The Saudi Arabian Monetary Authority (SAMA), effectively the kingdom’s sovereign wealth fund (SWF), saw its assets drawn down by 11% to $671.8bn over the eight months to June. But other key Gulf SWF’s saw their assets grow over the same period despite the collapse in oil prices and with them national revenue.
The UAE’s funds collectively posted gains of 10%, Kuwait Investment Authority saw its assets rise by $44bn or 8% to $592bn, while the Qatar Investment Authority grew by more than 50% to $256bn over the same period. But cash-strapped Iraq saw its SWF lose 95% of its value while that of Algeria shrunk by 35% to $50bn (see table). (CONTINUED - 115 WORDS)