Regional

Feb. 21, 2018 | 12:13 AM

Saudi sovereign fund dwarfs Qatar with Virgin and SoftBank deals

Matthew Martin| Bloomberg

A version of this article appeared in the print edition of The Daily Star on February 21, 2018, on page 4.

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Summary

Saudi Arabia is emerging as the Middle East's biggest deal-maker as the kingdom creates what it hopes will be the world's largest sovereign wealth fund. Its Public Investment Fund spent about $54 billion on investments last year, dwarfing the Qatar Investment Authority's $3.5 billion, according to data from the Sovereign Wealth Fund Institute. The boycott-hit state has been shedding assets and investments fell from $20 billion in 2016, when the PIF had invested just $5 billion, according to the data.

For Qatar, an eight-month boycott by neighboring states including the United Arab Emirates and Saudi Arabia has forced the country's sovereign fund to focus on its economy and financial system, instead of trophy assets.