Middle East: The shadowy world of Gulf sovereign wealth

The strategies and dimensions of Gulf sovereign wealth funds are an arcane subject made more mysterious by the lack – apart from Abu Dhabi’s fund – of published annual reports. Euromoney pieces together a picture of their structure from the fragments of information available.

In March 2010, the Abu Dhabi Investment Authority – probably the world’s biggest sovereign fund – launched its first ever annual report.

It’s hard to overstate just how big a step this was. A couple of years earlier, visitors to Adia’s website, reasonably hoping to learn more about one of the world’s largest and most influential institutional investors, had been greeted with a picture of Adia’s gleaming headquarters on Abu Dhabi’s Corniche, a phone and fax number – and absolutely nothing else.

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