OSLO: Norway’s $1.1 trillion sovereign wealth fund, the world’s largest, made record returns on investment in the first quarter amid a surge in tech stocks.
Separately, the fund is assessing whether to make an investment in ride-hailing company Uber Technologies Inc. , which is planning an initial public offering, its chief executive told Reuters.
The fund earned 738 billion Norwegian crowns ($84.15 billion) for the January-March period, the highest amount it has ever recorded.
When measured in terms of the fund’s international currency basket, the return for the quarter stood at 9.1 percent, beating its benchmark, it added.
“The first quarter was an exceptionally good quarter,” fund CEO Yngve Slyngstad told reporters.
Apple Inc. made the most positive contribution to the return in the first quarter, the fund said in its quarterly report, followed by Microsoft and Amazon.
The investments that made the most negative contributions were pharmaceutical firm AbbVie, bank Swedbank and US consumer services firm CVS Health.
Tech unicorns
Overall, out of the 10 largest equity holdings in the fund, five of them are US tech companies. The top three equity holdings are Apple, Microsoft and Alphabet.
The fund participated in the initial public offerings of tech firms Lyft and Weimob in the first quarter, and in the present quarter it is examining the listings of two large companies, including that of Uber, Slyngstad said.
The fund has previously said it wished more companies, and particularly tech companies, had sought public listings, enabling the fund to invest in these fast-growing companies.
Slyngstad welcomed the recent wave of public listings by tech firms, but reiterated that they could be seeking listings at an earlier stage so the fund can capture the fruits of their growth.
“This development of these large unicorns coming to the exchanges is something we view positively,” Slyngstad said in an interview on the sidelines of a news conference.
“We are of course pleased that more companies have decided to go to the stock exchanges. We appreciate the transparency and the liquidity of the public markets.
“From our point of view, an earlier listing is better than a later listing.”
Norway’s wealth fund made record returns, looking at Uber IPO
Norway’s wealth fund made record returns, looking at Uber IPO
- Fund is built on revenues from domestic oil industry
- Welcomes wave of recent listings by tech unicorns
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
