Saudi Arabia’s SAMA is the world’s second largest sovereign wealth fund (SWF), whilst Abu Dhabi Investment Authority (ADIA) comes in third, according to a November update of fund rankings by the US-based Sovereign Wealth Fund Institute. Norway tops the list with $804bn out of a global total of $6.02 trillion (of which 59% is oil and gas-related).

MENA accounts for eight of the top 20. MENA holdings are $2.24 trillion, 37% of the total. The UAE has the largest share with $800bn spread across seven funds, $748bn from Abu Dhabi alone. While Iran’s National Development Fund is listed as having $54bn this was recently downgraded to $18bn (MEES, 8 November). (CONTINUED - 141 WORDS)