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Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

Four Gulf sovereign wealth funds among world’s top ten

Since 2017, PIF has established 77 companies and created over half a million direct and indirect jobs. (AFP File)
  • PIFs assets reached SAR 2.635 trillion $700 billion in June, increasing by $50 billion, compared to $650 billion in April.
  • With assets of over $475 billion, Qatar Investment Authority ranked 10th, according to SWF Institute data.

Riyadh, UAE — Four Gulf Cooperation Council region’s sovereign wealth funds (SWFs) figured among the world’s top 10 wealth funds, according to data from SWF Institute.

Abu Dhabi Investment Authority ($853 billion) and Kuwait Investment Authority ($803 billion) ranked fourth and fifth respectively, while Saudi Arabia’s PIF was sixth in terms of assets.

ADIA invests, on behalf of the government of Abu Dhabi, in equities, bonds, real estate and infrastructure., with most of its investments concentrated in North America, followed by Europe.

The Kuwait Investment Authority (KIA) is the Middle East’s oldest — it also claims to be the world’s oldest — sovereign wealth fund, managing the state’s reserve and the state’s future generation fund (FGF).

PIFs assets reached SAR 2.635 trillion $700 billion in June, increasing by $50 billion, compared to $650 billion in April.

As per PIF’s five-year strategy, it targets boosting its assets to more than SAR 4 trillion ($1.07 trillion) by 2025. Crown Prince Mohammed bin Salman, who is chairman of the fund, earlier said that the PIF targets to grow its assets to SAR 10 trillion by 2030 ($2.7 trillion).

With assets of over $475 billion, Qatar Investment Authority ranked 10th, according to SWF Institute data.

Norway’s Government Pension Fund Global ranked first with $1.37 trillion assets, followed by China Investment Corp ($1.350 trillion) and China’s SAFE ($1.019 trillion).

The aggregate assets of the world’s SWFs hit about $11.57 trillion, up from $10.47 trillion in April, 2023.