What this page covers
Consolidated view of GCC sovereign wealth fund holdings and board seats across all exchanges. Track PIF, ADIA, Mubadala, QIA, KIA total market influence.
SouqData covers 11 GCC + MENA exchanges (TDWL, DFM, ADX, QSE, BK, MSX, BHB, ASE, BIST, ISX, EGX). Coverage depth varies by exchange and data category — gaps are surfaced in the page's data displays rather than hidden. Underlying data refreshes daily via an automated pipeline; per-exchange ingestion runs on filing-driven cadences.
SWF Shadow Portfolio
Consolidated cross-market intelligence for GCC sovereign wealth funds. Track holdings, board seats, and total market influence across all exchanges from a single view.
GCC sovereign wealth funds — including PIF (Saudi Arabia), ADIA and Mubadala (UAE), QIA (Qatar), KIA (Kuwait), and ICD (UAE) — collectively manage over $3 trillion in assets. SouqData tracks their disclosed positions in GCC-listed equities, board seat representation, and estimated invested value to reveal the "shadow portfolio" of state capital allocation across public markets.
Source: SouqData analysis of top-20 shareholder disclosures, board appointment records, and annual report data across 11 GCC exchanges.
44
Sovereign Wealth Funds
142
Companies Influenced
34
SWF Board Seats
$680,066,420,037
Est. Invested Value
SWF Profiles
Each fund's total footprint across holdings, shareholdings, and board appointments
PIF
41
Companies
0
Board Seats
3
Exchanges
Est. invested: $154,701,299,719
Public Investment Fund
AUM $930,00031
Companies
8
Board Seats
4
Exchanges
Est. invested: $24,730,987,788
ICD
29
Companies
0
Board Seats
2
Exchanges
Est. invested: $153,970,481,866
Mubadala Investment Company
AUM $302,00022
Companies
5
Board Seats
3
Exchanges
Abu Dhabi Investment Authority
AUM $993,00016
Companies
4
Board Seats
3
Exchanges
Est. invested: $4,644,990,371
QIA
16
Companies
0
Board Seats
1
Exchanges
Est. invested: $37,256,061,113
GRSIA
16
Companies
0
Board Seats
1
Exchanges
Est. invested: $10,481,870,600
Qatar Investment Authority
AUM $526,00015
Companies
5
Board Seats
3
Exchanges
Est. invested: $14,955,893,806
Emirates Investment Authority
AUM $90,00010
Companies
0
Board Seats
2
Exchanges
Mubadala
9
Companies
0
Board Seats
2
Exchanges
Est. invested: $85,647,773,870
ADIA
6
Companies
0
Board Seats
2
Exchanges
Est. invested: $45,216,147,093
Public Investment Fund (PIF)
4
Companies
0
Board Seats
1
Exchanges
Est. invested: $52,640,640,124
EIA
4
Companies
0
Board Seats
2
Exchanges
Est. invested: $7,000,301,357
SAMA
3
Companies
5
Board Seats
1
Exchanges
TWF
2
Companies
0
Board Seats
1
Exchanges
Est. invested: $6,440,930,904
SGRF
2
Companies
0
Board Seats
2
Exchanges
Est. invested: $5,582,770,882
KIA
2
Companies
0
Board Seats
1
Exchanges
Est. invested: $624,429,021
TVF
2
Companies
0
Board Seats
1
Exchanges
Est. invested: $1,487,222,081
Oman Investment Authority
2
Companies
0
Board Seats
1
Exchanges
Kuwait Investment Authority
2
Companies
2
Board Seats
1
Exchanges
Est. invested: $84,840,464
OIA
2
Companies
4
Board Seats
2
Exchanges
Mubadala Investment Company (through One Hundred and Fourteenth Investment Company – Sole Proprietorship LLC and One Hundred and Fifteenth Investment Company – Sole Proprietorship LLC)
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $16,570,684,677
Mubadala Investment Company (One Hundred and Fourteenth Investment Company – Sole Proprietorship LLC and One Hundred and Fifteenth Investment Company – Sole Proprietorship LLC)
