Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender

* Mubadala deploys $29.2 bln in 2024, up from $17.5 bln-Global SWF * Sovereign funds from Abu Dhabi, Qatar, Saudi Arabia invested record $82 bln * Sovereign investments in digitisation, including AI, reach $27.7 bln By Hadeel Al Sayegh DUBAI, Jan 1 - Abu Dhabi's Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia's wealth fund amid a surge in spending from Gulf countries. Mubadala and its subsidiaries deployed $29.2 billion in 2024, up from $17.5 billion invested in 2023, based on a preliminary annual report from industry specialist Global SWF, which tracks the world's sovereign investment funds. Saudi Arabia's Public Investment Fund lost its ranking as the world's most active sovereign wealth fund after it cut its investment spend by 37% to $19.9 billion in 2024 from $31.6 billion the previous year, according to the report. Still, the Gulf's sovereign wealth funds controlled by governments of Abu Dhabi, Qatar and Saudi Arabia "invested a record" $82 billion in 2024, a rise of more than 10% from 2023, the report said.