More local than global

Rethinking sovereign wealth and state capitalism in Saudi Arabia, Kazakhstan, and Malaysia

Datos Bibliográficos

ID12911008
AutoresGene Lim (0000-0001-9083-8883, National Graduate Institute for Policy Studies), Guanie Lim (National Graduate Institute for Policy Studies), Linda Yin-nor Tjia (0000-0001-7442-0217, City University of Hong Kong, autor de correspondencia), Wellington N K Aweke (Ministry of Finance)
Año2026
Páginas1-17
Fecha de publicación2026-03-25
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaJournal of Asian Public Policy (JOURNAL)
Identificadores de la revistaISSN: 1751-6242 • E-ISSN: 1751-6234
EditorialTaylor & Francis (PUBLISHER • GB)
DOI10.1080/17516234.2026.2648070
OpenAlexW7140318615
IdiomaEN
Referencias citadas22

The Public Investment Fund (PIF) of Saudi Arabia has gained prominence in Middle Eastern and global markets through high-profile projects such as the futuristic city of Neom and the acquisition of English football club Newcastle United. These initiatives have drawn international attention to the PIF’s expanding scale and scope of activities, prompting debates over market distortions abroad and governance, accountability, and social justice at home. Similar apprehensions also surround newer sovereign wealth funds, such as Kazakhstan’s Samruk-Kazyna and Malaysia’s Sarawak Sovereign Wealth Future Fund, concerning the extent to which home-country geopolitical considerations may shape their overseas investments. Examining case material on the PIF, Samruk-Kazyna, and the Sarawak Sovereign Wealth Future Fund, this paper argues that the rise of these funds since the 2008 global financial crisis has signalled increased willingness and capacity of governments to intervene in their economies. It further argues that, despite those states’ role in directing national and international investment strategies, these funds primarily serve domestic political and economic objectives rather than any coherent geopolitical ambitions: for Saudi Arabia, the PIF is closely intertwined with Crown Prince Mohammed bin Salman’s domestic political agenda; for the other two funds, they focus on strengthening national capacity for economic resilience.

Capitalism · Sovereign wealth fund · Sovereignty · State (computer science · State capitalism · Elite Sociology and Global Capitalism · Socioeconomic Development in MENA · State Capitalism and Financial Governance