Sovereign wealth funds in the UAE, Egypt and Kuwait

Talal Al Awadhi

Sovereign wealth funds (SWFs) represent US$10 trillion or 7.8 per cent of the total listed equity-based assets worldwide. ¹ SWFs have existed for five decades, but there is no uniform definition. One definition is SWFs as state-owned investment entities managing a range of local and international state assets. ² Another definition is SWFs as clustered assets owned or controlled directly or indirectly by governments in pursuit of national aims. ³ A common thread is close ties with the government. Since these definitions are non-contradictory, SWFs can be considered state-owned investment entities and clusters of state assets.