The Gulf Cooperation Council (GCC) is now home to three sovereign wealth funds with assets under management (AUM) exceeding $1tn each, according to the July 2025 rankings published by Global SWF, highlighting the region’s growing influence in global capital markets.
Topping the GCC list is Saudi Arabia’s Public Investment Fund (PIF), with AUM estimated at $1.15tn, followed by the Abu Dhabi Investment Authority (ADIA) with $1.11tn, and Kuwait Investment Authority (KIA), which just crossed the $1tn threshold with $1.002tn.
Globally, the top sovereign investor remains Norway’s Norges Bank Investment Management (NBIM), managing $1.76tn in assets. It is followed by China’s SAFE Investment Company and the China Investment Corporation, managing $1.41tn and $1.33tn, respectively.
PIF sees AUM increase among GCC SWFs despite profit drop
Despite a 60 per cent year-on-year drop in net profit, attributed to rising interest rates and mounting costs from delayed or scaled-down mega-projects, PIF saw its AUM increase by 18 per cent from SAR3.66 tn ($977bn) last year. According to Global SWF data, 37 per cent of the fund’s portfolio is committed to alternative assets including real estate, infrastructure, hedge funds and private equity.
PIF, which backs signature Saudi initiatives such as NEOM and the Red Sea Project, also holds major positions in Saudi Aramco, Saudi National Bank, and Softbank. It is targetting $2tn in AUM by 2030, a milestone that would make it the world’s largest sovereign wealth fund.
Close behind is the UAE’s ADIA, ranked fifth globally, with 32 per cent of its portfolio in alternative investments. Global SWF describes it as one of the world’s largest investors in real estate, infrastructure and private equity.
In its most recent annual review, ADIA stated a strategic shift in investment focus: “Our approach has moved toward maximising total returns across the portfolio, rather than relying on individual asset classes to outperform benchmarks.”
Kuwait’s KIA, ranked sixth worldwide, continues to diversify its holdings. With 23 per cent of its portfolio in alternative assets, the fund maintains stakes in leading international firms including BlackRock and Mercedes-Benz Group.
Global SWF’s July rankings reflect the shifting dynamics in sovereign wealth, with GCC funds increasingly commanding a larger share of global institutional capital, and positioning themselves as pivotal players in alternative investments and global economic transformation.
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