Gulf sovereign wealth funds have ramped up dealmaking in the past three months, despite the region being embroiled in the Iran war and oil revenues being hit by the closure of the Strait of Hormuz. The five biggest spenders in the Gulf — the UAE’s Abu Dhabi Investment Authority, L’IMAD, and Mubadala; Saudi Arabia’s Public Investment Fund; and Qatar Investment Authority — collectively spent almost $26 billion during March, April, and May, a higher deployment rate than over the previous five years, according to Global SWF.
Gulf capital flowed into US deals during the period, although PIF’s $6 billion investment in Chinese game developer Moonton Technology meant that emerging market investments outpaced developed market deals. That also helped to make the Saudi fund the most active in the Gulf, even as it pulled back on some of its more ambitious bets, including the decision to stop funding LIV Golf, throwing the future of the upstart golf tournament into doubt. QIA was the only fund that slowed down its pace of investing, according to Global SWF.