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $16,570,684,677
Emirates Investment Authority (EIA)
1
Companies
0
Board Seats
1
Exchanges
The Public Investment Fund
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $12,206,992,012
Public Investments Fund (PIF)
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $13,353,036,432
Libyan Foreign Investment Company
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $82,441,956
Bahrain Mumtalakat Holding Co. B.S.C.(c)
1
Companies
0
Board Seats
1
Exchanges
The Safety First Investment company
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $173,319,809
Investment Corporation Dubai
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $6,619,943,381
Qatar Investment Authority (QIA)
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $1,139,479,945
Kuwait Investment Authority (KIA)
1
Companies
0
Board Seats
1
Exchanges
SRF
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $1,382,090,518
Al Mal Direct Equity II Limited (Knowledge Fund)
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $114,175,609
Turkey Wealth Fund
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $1,389,189,027
Samruk-Kazyna
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $1,209,196,296
NIF
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $2,730,381,393
Oman Investment Authority - 2
1
Companies
0
Board Seats
1
Exchanges
Islamic Development Bank
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $3,148,543
Qatar Holding
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $687,976,431
Qatar Holding (Qatar Investment Authority)
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $348,973,552
Arkadia Company
1
Companies
0
Board Seats
1
Exchanges
Est. invested: $18,064,723
Oman Investment Authority - 1
1
Companies
0
Board Seats
1
Exchanges
ADQ
1
Companies
1
Board Seats
1
Exchanges
SWF Shareholding Positions
All sovereign wealth fund positions from top-20 shareholder registers
| SWF | Company | Exchange | Sector | Ownership % | Market Cap |
|---|---|---|---|---|---|
| ADIA | Alpha Dhabi Holding PJSC | ADX | Industrials | 85.0% | $19,033,355,401 |
| Public Investment Fund (PIF) | Saudi Energy Co. | TDWL | Utilities | 74.3% | $5,097,285,796 |
| Public Investment Fund | Saudi Energy Co. | TDWL | Utilities | 74.3% | $5,097,285,796 |
| Public Investment Fund (PIF) | Saudi Arabian Mining Co. | TDWL | Materials | 67.2% | $18,036,738,511 |
| Public Investment Fund | Saudi Arabian Mining Co. | TDWL | Materials | 67.2% | $18,036,738,511 |
| PIF | Elm Company | TDWL | Information Technology | 67.0% | $2,972,966,400 |
| PIF | Saudi Real Estate Co. | TDWL | Consumer Discretionary | 64.6% | $353,713,505 |
| Public Investment Fund (PIF) | Saudi Telecom Co. | TDWL | Communication Services | 64.0% | $15,033,555,573 |
| PIF | Saudi Arabian Mining Co. | TDWL | Materials | 63.8% | $18,036,738,511 |
| Mubadala Investment Company (through One Hundred and Fourteenth Investment Company – Sole Proprietorship LLC and One Hundred and Fifteenth Investment Company – Sole Proprietorship LLC) | Abu Dhabi Commercial Bank | ADX | Financials | 60.7% | $27,303,813,934 |
| Mubadala Investment Company (One Hundred and Fourteenth Investment Company – Sole Proprietorship LLC and One Hundred and Fifteenth Investment Company – Sole Proprietorship LLC) | Abu Dhabi Commercial Bank | ADX | Financials | 60.7% | $27,303,813,934 |
