UAE’s foreign assets estimated at $2.5tn: top official
The UAE has strengthened its position in the global economy, with its overseas investments proving resilient amid economic fluctuations, said a senior official. Jamal Bin Saif Al-Jarwan, secretary-general of the UAE International Investors Council, stated that the the country’s assets abroad, both government and private, are estimated at $2.5 trillion as of early 2024, as reported by the state news agency WAM. Al-Jarwan said: “It (the UAE) ranked first in the Arab region and West Asia and 15th globally, and second globally in investing in new opportunities.”
He added that the country is continuously expanding its investment portfolio to secure future generations with valuable and viable projects.
In a statement to WAM, Al-Jarwan revealed that the US holds the top spot, attracting $65 billion in bonds and $50 billion in direct investments by the UAE. The US is followed by Egypt at $65 billion, while direct investments in the UK and India amounted to $40 billion each. He added that they are currently operating in 90 countries. The official said their focus will be on India, Indonesia, and ASEAN countries. Additionally, Egypt, Morocco, and Central Asian countries are also expected to draw their attention. Moreover, Britain, France, and Germany, along with the US and Canada, were also on their radar. Lastly, he added, some Eastern European countries, particularly Serbia, Greece, and Turkiye, would be areas of focus.
The senior official revealed that 72 percent of the UAE’s overseas investments are attributed to the country’s sovereign wealth funds, led by the Abu Dhabi Investment Authority. Other prominent entities include Mubadala Investment Co., Investment Corp. of Dubai, Emirates Investment Authority, and ADQ. Government-owned and quasigovernmental companies account for 18 percent of the country’s investments abroad. UAE banks, family-owned, and private businesses collectively hold 10 percent of foreign investments. Among these, banks hold 2.5 percent, while family-owned and private businesses hold 7.5 percent. He added that the UAE owns seven sovereign wealth funds, with assets exceeding $2 trillion. “There are a series of deals that have been concluded, the most prominent of which was the deal between the American asset management company Apollo Global Management and Abu Dhabi Investment Authority to acquire UniVar Solutions, headquartered in the UAE, for $8.2 billion,” he added.