The Greenstone Weekly - Vol 60

Saudi wealth fund PIF invests in Saudia Technic to create national MRO ‘champion’ (The National)

• Saudi Arabia’s Public Investment Fund signed an agreement to invest in aviation services company Saudia Technic, a subsidiary of aviation major Saudia Group, as the kingdom seeks to boost non-oil income and diversify its economy away from hydrocarbons.
• Saudia Technic, formerly known as Saudia Aerospace Engineering Industries, provides services across aviation maintenance, repair and overhaul segments (MRO), including line, base, components and engines, according to a statement from the PIF on Friday.

UAE's Mubadala, ADIA and ADQ's combined investments reached $36.5 billion in 2023 (Zawya)

• Three sovereign wealth funds (SWFs) from the UAE invested a combined $36.5 billion in 2023, Global SWF, which tracks the world’s sovereign investment funds, said in its 2024 annual report.
• Abu Dhabi’s Mubadala was ranked third in the top 10 list of SWFs with investments of $17.5 billion, followed by Abu Dhabi Investment Authority (ADIA) with investments of $13.2 billion.
• Qatar Investment Authority (QIA) was ranked seventh with deployments worth $5.9 billion. Abu Dhabi’s ADQ took the eighth spot with investments amounting to $5.8 billion.

GCC countries' gross foreign assets will swell to $4.4 trillion by next year, IIF says (The National)

• The gross foreign assets of the six GCC countries are expected to swell to around $4.4 trillion in 2024, supported by oil export-driven current account surpluses, projected at $146 billion, according to a new report.
• The total foreign liabilities of the region will be much smaller at around $1 trillion, leading to a net foreign assets position of $3.4 trillion, the Institute of International Finance said.
• “Almost two-thirds of the gross foreign assets are managed by sovereign wealth funds, with diversified portfolios of public equities and fixed income securities,” said Garbis Iradian, chief economist, Mena, at the IIF.

FDI inflows from UAE to Oman hit $3.3 billion in Q3 2023 (Zawya)

• The UAE is the third-largest source of foreign direct investment (FDI) in Oman, with inflows reaching OMR1.275 billion ($3.3 billion) in the third quarter of the year, according to official data.
• The United Kingdom (UK) topped the overall list of FDI sources, with inflows amounting to more than OMR11.521 billion, representing half (50.1%) of total inward investment, the Oman News Agency reported, citing preliminary data from the National Centre for Statistics and Information (NCSI).