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Abu Dhabi, the capital of the UAE, has recently surpassed Oslo to become the world’s richest city in terms of assets managed by sovereign wealth funds. According to a report by Global SWF, Abu Dhabi has a whopping $1.7 trillion under management as of October, solidifying its position as the “capital of capital.”

In addition to the assets managed by sovereign wealth funds, if we include the holdings of the central bank, public pension funds, and royal private offices, such as the Royal Group overseen by Sheikh Tahnoon bin Zayed Al Nahyan where AI firm G42 is housed, the total assets would reach an impressive $2.3 trillion. It is projected that Abu Dhabi will continue to lead the rankings, with its sovereign wealth funds expected to grow to $3.4 trillion by 2030.

ADIA, Mubadala, and ADQ, three of Abu Dhabi’s key investment funds, have already invested $36 billion in the first three quarters of 2024. Interestingly, a significant portion of Abu Dhabi’s investments, one-sixth to be exact, have been made domestically, while the rest are spread across countries like the US, UK, Spain, India, and China. The primary sectors targeted by these funds include financials, infrastructure, real estate, and energy.

Abu Dhabi’s rise to the top of the global wealth rankings highlights the city’s strategic investment decisions and financial prowess. As the world’s attention turns towards the city as the “capital of capital,” Abu Dhabi is poised to continue attracting significant investments and solidify its position as a global financial hub.

With a strong focus on diversifying its investment portfolio across various sectors and geographies, Abu Dhabi’s sovereign wealth funds have demonstrated resilience and adaptability in the ever-changing global economic landscape. As the city looks towards the future, the forecasted growth of its assets to $3.4 trillion by 2030 underscores Abu Dhabi’s commitment to long-term sustainable economic growth and development.

In conclusion, Abu Dhabi’s journey to becoming the world’s richest city is a testament to its strategic vision and prudent financial management. As the city continues to make headlines as the “capital of capital,” it is clear that Abu Dhabi’s influence in the global financial markets will only continue to grow in the years to come.