A new interview with the UAE’s foreign investment chief puts the country’s current assets abroad, both government and private, at an estimated $2.5 trillion.

Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), also told the Emirates New Agency WAM that the portfolio is doing well despite economic headwinds.

The UAE’s international investment footprint is topped by sovereign wealth funds holding 72% of the assets, Al Jarwan noted.

Abu Dhabi Investment Authority (ADIA) is the leading foreign investor, followed by Mubadala Investment Co., Investment Corporation of Dubai, Emirates Investment Authority and ADQ.

All told, the UAE owns seven sovereign wealth funds with assets exceeding $2 trillion, trailed by government-owned and quasi-governmental companies with 18%, UAE banks with 2.5% and 7.5% originating from family-owned and private companies.

The “most prominent” deal in 2023 was between U.S. private equity firm Apollo and ADIA to acquire chemicals manufacturer UniVar for $8.1 billion, he said.