Abu Dhabi's Mubadala pips Saudi's PIF as world's top wealth fund spender

Abu Dhabi's Mubadala pips Saudi's PIF as world's top wealth fund spender

A Mubadala Development Co. employee pauses near the company's logo at their exhibition booth during the Singapore Airshow in Singapore. Photographer: JONATHAN DRAKE/Bloomberg

Abu Dhabi’s Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia’s wealth fund amid a surge in spending from Gulf countries.