| Emirates Investment Authority (EIA) | Emirates Telecommunications Group Company PJSC | ADX | Communication Services | 60.0% | — |
| PIF | Saudi Tadawul Group Holding Company | TDWL | Financials | 60.0% | $1,179,541,492 |
| PIF | Emaar, The Economic City | TDWL | Financials | 55.6% | $737,632,795 |
| Public Investment Fund (PIF) | Saudi Telecom Co. | TDWL | Communication Services | 54.4% | $15,033,555,573 |
| PIF | MBC Group Company | TDWL | Consumer Discretionary | 54.0% | $635,269,459 |
| QIA | Ooredoo Q.P.S.C | QSE | Communication Services | 53.5% | $12,056,000,000 |
| Qatar Investment Authority | OOREDOO | ADX | Communication Services | 53.0% | $11,168,951,853 |
| Qatar Investment Authority | Ooredoo Q.P.S.C | QSE | Communication Services | 53.0% | $12,056,000,000 |
| QIA | Qatar National Bank QPSC | QSE | Financials | 51.9% | $42,881,645,152 |
| TWF | Turkiye Is Bankasi Anonim Sirketi | BIST | Financials | 51.1% | $10,222,141,476 |
| PIF | Saudi Basic Industries Corp. | TDWL | Materials | 50.2% | $12,669,857,838 |
| PIF | ACWA Power | TDWL | Utilities | 50.0% | $9,213,936,786 |
| PIF | SABIC Agri-Nutrients Co. | TDWL | Materials | 50.0% | $5,060,688,340 |
| QIA | AHLI BANK Q.P.S.C. | QSE | Financials | 47.7% | $2,608,616,932 |
| The Public Investment Fund | ACWA Power | TDWL | Utilities | 44.2% | $9,213,936,786 |
| Public Investment Fund | ACWA Power | TDWL | Utilities | 44.2% | $9,213,936,786 |
| The Public Investment Fund | ACWA Power | TDWL | Utilities | 44.2% | $9,213,936,786 |
| The Public Investment Fund | ACWA Power | TDWL | Utilities | 44.2% | $9,213,936,786 |
| Mubadala | Abu Dhabi National Energy Company | ADX | Utilities | 44.0% | $73,170,277,056 |
| PIF | Alinma Bank | TDWL | Financials | 40.0% | $5,124,858,938 |
| PIF | Southern Province Cement Co. | TDWL | Materials | 37.4% | $220,121,497 |
| Public Investments Fund (PIF) | Saudi National Bank | TDWL | Financials | 37.2% | $17,940,395,583 |
| Public Investments Fund (PIF) | Saudi National Bank | TDWL | Financials | 37.2% | $17,940,395,583 |
| PIF | Al Rajhi Bank | TDWL | Financials | 37.2% | $30,183,552,433 |
| ADIA | Abu Dhabi Islamic Bank | ADX | Financials | 32.5% | $20,570,618,714 |
| ADIA | Abu Dhabi Commercial Bank | ADX | Financials | 32.5% | $27,303,813,934 |
| PIF | Etihad Etisalat Co. | TDWL | Communication Services | 32.5% | $3,604,154,400 |
| ICD | Dubai Financial Market (DFM) - PJSC | DFM | Financials | 31.5% | $3,135,166,628 |
| ICD | Air Arabia PJSC | DFM | Industrials | 31.5% | $5,286,173,479 |
| ICD | International Holding Company PJSC | ADX | Health Care | 31.5% | $232,942,305,033 |
| ICD | Mashreqbank PSC | DFM | Financials | 31.5% | $11,471,222,568 |
| ICD | Emirates Integrated Telecommunications Company PJSC | DFM | Communication Services | 31.5% | $12,404,548,338 |
| ICD | TECOM Group PJSC | DFM | Financials | 31.5% | $4,411,164,070 |
| ICD | Dubai Investment (P.J.S.C) | DFM | Non-Energy Minerals | 31.5% | $4,399,638,942 |
| ICD | Talabat Holding Plc | DFM | Industrials | 31.5% | $4,857,397,246 |
| ICD | Deyaar Development (P.J.S.C) | DFM | Financials | 31.5% | $966,318,335 |
| ICD | Amanat Holdings PJSC | DFM | Financials | 31.5% | $826,949,096 |
| ICD | Emaar Properties (P.J.S.C) | DFM | Real Estate | 31.5% | $29,723,165,326 |
| ICD | Emirates NBD Bank (P.J.S.C) | DFM | Financials | 31.5% | $48,245,224,460 |
| ICD | Aramex PJSC | DFM | Industrials | 31.5% | $665,771,837 |
| ICD | Dubai Islamic Bank PJSC | DFM | Financials | 31.5% | $14,601,814,291 |
