Bonanza will bolster firepower of Gulf’s sovereign wealth funds Energy-rich Middle East states are set to reap up to $1.3tn in additional oil revenues over the next four years, according to the IMF, as they enjoy a windfall that will bolster the firepower of the region’s sovereign wealth funds at a time when global asset prices have sold off.
The IMF’s projections underscore how high energy prices driven by Russia’s war in Ukraine are buoying the Gulf’s absolute monarchies while much of the rest of the world grapples with soaring inflation and fears of recession.
