(MENAFN) UAE-based sovereign wealth funds (SWFs) are expected to increase their investments in African countries after their current investments reached USD19 billion across 17 different infrastructural projects, Gulf News reported.
SWFs in the Middle East, which usually view the West with caution, have increased their investments in the international market as of late due to the current unstable situation in the region and after the African market registered a strong performance during the last fiscal year.
SWFs' investments in Africa are expected to be focused on different sectors, most notably private equity, real estate, agriculture and infrastructure investments.
"The UAE is home to one of the largest SWFs in the world and recently has played a significant role in establishing relations with African countries," said Ashish Dave, KPMG Partner and head of private equity and SWFs.
Global SWFs currently control a combined amount of about USD5 trillion in assets under management, led by top three wealth funds which are Abu Dhabi International Authority (ADIA), the Norway Government Pension Fund and China Investment Corporation, which together account for approximately 40 percent of assets under management held by SWFs across the globe.
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