The 2026 MENA Playbook released today by Global SWF highlights the state of play of Middle Eastern Sovereign Investors as at the end of the third quarter of 2026.

Some of the key takeaways of the 64-page document include:

1. MENA SWFs grew to US$ 6.1 trillion in AuM by September 2026 and are projected to reach US$ 8.8 trillion by 2030. We expect modest growth among pension funds, family offices, and central banks.

2. MENA Sovereign Investors invested US$ 102 billion in the first nine months of 2026 (39% of global dealmaking). Mubadala leads the charge with US$ 26.2 bn, followed by PIF, ADIA, L’IMAD and QIA.

3. The Iran War may bring withdrawals and domestic focus, depending on the SWF. There is an increasing effort and commitment of global funds (e.g., Temasek), to invest and having boots on the ground.

4. Gulf Sovereign Investors now employ over 12,000 staff, with an average 56% nationalization rate. PIF is now the world’s largest SWF in terms of personnel, with 3,321 staff, 86% of them Saudis.

5. The activity of stock exchanges has plummeted and there have been only 8 IPOs this year so far. Market cap of GCC bourses stayed flat at US$ 4 trillion, with 65% owned by states or SOIs.

6. ADGM has played a paramount role in the evolution of Abu Dhabi as a global financial center. As of September 30, 2026, 620 financial firms had obtained a license to operate out of the free zone.

7. Lastly, royal family offices continue to grow and complement SWFs both at home and overseas. We illustrate the intersect between both universes by studying the family trees of the GCC ruling families.

Finally, we offer an exhaustive ranking of all 170 MENA sovereign investors, and the list of all 400 offerings that took place between January 2017 and September 2026 across all regional stock exchanges.

The full 64-page document can now be accessed at https://globalswf.com/reports/2026mena. The report will be further presented at an in-person event on Thursday 22 October in Abu Dhabi, together with one our PE partners.