| ICD | GFH Financial Group B.S.C | ADX | Financials | 31.5% | $2,096,967,358 |
| ICD | Al Dar Properties | ADX | Financials | 31.5% | $16,827,846,996 |
| ICD | Spinneys 1961 Holding plc | DFM | Consumer Discretionary | 31.5% | $1,176,310,462 |
| ICD | Agility Public Warehousing Co. K.S.C. | DFM | Industrials | 31.5% | $1,078,279,161 |
| QIA | Nebras Energy | QSE | Utilities | 30.7% | $4,427,197,802 |
| PIF | Banque Saudi Fransi | TDWL | Financials | 30.0% | $3,501,188,362 |
| PIF | Saudi National Bank | TDWL | Financials | 28.6% | $17,940,395,583 |
| QIA | Almeera Consumer Goods Co. QSC | QSE | Consumer Discretionary | 27.6% | $766,840,659 |
| Libyan Foreign Investment Company | Safwa Islamic Bank | ASE | — | 26.2% | $314,712,000 |
| SGRF | OOREDOO | ADX | Communication Services | 26.0% | $11,168,951,853 |
| Bahrain Mumtalakat Holding Co. B.S.C.(c) | Gulf Hotels Group | BHB | Consumer Discretionary | 25.5% | — |
| PIF | ADNOC Gas plc | ADX | Energy | 25.0% | $67,085,654,771 |
| ICD | National Central Cooling Co. (P.S.C.) (Tabreed) | DFM | Utilities | 24.9% | $2,122,816,217 |
| Mubadala | National Central Cooling Co. (P.S.C.) (Tabreed) | DFM | Utilities | 24.9% | $2,122,816,217 |
| QIA | Qatar National Cement Co. | QSE | Materials | 24.6% | $530,902,505 |
| GRSIA | Dukhan Bank Q.P.S.C. | QSE | Financials | 24.5% | $4,985,336,456 |
| ADIA | First Abu Dhabi Bank | ADX | Financials | 24.0% | $54,112,006,999 |
| The Safety First Investment company | Capital Bank of Jordan | ASE | Financials | 24.0% | $723,220,567 |
| ICD | Invest Bank | ADX | Financials | 23.8% | $3,726,580,608 |
| PIF | Ades Holding Company | TDWL | Industrials | 23.8% | $1,412,833,966 |
| PIF | Riyad Bank | TDWL | Financials | 23.6% | $6,216,847,054 |
| ICD | Commercial Bank of Dubai(PSC) | DFM | Financials | 23.6% | $7,478,220,520 |
| PIF | Middle East Paper Co. | TDWL | Materials | 23.1% | $107,802,178 |
| ICD | Amlak Finance PJSC | DFM | Financials | 23.0% | $731,109,583 |
| SGRF | OOREDOO | ADX | Communication Services | 23.0% | $11,168,951,853 |
| PIF | Saudi Reinsurance Company | TDWL | Financials | 22.7% | $307,094,588 |
| PIF | National Shipping Co. of Saudi Arabia | TDWL | Industrials | 22.6% | $2,100,901,013 |
| Investment Corporation Dubai | Emaar Properties (P.J.S.C) | DFM | Real Estate | 22.3% | $29,723,165,326 |
| GRSIA | United Development Co. | QSE | Financials | 22.3% | $826,849,760 |
| Public Investment Fund | Riyad Bank | TDWL | Financials | 21.8% | $6,216,847,054 |
| Public Investment Fund | Riyad Bank | TDWL | Financials | 21.8% | $6,216,847,054 |
| QIA | Mazaya Real Estate Development Company | QSE | Financials | 21.2% | $156,593,407 |
| Qatar Investment Authority (QIA) | AlRayan Bank | QSE | Financials | 20.6% | $5,531,456,044 |
| ICD | Emaar Development PJSC | DFM | Financials | 20.1% | $15,466,303,400 |
| KIA | GFH Financial Group B.S.C | ADX | Financials | 20.0% | $2,096,967,358 |
| Mubadala | Amanat Holdings PJSC | DFM | Financials | 20.0% | $826,949,096 |
| ICD | Dubai Taxi Co. PJSC | DFM | Industrials | 20.0% | $1,456,773,387 |
| PIF | Saudi Awwal Bank | TDWL | Financials | 20.0% | $5,365,632,057 |
| PIF | Arab National Bank | TDWL | Financials | 20.0% | $3,070,835,946 |
| ICD | Emirates Central Cooling Systems Corporation PJSC | DFM | Utilities | 20.0% | $4,275,016,836 |
| QIA | Qatar Oman Investment Co. | QSE | Financials | 20.0% | $37,631,868 |
