Gulf sovereign wealth funds including Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala are mobilising to buy assets whose valuations have been hit hard by the coronavirus pandemic.
Bankers and people close to the funds said they were looking to invest in areas that would bounce back in a global recovery, such as healthcare, technology and logistics.
A senior Saudi official told the Financial Times that the kingdom had set up a dedicated team to look at the “midterm and long-term, downside and upside” of the global crisis, while the $320bn PIF, chaired by Crown Prince Mohammed bin Salman, pursued a strategy that was a “mix of strategic and opportunistic”.
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