The UAE is using a wealth fund to gain diplomatic sway

With $199bn of assets under management, an amount equivalent to two-fifths of the UAE’s GDP, the fund has decided to take a new approach. Although more than 80% of its capital is tied up in domestic infrastructure and related firms, such as Etihad Airways and AD Ports, this reflects spending in the years after the fund was established in 2018. The new ambition is to exert the UAE’s influence abroad—on which it is willing to spend big.