management of top 50 global SWFs stood at 3.81 trillion dollars by March, with assets of oil and gas-related SWFs accounting for nearly 60 percent, the newspaper said.



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