The Sovereign Wealth Intelligence Briefing
Monday, 17 August 2026 Norway books a record half on tech gains, Riyadh signals it will offload assets and L’Imad Intends to Take Abu Dhabi Ports Private.
The Sovereign Wealth Intelligence Briefing
Monday, 17th August 2026
Norway’s NBIM Books a Record Half on Chips Not Crude.
Norges Bank Investment Management, manager of Norway’s $2.3 trillion Government Pension Fund, reported a record first-half profit of 1.753 trillion kroner, (~$185 billion). It is a 9.4% return, led by Asian technology stocks. Despite the CEO’s caution on AI valuation, the fund disclosed a 0.05% stake in SpaceX, valued at ~$1.2 billion.
Riyadh Signals Asset Sales: PIF’s Next Five Years Are About Value Realisation.
As PIF published its 2026-2030 strategy, marking what it calls a value realisation phase built on privatisations, listings, divestments and greater reliance on private capital after a decade of rapid state-led deployment that has taken assets under management past $900 billion. The pivot lands days after PIF closed its $55 billion take-private of Electronic Arts alongside Silver Lake and Affinity Partners. Similar to other Strategic Development Funds in the region, a previous focus on ‘Asset Growth’ (ie capital deployment) has run its course and now returns will be central to performance monitoring. PIF states that they will be “Intentionally structuring investments to crowd in private capital and transition mature assets toward market-led expansion”. This may be challenged by regional geopolitics. Read PIF’s strategy here: PIF 2026-2030 Strategy
Abu Dhabi Moves to Take AD Ports Private Through L’Imad
L’imad announced on 17 August its intention to acquire the remaining shares of AD Ports Group it does not already own, lifting its ADQ-held stake from 75.42% toward 100% via a Dh 6.25 a share offer, a 23% premium to last close and 95% above its 2022 IPO price. This is not a routine consolidation as Abu Dhabi focuses on the new normal in the region and the strategic importance of controlling port infrastructure after the close of the Strait of Hormuz. Since March, AD Ports has rerouted cargo through Fujairah and coordinating with Khor Fakkan (Sharjah), outside the strait entirely, deploying 27 vessels and 400 trucks to keep goods moving overland.
Other News & Key Deals
Mubadala lifted its stake in Abu Dhabi developer Aldar Properties from 27.01% to 28.03% through on-market purchases between May and August.
Qatar Investment Authority backed Lesha Bank’s new Shari’a-compliant Lesha Qatar Opportunities Fund, the first local asset manager admitted to its Active Asset Management Initiative.