Saudi Arabia’s Public Investment Fund (PIF) and UAE’s ADQ have reported the highest improvement in the Global Sovereign Wealth Fund’s (SWF) governance, sustainability and resilience (GSR) scoreboard for 2023.
Among the funds rated in both 2022 and 2023, 69 got higher marks, 94 stayed the same and only 22 got lower marks, according to a report by the wealth fund tracker.
The Middle East’s state-owned investors (SOIs) with the largest improvements are:
PIF (+32%) is managing to make its unparalleled growth sustainable by pursuing best practices, the report said. Its annual report is a rare display of transparency, including audit accounts, evolution of assets under management, asset allocation, returns and assets, and its chairman announced a “net zero by 2050” commitment in November 2022.
Oman’s OIA (+28%) is also pursuing operational excellence and identity following the merger of two different organisations and portfolios – SGRF and OIF – in 2020. Its latest annual report sheds light on major investments and exits, portfolio strategy and governance, and it is forming a new framework to align with SDGs.
Abu Dhabi’s ADQ (+24%) recently published a new and detailed website and its first sustainability report with plenty of details and metrics. Ahead of COP28, which will be celebrated in the UAE in December 2023, the newest Abu Dhabi SWF wants to set an example by aligning national priorities with SDGs.
Egypt’s TSFE (+24%) is following the example of its Eastern neighbours and pursuing specific sustainable policies that align with responsible investment frameworks. Its website now offers a window into the fund’s regulations, including the SWF Law, and actions, such as its multi-sector investments and contribution to Egypt’s GDP.
Global SWF rated 200 SOIs from 81 different countries in the fourth edition of the GSR scoreboard.