Norwegian Fund Adds 7 UAE Companies to Its Investment Portfolio

The value of the Norwegian sovereign fund’s holdings in the shares of listed UAE companies increased by 8% to reach $2.33 billion (AED 8.6 billion) by the end of the first half of 2024, compared to $2.16 billion (AED 8 billion) by the end of 2023, according to Al Khaleej’s survey of the fund’s portfolio.

The fund indicated in its latest data that it invests in 42 companies in the UAE with a value of $2.33 billion, adding 7 new companies to its portfolio, namely “ADNOC Supply”, “Agility Global”, “Alef Education”, “E7”, “Emsteel”, “Parkin”, and “Spinneys”.

The Norwegian fund’s ownership is led by “Emaar Properties” in terms of portfolio value by the end of the first half of 2024, with about $295.2 million, with a 1.5% share, followed by “Emirates NBD” with about $189.6 million, with a 0.67% share, then “Abu Dhabi Ports” with about $143 million, with a 2.02% share, then “Abu Dhabi Commercial” with about $143 million, with a 0.89% share, then “Salik” with $130 million, with a 1.89% share, then “Aldar Properties” with $126.2 million, with a 0.94% share, and “Abu Dhabi First” with $117.8 million, with a 0.31% share, then “Emaar Development” with $102.2 million, with a 1.17% share, then “Empower” with $95.25 million, with a 2.4% share. Then Abu Dhabi Islamic Bank, $91.4 million, with a share of 0.8%.

By the end of June 30, 2024, the promotional fund’s 5.25% stake in “Taaleem” was the largest holding in terms of percentage in the shares of Emirati companies, with a value of $53.6 million, followed by “Agthia” with a 4.53% stake, with a value of $61.5 million, then “Dubai Taxi” with a 3.63% stake, with a value of $50.85 million, then “Spinneys” with 3%, with a value of $44.9 million, then “Empower” with a 2.4% stake, with a value of $95.2 million, then “E7” with 2.15%, with a value of $14 million, then “Parkin” with 2.1%.