Abu Dhabi's Mubadala Investment Co. has deployed $29.2 billion in investments in 2024, up from $17.5 billion in 2023, accounting for nearly 20% of global sovereign wealth fund spending, surpassing Saudi Arabia's Wealth Fund (PIF).

Mubadala Investments stood out last year amid a surge in spending by sovereign wealth funds around the world. Investment volumes from Mubadala and its subsidiaries increased compared with the previous year, according to a preliminary annual report by industry expert Global SWF.

The report pointed out that the investment expenditure of Saudi Arabia’s Public Investment Fund(PIF) dropped by 37% to US$19.9 billion in 2024 from US$31.6 billion in the previous year, losing its status as the world’s most active sovereign wealth fund.

Yasir Al-Rumayyan, the president of PIF, mentioned in October that the fund was more focused on the domestic economy and working to reduce international investments.

And the Gulf region’s sovereign wealth funds, including funds controlled by the governments of Abu Dhabi, Qatar and Saudi Arabia, invested a record $82 billion in 2024, a year-on-year increase of more than 10%.

In addition, the report also mentioned that the activity of Canada's Maple 8, Singapore funds and Australian pension funds has increased in 2024, but there is still a gap compared with the peak in 2021-2022.

In the field of digitalization, sovereign investment, including data centers, digital infrastructure, artificial intelligence and space investment, reached US$27.7 billion in 2024. Abu Dhabi, a wealthy oil producer and a long-time U.S. security partner, is competing with Qatar and Saudi Arabia to become a leader in artificial intelligence.

UAE officials believe investments in artificial intelligence will bolster the country's international influence and ensure it remains a key economic player even as oil demand dwindles.

The report also noted that sovereign wealth fund investment in real estate and private equity investments remained stable, while infrastructure and credit investments continued to rise. Transaction activity among state funds increased 5% in 2024 to $216 billion, with average deal size reaching a six-year high of $370 million.