| ICD | First Abu Dhabi Bank | ADX | Financials | 20.0% | $54,112,006,999 |
| PIF | Dr. Sulaiman Al-Habib Medical Services Group Co. | TDWL | Health Care | 20.0% | $6,324,645,676 |
| ICD | Salik Company PJSC | DFM | Industrials | 20.0% | $10,578,624,564 |
| PIF | Almarai Company | TDWL | Consumer Staples | 19.9% | $3,116,224,703 |
| Mubadala | International Holding Company PJSC | ADX | Health Care | 19.5% | $232,942,305,033 |
| Kuwait Investment Authority (KIA) | Bank of Bahrain and Kuwait B.S.C. | BHB | Financials | 19.2% | — |
| Kuwait Investment Authority (KIA) | Bank of Bahrain and Kuwait B.S.C. | BHB | Financials | 19.2% | — |
| Kuwait Investment Authority (KIA) | Bank of Bahrain and Kuwait B.S.C. | BHB | Financials | 19.2% | — |
| PIF | Qassim Cement Co. | TDWL | Materials | 19.0% | $335,588,123 |
| PIF | Power and Water Utility Company for Jubail and Yanbu (Marafiq) | TDWL | Utilities | 17.5% | $566,296,210 |
| QIA | Qatar Islamic Bank | QSE | Financials | 17.2% | $14,424,271,714 |
| Qatar Investment Authority | Doha Bank | QSE | Financials | 17.1% | $2,358,569,495 |
| QIA | Doha Bank | QSE | Financials | 17.1% | $2,358,569,495 |
| Qatar Investment Authority | Doha Bank | QSE | Financials | 17.1% | $2,358,569,495 |
| GRSIA | Gulf International Services QSC | QSE | Energy | 17.1% | $1,033,356,870 |
| ICD | Abu Dhabi Islamic Bank | ADX | Financials | 17.0% | $20,570,618,714 |
| PIF | Kingdom Holding Co. | TDWL | Financials | 16.9% | $2,544,109,049 |
| QIA | Commercial Bank (Q.S.C.) | QSE | Financials | 16.8% | $4,805,557,732 |
| QIA | Qatar International Islamic Bank | QSE | Financials | 16.6% | $4,520,270,207 |
| PIF | Umm Al Qura for Development and Construction Company | TDWL | Financials | 16.3% | $1,714,085,071 |
| GRSIA | Industries of Qatar Co. | QSE | Materials | 16.2% | $19,861,950,549 |
| GRSIA | Qatar National Cement Co. | QSE | Materials | 16.0% | $530,902,505 |
| PIF | Saudi Arabian Oil Co. | TDWL | Energy | 16.0% | $473,488,818,965 |
| PIF | Saudi Telecom Co. | TDWL | Communication Services | 16.0% | $15,033,555,573 |
| GRSIA | Qatar Fuel-Woqod QSC | QSE | Energy | 15.9% | $3,944,245,169 |
| TWF | Turkiye Halk Bankasi Anonim Sirketi | BIST | Financials | 15.9% | $7,655,093,739 |
| QIA | AlRayan Bank | QSE | Financials | 15.9% | $5,531,456,044 |
| PIF | Saudi Public Transport Co. | TDWL | Industrials | 15.7% | $107,532,451 |
| EIA | Dubai Investment (P.J.S.C) | DFM | Non-Energy Minerals | 15.6% | $4,399,638,942 |
| QIA | Mannai Corporation Q.P.S.C. | QSE | Information Technology | 15.0% | $649,196,308 |
| Mubadala | Abu Dhabi Ports Company PJSC | ADX | Industrials | 15.0% | $5,430,779,930 |
| PIF | Talabat Holding Plc | DFM | Industrials | 15.0% | $4,857,397,246 |
| SRF | ACWA Power | TDWL | Utilities | 15.0% | $9,213,936,786 |
| GRSIA | Nebras Energy | QSE | Utilities | 14.3% | $4,427,197,802 |
| GRSIA | Qatar Gas Transport Co. | QSE | Industrials | 14.1% | $6,514,375,881 |
| Al Mal Direct Equity II Limited (Knowledge Fund) | Taaleem Holdings PJSC | DFM | Consumer Services | 13.6% | $837,064,582 |
| Turkey Wealth Fund | Turkiye Is Bankasi Anonim Sirketi Class B | BIST | Financials | 13.6% | $10,222,141,476 |
| GRSIA | Ooredoo Q.P.S.C | QSE | Communication Services | 12.7% | $12,056,000,000 |
| GRSIA | Baladna Q.P.S.C | QSE | Materials | 12.3% | $706,808,264 |
| EIA | Air Arabia PJSC | DFM | Industrials | 12.0% | $5,286,173,479 |
| ICD | Abu Dhabi Ports Company PJSC | ADX | Industrials | 12.0% | $5,430,779,930 |
