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Global SWF’s June 2026 report found that Gulf sovereign wealth funds maintained or accelerated their investment activity following the outbreak of the Iran war on February 28. The specialist noted that four of the five most prolific regional investors upheld their investment records over the past five years with only the Qatar Investment Authority reducing activity. Most of the capital flowed into developed market assets during the period, Global SWF reported.
According to the report, Saudi Arabia’s Public Investment Fund allocated $6.1 billion to emerging markets after the war started, more than double the $2.43 billion directed to developed market assets. Abu Dhabi’s Mubadala Investment Company invested more than $5.6 billion in developed markets and $330 million in emerging markets. The Abu Dhabi Investment Authority placed $3.32 billion in emerging markets compared with $1.58 billion in developed ones while L’imad directed $1.42 billion to developed and $1.15 billion to emerging assets.
Qatar Investment Authority committed $3.39 billion to developed markets and $60 million to emerging markets but has invested about $2 billion less per quarter since the beginning of March, the Global SWF assessment found. Global SWF stated, “These vehicles have shown no sign of slowdown (yet), with a stronger average pace in the past quarter, than in the five years before the start of the war.” The continued flows have defied expectations of tightened sovereign spending due to the wartime uncertainty, The National reported on June 1.
The Iran war commenced on February 28 with US and Israeli strikes on Iran followed by Tehran’s attacks on Arab neighbours and the closure of the Strait of Hormuz, which carries a fifth of global oil, according to The National. This has led to disruptions in business, travel, tourism and hospitality sectors as well as a global energy crisis. Cross-border investments and long-term commitments from the funds have nonetheless remained steady.
The UAE ranks as the largest sovereign investor in the Middle East with $3.08 trillion in assets as of March while ADIA, the largest single Gulf fund, holds an estimated $1.1 trillion, Global SWF data places. Mubadala’s assets under management stood at $385 billion at the end of 2025. The fund invests across multiple asset classes including equities, fixed income, infrastructure, private equity and property.
Global SWF’s updated rankings show the Public Investment Fund with $1.212 trillion under management and the Kuwait Investment Authority at $1.002 trillion. A Deloitte Middle East report from March 2025 projected that Gulf sovereign wealth funds would drive global SWF assets to $18 trillion by 2030. In the previous year Gulf funds had invested $127 billion, marking a 48 percent rise from 2024 figures, according to Global SWF’s annual review.
