Saudi SWF assets highest in region
Riyadh, August 28, 2013
Saudi Arabia ranked second globally and first in the Arab world in terms of the assets of sovereign wealth funds (SWFs), said a report.
Assets and foreign holdings of the Saudi Arabian Monetary Agency (Sama), or the kingdom’s central bank, stood at $675.9 billion in August compared to $532.8 billion in June, said the Arab News report quoting details released by the US-based SWF Institute.
Norway, represented by the Government Pension Fund, occupied the first rank globally with SWF assets valued at $737.2 billion, the report said.
The UAE, represented by Abu Dhabi Investment Authority (ADIA), came in the third position at $627 billion, followed by China Investment Corporation at $575.2 billion, Safe Investment Company (China) at $567.9 billion, and Kuwait Investment Authority (KIA), in the sixth rank, at $386 billion.
Based on the SWF Institute data, the volume of sovereign wealth funds is approaching $6 trillion in assets where increases in stock markets globally have helped lift the value of sovereign wealth assets, said the report.