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Sovereign wealth funds and national economic development: a global overview of 'strategic investment funds'

Author

Listed:
  • Lee, Neil
  • Arman, Husam
  • Pardy, Martina
  • Iammarino, Simona
  • Alawadhi, Ahmed
  • Al-Jalal, Yasmeen

Abstract

Strategic Investment Funds – Sovereign Wealth Funds that include some focus on domestic economic development – have become an increasingly important policy tool. Yet, there is little systematic literature on these funds, their scope, design and the policy issues they raise. In this report, we present a global overview of these funds. Of the 100 largest Sovereign Wealth Funds worldwide, we find evidence that 53 are undertaking a domestic economic development role. We conduct a systematic review of fund activities and show blurred boundaries between these funds and development banks, and a variety of policy aims and mechanisms. We conduct detailed case studies of four different funds – Temasek (Singapore), Mubadala (United Arab Emirates), Nigeria Sovereign Investment Authority (NSIA), and Samruk-Kazyna (Kazakhstan) – to consider the tensions and policy issues they raise. Finally, we formulate broad policy indications for governments seeking to use these funds, and extract lessons for the Kuwaiti case.

Suggested Citation

  • Lee, Neil & Arman, Husam & Pardy, Martina & Iammarino, Simona & Alawadhi, Ahmed & Al-Jalal, Yasmeen, 2026. "Sovereign wealth funds and national economic development: a global overview of 'strategic investment funds'," LSE Research Online Documents on Economics 140258, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:140258
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    File URL: https://researchonline.lse.ac.uk/id/eprint/140258/
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    JEL classification:

    • N0 - Economic History - - General
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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