13.05.2013 - Sovereign wealth funds in GCC focus more on local investments
While they continue to reduce dependence on energy resources, GCC countries are increasingly spending locally and redirecting a greater portion of foreign investments back into the region. According to a report by KPMG specialists released on Thursday, the shift is due to the debt problems afflicting the European Union and the Arab Spring, among other factors. Invesco’s Middle East Asset Management study for 2012 suggests that the value of assets allocated to sovereign wealth funds (SWFs) invested locally have increased by 10 per cent from 2011. Although GCC economies’ revenues increased by nearly 30 per cent and as the West are looking to tap into state-owned funds in the region, assets allocated to SWFs that invest abroad have declined by 1 per cent..........................................Full Article: Source
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