| GRSIA | Qatar Industrial Manufacturing Co. | QSE | Industrials | 11.9% | $290,472,527 |
| GRSIA | Dukhan Bank Q.P.S.C. | QSE | Financials | 11.7% | $4,985,336,456 |
| ADIA | Sharjah Islamic Bank | ADX | Financials | 11.2% | $2,845,810,523 |
| GRSIA | United Development Co. | QSE | Financials | 10.9% | $826,849,760 |
| QIA | Gulf International Services QSC | QSE | Energy | 10.7% | $1,033,356,870 |
| GRSIA | Widam Food Company Q. S. C | QSE | Consumer Staples | 10.6% | $75,164,835 |
| SGRF | Agility Public Warehousing Co. K.S.C. | DFM | Industrials | 10.2% | $1,078,279,161 |
| Samruk-Kazyna | Turk Hava Yollari A.O. | BIST | Industrials | 10.1% | $11,995,995,000 |
| GRSIA | Qatar Insurance Co. | QSE | Financials | 10.1% | $2,063,745,266 |
| Mubadala | First Abu Dhabi Bank | ADX | Financials | 10.0% | $54,112,006,999 |
| Abu Dhabi Investment Authority | Ooredoo Q.P.S.C | QSE | Communication Services | 10.0% | $12,056,000,000 |
| PIF | Yanbu Cement Co. | TDWL | Materials | 10.0% | $163,750,732 |
| PIF | Eastern Province Cement Co. | TDWL | Materials | 10.0% | $147,232,753 |
| Public Investment Fund | Alinma Bank | TDWL | Financials | 10.0% | $5,124,858,938 |
| NIF | Abu Dhabi Commercial Bank | ADX | Financials | 10.0% | $27,303,813,934 |
| Abu Dhabi Investment Authority | OOREDOO | ADX | Communication Services | 10.0% | $11,168,951,853 |
| Public Investment Fund | Alinma Bank | TDWL | Financials | 10.0% | $5,124,858,938 |
| PIF | ADNOC Logistics & Services plc | ADX | Industrials | 10.0% | $10,636,916,650 |
| Mubadala | Lulu Retail Holdings PLC | ADX | Consumer Discretionary | 10.0% | $2,798,437,249 |
| Qatar Investment Authority | Qatar Islamic Bank | QSE | Financials | 10.0% | $14,424,271,714 |
| EIA | Mashreqbank PSC | DFM | Financials | 10.0% | $11,471,222,568 |
| Abu Dhabi Investment Authority | Ooredoo Q.P.S.C | QSE | Communication Services | 10.0% | $12,056,000,000 |
| PIF | Mashreqbank PSC | DFM | Financials | 10.0% | $11,471,222,568 |
| EIA | Emirates Telecom. Group Company (Etisalat Group) PJSC | ADX | Communication Services | 10.0% | $45,324,946,074 |
| ICD | Emirates NBD Bank (P.J.S.C) | DFM | Financials | 10.0% | $48,245,224,460 |
| PIF | Lulu Retail Holdings PLC | ADX | Consumer Discretionary | 10.0% | $2,798,437,249 |
| Public Investment Fund | Alinma Bank | TDWL | Financials | 10.0% | $5,124,858,938 |
| Abu Dhabi Investment Authority | OOREDOO | ADX | Communication Services | 10.0% | $11,168,951,853 |
| Public Investment Fund | Alinma Bank | TDWL | Financials | 10.0% | $5,124,858,938 |
| QIA | Qatar Industrial Manufacturing Co. | QSE | Industrials | 9.0% | $290,472,527 |
| PIF | Taiba Investment Company | TDWL | Consumer Discretionary | 8.5% | $713,005,474 |
| Oman Investment Authority - 2 | Al Jazeera Steel | MSX | Materials | 8.3% | — |
| PIF | Sharjah Islamic Bank | ADX | Financials | 8.3% | $2,845,810,523 |
| TVF | Turkcell Iletisim Hizmetleri A.S. | BIST | Communication Services | 8.1% | $6,767,847,631 |
| TVF | BIM Birlesik Magazalar A.S. | BIST | Consumer Discretionary | 7.8% | $12,125,202,675 |
| GRSIA | Almeera Consumer Goods Co. QSC | QSE | Consumer Discretionary | 7.3% | $766,840,659 |
| Islamic Development Bank | Fujairah Cement Industries | ADX | Materials | 7.1% | $44,283,308 |
| GRSIA | Doha Bank | QSE | Financials | 7.0% | $2,358,569,495 |
| Qatar Holding | Dukhan Bank Q.P.S.C. | QSE | Financials | 7.0% | $4,985,336,456 |
