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Agencies
London
Norway’s sovereign wealth fund, the largest in the world, increased its investments in the GCC region by $440 million or 15.2 percent or by the end of last year.
Official data showed that the fund’s investments in the region reached $3.33 billion in 2019, compared with about $2.89 billion by the end of 2018. The fund raised its investments in Qatar to $83.70 million in 2019, compared with $36.58 million by the end of the year before.
The UAE received the highest $887.54 million of the fund’s investments by the end of 2019, through investments in 18 companies and banks.
Kuwait came in second place with the Norwegian fund investing $492.37 million by the end of last year, compared with $152.9 million in 2018.
In third place, Saudi Arabia accounted for 12.5 percent of the fund’s investments in the region with $415.45 million.
In the same way, Norway’s sovereign wealth fund invested $38.94 million in Aluminium Bahrain, and $43.38 million in Oman, of which $27.38 went to Bank Muscat, $15.17 million to Ooredoo Oman, and $8.19 million to Renaissance Services.
The biggest sovereign wealth fund in the world recorded its second best annual performance in 2019, on the back of stock investments that accounted for more than 70 percent of its revenues that grew by 19.9 percent or $180 billion in 2019.
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09/08/2020
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