By: Yassmine ElSayed
CAIRO, Mar. 2 (SEE) - Norway's Government Pension Fund maintained its ranking as the world's largest sovereign wealth fund, with assets reaching $1.07 trillion in February, according to sovereign wealth funds institute "SWFI".
the Abu Dhabi Investment Authority (ADIA) ranked third on the list after Norway and China, with $697 billion in assets while UAE has also two another wealth funds, " Mubadala Investment Company", " Investment corporation of Dubai" worth $ 456,8 billion, ranked 13th and 14th respectively.
The Kuwait Investment Authority (KIA) claimed the fourth spot with assets worth $592 billion.
The Saudi kingdom’s SAMA Foreign Holdings fund, which was placed sixth on the list, saw its asset value at $515.6 billion while Saudi second sovereign wealth fund "public investment fund" ranked 10 with a asset value at $360 billion.
SWFs’ gross assets reached around $8.14 trillion in February. Saudi Arabia holds a 10.8 percent share of the world’s wealth funds, or $875.6 billion, while the UAEv cx controls 14.6 percent, or $1190.8 billion.
On other hand, sovereign wealth funds around the world had amassed $8.14 trillion in assets underup from $3.4 trillion almost a decade ago. Funds invest in a range of financial assets, from stocks and bonds to real estate and precious metals, but all have an objective to maximize the long-term return from their investments.
According to swfinstitute.org, of total assets held by SWFs around the world, $4.4 trillion’s worth were held by oil and gas-related funds. The most prominent examples of these belong to oil-rich countries like Norway, Kuwait and Saudi Arabia whose wealth has been amassed from energy exports. These types of funds are designed to act as a buffer to oil price volatility, as currently seen in markets.
There are non-commodity based SWFs too, however, which currently hold a total $3.7 trillion of assets. China’s SWF is a good example of a non-commodity based funds, with 1,6 trillion assets.
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