RIYADH: Egypt’s state wealth fund has attained 47th position in the top 100 largest sovereign funds by total assets, as the North African country pushes ahead with its economic diversification efforts to revive the economy. The Sovereign Fund of Egypt, which has holdings worth $12 billion, joins 13 funds from the Middle East in the top 50, according to the latest rankings released by public asset tracking agency Sovereign Wealth Fund Institute. The US-headquartered institute ranked the Egyptian fund in the 12th position in the Middle East region. Saudi Arabia’s Public Investment Fund claimed sixth position on the global chart, with holdings of $776.65 billion, highlighting the growing dominance of regional state investors in the world. Data released by the SWFI revealed that Norway Government Pension Fund Global topped the list with $1.37 trillion in holdings, followed by China Investment Corp. and Beijing-based SAFE Investment Co. with assets worth $1.35 trillion and $1.01 trillion, respectively. Abu Dhabi Investment Authority and Kuwait Investment Authority claimed fourth and fifth rankings with $853 billion and $803 billion in assets, respectively. Founded in 2005, Qatar Investment Authority ranked 10th globally among the world’s top sovereign wealth funds, with assets of $475 billion. Egypt’s Minister of Planning Hala El-Said said on the sidelines of Egyptian Prime Minister Mostafa Madbouly’s official visit to Doha in February that both countries are exploring opportunities to set up a joint investment fund. Egypt’s $400 billion economy is under increasing strain as a result of the Russian invasion of Ukraine, which has raised food and fuel prices. It is noteworthy that Egypt is the world’s largest wheat importer, and the ongoing conflict in Ukraine has had a significant influence on the country’s financial stability. Meanwhile, Qatar intends to increase its investments in Egypt after the two countries struck an agreement to end double taxation in order to stimulate investment. The Qatari emir stated in a Cabinet statement that the dual taxation agreement is likely to have a tangible impact on raising his country’s investments in Egypt.