| Qatar Holding (Qatar Investment Authority) | Dukhan Bank Q.P.S.C. | QSE | Financials | 7.0% | $4,985,336,456 |
| GRSIA | Vodafone Qatar QSC | QSE | Communication Services | 6.9% | $3,094,767,857 |
| Qatar Holding | Dukhan Bank Q.P.S.C. | QSE | Financials | 6.8% | $4,985,336,456 |
| Oman Investment Authority | Shell Oman Marketing | MSX | Energy | 6.5% | — |
| Oman Investment Authority | Oman Oil Marketing | MSX | Energy | 6.4% | — |
| Arkadia Company | Cairo Amman Bank | ASE | Financials | 5.9% | $307,380,000 |
| Kuwait Investment Authority | Kuwait International Bank KSC | BK | Financials | 5.5% | $1,553,854,645 |
| PIF | Saudi Ceramic Co. | TDWL | Industrials | 5.4% | $202,465,613 |
| GRSIA | Vodafone Qatar QSC | QSE | Communication Services | 5.4% | $3,094,767,857 |
| GRSIA | Gulf International Services QSC | QSE | Energy | 5.3% | $1,033,356,870 |
| Oman Investment Authority - 1 | Al Jazeera Steel | MSX | Materials | 5.3% | — |
| GRSIA | Qatar National Cement Co. | QSE | Materials | 5.3% | $530,902,505 |
| KIA | Agility Global PLC | ADX | Industrials | 5.2% | $3,942,991,341 |
| GRSIA | Qatar Fuel-Woqod QSC | QSE | Energy | 5.2% | $3,944,245,169 |
| ADIA | Dubai Financial Market (DFM) - PJSC | DFM | Financials | 5.0% | $3,135,166,628 |
| Mubadala | Dubai Financial Market (DFM) - PJSC | DFM | Financials | 4.5% | $3,135,166,628 |
| Public Investment Fund (PIF) | Saudi Arabian Oil Co. | TDWL | Energy | 4.0% | $473,488,818,965 |
| Qatar Investment Authority | Industries of Qatar Co. | QSE | Materials | 2.0% | $19,861,950,549 |
| Mubadala | ADNOC Gas plc | ADX | Energy | 1.0% | $67,085,654,771 |
SWF Board Representatives
Directors identified as appointed by or affiliated with sovereign wealth funds
| Director | SWF Affiliation | Company | Exchange | Role |
|---|---|---|---|---|
| Ibrahim Said AlEisri | OIA | Mobile Telecommunications Company K.S.C.P | BK | Board Member |
| Bader Ali Ahmad Alrabiah | Public Investment Fund | Advanced Petrochemical Co. | TDWL | Board Nominee |
| Sultan Ahmed Al Jaber | Mubadala Investment Company | First Abu Dhabi Bank | ADX | Director |
| Waleed Al Mokarrab Al Muhairi | Mubadala Investment Company | First Abu Dhabi Bank | ADX | Director |
| Abdulaziz Mohammed Alshathri | Public Investment Fund | Morabaha Marina Financing Company | TDWL | Head of Legal & Collection |
| Nasser Suleiman Al-Harthy | OIA | Mobile Telecommunications Company K.S.C.P | BK | Non-Executive Director |
| Yazid Abdul Rahman Ibrahim Al-hamid | Public Investment Fund | Saudi Telecom Co. | TDWL | Board Member |
| Yazid Abdul Rahman Ibrahim Al-hamid | Public Investment Fund | Saudi Tadawul Group Holding Company | TDWL | Board Member |
| Younis Abdo Muhammad Tabiqi | SAMA | SAMA Healthy Water Factory company | TDWL | Secretary |
| Alwaleed Bin Talal Bin Abdulaziz Alsaud | Public Investment Fund | Kingdom Holding Co. | TDWL | Executive Chair |
| Atif Said Rashid Al Siyabi | OIA | Mobile Telecommunications Company K.S.C.P | BK | Non-Executive Director (Representing Abeer Al Shuruq Co.) |
| Atif Said Rashid Al Siyabi | OIA | Bank Nizwa | MSX | Board Member |
| Yousef Khaled Al-Abdulrazzaq | Kuwait Investment Authority | Mobile Telecommunications Company K.S.C.P | BK | Non-Executive Director |
| Osamah Othman Alfuraih | Kuwait Investment Authority | Mobile Telecommunications Company K.S.C.P | BK | Chairman |
| Muhammed Sheikaldden Basheer | SAMA | SAMA Healthy Water Factory company | TDWL | CFO |
