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US investments by Gulf sovereign funds more than doubled last year to $70 billion as state-controlled funds rushed to pour money into artificial intelligence and show support for President Donald Trump’s ambitions to reshape the world’s biggest economy.
Gulf-based funds put more money than any other year into the US in 2025, both in absolute terms, and as a portion of their total deployment, according to figures from consultancy GlobalSWF.
The figures are the latest example of how important a handful of funds — controlled by the rulers of oil-rich states — have become to global capital flows and dealmaking. The seven largest Gulf funds deployed $119 billion last year, more than 40% higher than a year earlier even as lower oil prices trimmed surplus cash in the region.
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Trump took credit for securing more than $2 trillion of investment commitments from Qatar, Saudi Arabia, and the UAE during trip to the region in May, with much of that expected to come from sovereign funds. While there was some skepticism about how much of those commitments would materialize, the GlobalSWF data suggest Gulf funds have already started to accelerate bets on US tech.
It’s unclear how much of this US deployment is due to Trump and his policies or just a reflection of “the availability of investment opportunities in assets that tackle megatrends such as AI and climate investing,” said Diego Lopez, managing director of GlobalSWF.
The US accounted for 59% of all deals by the seven most active Gulf funds — Abu Dhabi Investment Authority, ADQ, Investment Corporation of Dubai, Kuwait Investment Authority, Mubadala, Public Investment Fund, and Qatar Investment Authority. It mirrors a broader trend among state-controlled funds globally that have been doing more US deals.
PIF was the biggest sovereign investor in the US last year, driven by its $29 billion acquisition of videogame-maker Electronic Arts. It was followed by Mubadala, which invested $24 billion. Mubadala has emerged as one of the world’s most active sovereign wealth funds for several years now as it aims to double in size over the next five to 10 years.
Gulf funds appear to still have plenty of appetite for backing the biggest global deals and increasing their US exposure. Abu Dhabi’s L’imad, PIF, and QIA are backing Paramount Skydance’s $108 billion hostile bid to acquire Warner Bros. Discovery.