Gulf sovereign funds shift domestic focus
Gulf sovereign wealth funds are expected to invest $136 billion by the end of 2026, with Abu Dhabi-based Mubadala having served as the leading regional sovereign investor so far in 2026. For its part, L’imad, Abu Dhabi’s newest sovereign wealth fund, is planning to invest billions in port-related infrastructure outside of the Strait of Hormuz. Media coverage continues to fuel interest in the direction of Gulf sovereign wealth fund capital deployment trends and investment strategies, especially in light of the ongoing Iran war.
A pressing question associated with new regional dynamics is how much Gulf sovereign wealth funds will turn inward and focus on their domestic economies. Indeed, sovereign wealth funds are one set of economic policy tools available to regional governments to address new challenges and seize emerging opportunities. The trendline of growing domestic roles for regional sovereign wealth funds, which predates the Iran war, is coming into sharper focus but is far from clear cut. A domestic-oriented lens alone remains insufficient for understanding the multifaceted and evolving investment strategies of these investment vehicles.
Sovereign wealth funds can provide ways and means for addressing various domestic needs and interests. The rising influence of Abu Dhabi’s crown prince has occurred alongside the growing significance of the sovereign wealth fund he chairs: L’imad. The consolidation of ADQ under L’imad earlier in 2026 created an investment vehicle with roughly $300 billion in assets under management. New and expanding economic corridors and connectivity initiatives within and across the United Arab Emirates provide Emirati sovereign wealth funds, such as L’imad – and those of other Gulf countries – new avenues to deepen influence in increasingly strategic sectors.
L’imad consolidates ADQ into giant vehicle
Portfolios heavily skewed toward local assets and government-related entities ultimately help support such domestic development-oriented roles. AD Ports Group sits within L’imad’s ports and logistics portfolio along with Etihad Rail and Aramex. Port, rail, and logistics companies are going to be critical players in the coming economic infrastructure buildout across the region.
确实，海湾主权财富基金下属子公司的商业活动本身，即便是间接的，也能为这些投资工具在国内的作用提供洞见。9月，Emirates Global Aluminium——由Abu Dhabi’s Mubadala和Investment Corporation of Dubai共同拥有——与Gulftainer签署协议，从阿联酋东海岸运出更多铝制品出口。
为什么国内敞口会出现如此明显的差异
并非所有主权财富基金都能迅速且轻易地转向在国内发挥更大作用。Abu Dhabi Investment Authority——阿联酋规模最大的主权财富基金——在其投资组合中几乎没有国内敞口。对于这一1.1万亿美元的基金而言，向更大国内任务的转变将意味着重大变化。
就沙特阿拉伯而言，Public Investment Fund在其投资组合中监督着高度集中的国内资产，并且近期已展现出有意识的内向投资推动。投资组合的再校准在伊朗战争爆发前就已在进行，特别侧重于重新评估昂贵的巨型项目（如Neom）的发展优先级。
PIF已经承担重度国内集中
此外，PIF在4月公布的2026-30战略包括一个旨在“推动本地经济增长”的Vision Portfolio。
这些因素使PIF成为支持国内不断增长需求的合适候选者，范围从经济基础设施到与国防相关的举措。2026年早些时候，沙特规划者试图将Neom港定位为连接欧洲、埃及与海湾的多式联运陆桥中的关键节点。PIF的Vision Portfolio包括Saudi Arabian Military Industries和GDC Middle East，一家航空与防务公司。胡塞武装对该国反复且致命的攻击将加剧对国防和安全投资的需求。
卡塔尔和阿曼在巩固而非扩张
与此同时，海湾主权财富基金必须确保其投资组合与国家利益保持一致并具有适用性。例如，在九月，卡塔尔投资局宣布计划将其国内资产整合到专门的投资载体多哈投资（Doha Investments）中。尽管在伊朗战争爆发前数年已考虑这一进程，但鉴于冲突对卡塔尔经济造成的严重压力，目前这一需求更为迫切。
主权财富基金的一些国内活动更多地表现为在政府实体之间重新调整资产和精简业务运作，而不是在本地经济中实际部署投资资本。继2020年初政治领导层交接后，阿曼政府对其主权财富进行了重大重组。随后成立的阿曼投资局（Oman Investment Authority）强调提高政府相关实体的效率和盈利能力。然而，未来的资产重组和新兴战略很可能在其投资组合中为与防务相关的资产和以经济安全为导向的投资举措创造更多空间。
Global commitments still pull capital abroad
可以肯定的是，国际投资伙伴仍将继续作为推动国内进步的重要组成部分。尽管伊朗战争持续，阿布扎比全球市场（Abu Dhabi Global Market）这一金融自由区的基金和资产管理公司数量在2026年上半年仍在增加。主权财富基金相关的通过加强战略产业或推进区域一体化举措来提高经济韧性的努力，必然涉及与国际公司的合作。
海湾主权财富基金官员需要平衡许多优先事项，包括最大化回报、维持对美国的投资承诺，以及通过其他投资目的地融入全球经济。截至九月，约一半的海湾主权财富基金投资流向了美国。然而，迄今为止2026年该地区最大的主权投资者Mubadala也在“努力”增加其在亚洲的配置。
Gulf sovereign funds face dual mandate test
海湾主权财富基金受益于长期投资视角。然而，2026年的地区事态使基金官员更难把目光投向本国以外。对大多数海湾主权财富基金而言，日益增长的国内投资重点的战略吸引力看来将持续存在。