| Khloud Alsalem | Public Investment Fund | Kuwait International Bank KSC | BK | Head of Legal Affairs Department |
| Hanoof Thani F Th Al-Thani | Qatar Investment Authority | Qatar Islamic Bank | QSE | Independent Board Member |
| Hanoof Thani F Th Al-Thani | Qatar Investment Authority | Qatar Islamic Bank | QSE | Independent Board Member |
| Rania Mahmoud Nashar | Public Investment Fund | Saudi Telecom Co. | TDWL | Member of the Board of Directors |
| Hashem Othman Ibrahim Al-Hekail | SAMA | Derayah Financial Company | TDWL | Director |
| Mohamed Badr Al-Sadah | Qatar Investment Authority | Estithmar Holding Q.P.S.C | QSE | Board Member |
| Mohamed Youssef Kamal | Qatar Investment Authority | Nebras Energy | QSE | Board Member |
| Tahnoon bin Zayed Al Nahyan | Abu Dhabi Investment Authority | First Abu Dhabi Bank | ADX | Chairman |
| Homaid Abdulla Al Shimmari | Mubadala Investment Company | First Abu Dhabi Bank | ADX | Director |
| Azzam Saud Al-Madhihim | Public Investment Fund | Saudi Ceramic Co. | TDWL | CEO |
| Saad Mohammad Saad Al-Romaihi | Qatar Investment Authority | Qatar Navigation QSC | QSE | Board member |
| Mohamed Khalfan Al Romaithi | ADQ | United Arab Bank | ADX | Chairman |
| Khalifa Ateeq Al Mazrouei | Abu Dhabi Investment Authority | First Abu Dhabi Bank | ADX | Director |
| Muhammed Fathaldden Ali Dweri | SAMA | SAMA Healthy Water Factory company | TDWL | CEO |
| Fahim Mohammed | Abu Dhabi Investment Authority | Qatar Navigation QSC | QSE | Manager – Business Support |
| Amna Abdulla Almulla | Mubadala Investment Company | Qatar Gas Transport Co. | QSE | Head of Treasury Operations |
| Mahmoud Al Kuwaiti | Mubadala Investment Company | Emirates Telecom. Group Company (Etisalat Group) PJSC | ADX | Deputy Chairman |
| Jassem Mohammed Bu Ataba Al Zaabi | Abu Dhabi Investment Authority | First Abu Dhabi Bank | ADX | Director |
| Osamah Shaker | SAMA | Bupa Arabia for Cooperative Insurance Co. | TDWL | Director |
Methodology
The Shadow Portfolio aggregates three data sources to build a complete picture of sovereign wealth fund influence: (1) fund_holdings — direct equity positions reported by SWFs, (2) top-20 shareholder registers — positions identified via name matching and SWF flags, and (3) board appointments — directors tagged as SWF representatives based on affiliation data.
GCC sovereign wealth funds operate differently from passive institutional investors. They often take strategic stakes with board representation rights, influence management appointments, and direct capital allocation toward national economic priorities. A single SWF director appointment can signal upcoming capital injection, M&A activity, or strategic pivots — making this intelligence valuable for fund managers and analysts.
Estimated invested value is calculated as ownership percentage multiplied by company market capitalisation and should be treated as indicative. Board seats are tagged via name matching against known SWF entities and cross-referencing shareholder positions.
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This analysis is based on available data and disclosed methodology. Our models estimate outcomes using specific inputs and assumptions — the methodology is described on this page. Observations may not account for all relevant factors. This content is provided for educational and informational purposes only.
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