Norway’s sovereign fund invests $1.7 billion in UAE stocks

Abu Dhabi – Mubasher: The value of the Norwegian Government Pension Fund’s investments in Emirati companies’ shares reached 6.49 billion dirhams ($1.76 billion) by the end of 2022, an increase of 53% over the value of 2021 investments, which amounted to 4.24 billion dirhams ($1.15 billion).

The market value of the Norwegian fund’s new investments in 12 new companies in the UAE during 2022 amounted to about 1.55 billion, equivalent to $421 million, and the value of the fund’s investments in Dubai IPOs amounted to 945 million dirhams, according to the fund’s data.

The Norwegian fund’s ownership increased in 12 Emirati companies during 2022 compared to ownership in 2021, while its ownership decreased in only 7 companies, and the number of Emirati companies in which the fund invests reached 31 companies.

“Abu Dhabi Commercial” witnessed the highest ownership increase from the Norwegian fund among Emirati companies, with an increase of 199 million dirhams, then “Al-Dar” with an increase of 188 million dirhams, then “A&” with 169.5 million dirhams, then “Abu Dhabi Islamic” with 117 million dirhams..

The Norwegian fund’s investments in “Emaar Properties” are the highest among its portfolio in the Emirates, with a market value of 935 million dirhams, then “First Abu Dhabi” 720.2 million dirhams, then “Emirates National Dubai” 678.4 million dirhams.

The Norwegian Fund’s ownership in “Empower” amounted to about 246.5 million dirhams, “Dubai Islamic” 179.5 million dirhams, “Americana Restaurants” 148.9 million dirhams, and “Emaar Development” 145.5 million dirhams.

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