PwC Middle East – Sovereign wealth funds

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Delivering insights and expertise to elevate fund performance

PwC Middle East – Sovereign wealth funds Overview Sovereign Wealth Funds (SWFs), along with other state-backed investment arms and public pension funds (PPFs), form a critical backbone of the Middle East’s economic and financial landscape. These state-owned entities are central to advancing the region’s strategic development goals, driving economic diversification, and attracting foreign direct investment.

In 2024, the Assets under Management (AuM) of SWFs in the Middle East reached a historic peak of US$4.9 trillion, led by prominent entities such as the Public Investment Fund (PIF), Abu Dhabi Investment Authority (ADIA), Mubadala, ADQ, and Qatar Investment Authority (QIA). Gulf-based SWFs, in particular, are expanding their economic influence at a rapid pace both regionally and globally. Their collective AuM is projected to reach US$7.3 trillion, fuelled by sustained high oil prices and a maturing investment landscape marked by diversified portfolios and strategic capital deployment.

PwC Middle East is a longstanding and trusted advisor to the sovereign investment ecosystem, with a strong footprint across Saudi Arabia, the UAE, Qatar, and Oman. Leveraging our global network’s centres of excellence, our dedicated SWF team in the region provides specialised advisory services—from strategy through to execution and transformation—tailored to the unique ambitions and mandates of each client.

This includes:

Investment and portfolio / capital allocation

Business planning and feasibility studies

Transaction advisory 

Due diligence (financial, commercial, operational, tax, technical/IT)

Valuations

Corporate finance and M&A (buy-side and sell-side advisory support)

Joint venture and partnerships advisory

Business restructuring

Post merger integration & carve outs

Investment structuring

Operating model design

Value creation and transformation

Sovereign Wealth Funds (SWFs) in the Middle East will continue to strategically deploy capital across a diverse range of asset classes, while deepening their sector expertise, expanding their geographic footprint both regionally and globally, and enhancing operational capabilities. Increasingly, they are leveraging data and analytics to inform investment strategies and optimise portfolio allocation decisions.

The growth trajectory of Sovereign Wealth Funds (SWFs) in the Middle East is being shaped by three key megatrends: Digitisation and data optimisation Energy transition and decarbonisation Globalisation and localisation Digitisation and data optimisation Aligning with the Middle East's rapid technological advancement to foster innovation and efficiency through comprehensive digitisation and effective data optimisation strategies.

Energy transition and decarbonisation Navigating the challenges and opportunities of global integration to ensure continued progress and competitiveness in the Middle East. This includes localising industry value chains and aligning local investment agendas by taking global knowledge and opportunities and repackaging them for local optimisation.

Globalisation and localisation Navigating the challenges and opportunities of global integration to ensure continued progress and competitiveness in the Middle East. This includes localising industry value chains and aligning local investment agendas by taking global knowledge and opportunities and repackaging them for local optimisation.

These megatrends underscore the strategic importance of SWFs in driving the region's economic growth, sustainability and integration into the global economy, and positioning the region as a global economic trading hub between east and the west.

Tailored strategies for the Middle East At the heart of the region’s dynamic economic transformation, PwC Middle East stands as a trusted partner to Sovereign Wealth Funds (SWFs). Our dedicated SWF team delivers tailored strategies that empower clients to achieve exemplary performance while navigating the complexities of today’s global investment landscape.

With deep-rooted regional insight and access to a global network of expertise, we design bespoke approaches that address the unique challenges and opportunities facing SWFs across the Middle East. We simplify the intricacies surrounding sovereign wealth and position these funds as pivotal engines of national wealth management, economic diversification, and strategic transformation.

PwC plays a central role in driving these programmes—supporting SWFs as catalysts of sustainable growth across the region. Our approach spans the entire value chain, from strategy through execution to transformation, ensuring we deliver value at every stage. We are committed to creating long-term impact through comprehensive, end-to-end engagement that aligns with the strategic ambitions of our clients.

Working with PwC Middle East Deals origination and execution Investment strategy and value realisation Tax advisory (fund & portfolio) Fund strategy, governance and organisational design Sustainability strategies and solutions Data and digital transformation Deals origination and execution PwC Middle East engages with investors and asset managers in the region, providing a range of services throughout the investment cycle. This includes pre-financing, crafting sourcing strategies and conducting comprehensive due diligence that aligns with the region's business culture and regulatory frameworks. We also offer leadership development, post-investment performance enhancement and strategic portfolio management services, all of which are designed to maximise the value realisation within the diverse and rapidly evolving Middle Eastern investment landscape.

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Investment strategy and value realisation Our tailored approach encompasses rigorous search and screening processes, crafting investment plans specifically designed to realise value and optimise assets post-transaction. Our strategic focus is to promote top- and bottom-line growth, while improving cost efficiencies. We offer guidance in planning and executing transformation programmes that ensure your assets remain stable, relevant and attractive to investors. Our commitment extends to supporting the progress of your current investments and unlocking new opportunities for transformation, in line with the Middle East's objectives for economic diversification and sustainable development.

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Tax advisory (fund & portfolio) PwC Middle East’s expertise in fund taxation for sovereign investors in the Middle East encompasses the entire fund lifecycle, from initial setup and structuring, which is carefully tailored to reflect the distinctive positions of sovereign and pension investors within the region. We provide vigilant monitoring of legislative changes, ensuring that our clients are ahead of developments that could impact their investments. Additionally, we focus on identifying and capitalising on opportunities to enhance efficiencies, taking into account the unique regulatory, economic and cultural landscape of the Middle East. This comprehensive approach is designed to optimise the tax positions of sovereign funds, aligning with the region's strategic investment goals and governance standards.

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Fund strategy, governance and organisational design PwC Middle East offers specialised advisory services tailored to guide sovereign, alternative and traditional asset managers through strategic business planning, designing and implementation of target operating models, developing optimal organisational structures and talent strategies. Our advice is crafted to align with the region’s unique economic landscape, cultural nuances, and the strategic priorities of Middle Eastern investment entities. Our approach ensures that asset managers are well-positioned to navigate the complexities of the regional market, capitalise on growth opportunities and achieve sustained success in a competitive and rapidly evolving environment.

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Sustainability strategies and solutions We assist our clients in crafting a sustainability strategy for their funds that aligns with regional priorities, such as energy transition, water conservation and social development. We help implement robust internal governance and controls, sophisticated data strategies and analytics, and comprehensive market and customer reporting. This approach is designed to meet the specific needs and regulatory requirements of the Middle East, ensuring that funds not only contribute to sustainable economic growth, but also adhere to the highest standards of transparency and accountability in a region that is increasingly focusing on ESG principles.

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Data and digital transformation PwC Middle East partners with clients to drive data and digital transformation initiatives that align with the region's technological advancements and strategic priorities. We offer comprehensive services, from assessing current digital capabilities to implementing advanced analytics, automation, and digital solutions. Our approach leverages data for strategic decision-making, operational efficiency, and innovation. By integrating cutting-edge technologies and robust data strategies, we ensure that clients remain competitive and resilient in the Middle East's rapidly evolving market.

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Laurent Depolla

Sovereign Investment Funds and Private Equity Leader, PwC Middle East

Tel: +971 26 946811

Email

Tarek Shoukri

Sovereign Investment Funds, Director, PwC US

Tel: +1 646 630 0069

Email

Richard Rollinshaw

Global Sovereign Investment Fund Leader, Partner, PwC United Kingdom

Tel: +44 (0)7843 331291

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