By: Mahmoud Gamal
Dubai – Mubasher: The Norwegian sovereign wealth fund, the world’s biggest sovereign wealth fund, has invested AED 1.124 billion ($306.06 million) in 20 Emirati companies during the full-year 2017, according to an official statement.
About 31.3%, or $106.13 million, of the fund’s investment were pumped into the UAE’s real estate sector, Mubasher’s data showed.
Norway’s wealth fund invested $69.11 million in Emaar Properties, while Aldar Properties, Emaar Development, and Emaar Malls received $28.99 million, $5.54 million, and $1.52 million in investments, respectively.
The UAE's banking sector came second, attracting $97.48 million in investments, as the fund injected $37.44 million, $36.69 million, and $29.79 million in Abu Dhabi Commercial Bank (ADCB), United National Bank (UNB), and First Abu Dhabi Bank (FAB), respectively.
The state-owned fund spread its investments in oil exploration and distribution, and some Nasdaq Dubai-listed companies.
The $1 trillion sovereign wealth fund invested in other various UAE-based firms including DXB Entertainments, Dubai Investments, Aramex, and Air Arabia.
Translated by: Muhammad Khalid
