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Sovereign Wealth Funds and Soft Power



My new book chapter is out - Sovereign Wealth Funds and Soft Power. Often existing literature underestimates the long-term strategy of SWF and how it can be beneficial to host country.


Citation: Stephens, M. (2024). Leveraging Sovereign Wealth Funds for Soft Power. In: Baker, H.K., Harris, J.H., Nakshbendi, G. (eds) The Palgrave Handbook of Sovereign Wealth Funds. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-50821-9_11


Honoured to take part in this project - The Palgrave Handbook of Sovereign Wealth Funds, wonderfully edited by Kent Baker Jeffrey Harris and Ghiyath Nakshbendi. Joining an amazing group of experts! Would not have been possible if not for many people and organisations - Narjess Boubakri Diego López Mohsen Saad and the incredible team at Mubadala - thanks Khalifa Al Marar Brian Lott Ibrahim Ajami @DanielDurn Sami Issa whom I worked with to write a case study in 2012 with Immanuel Azaad Moonesar Ph.D., R.D. as part of the Academy of International Business (AIB) MENA chapter case study books. Thanks Abdulkader Jandali, Ph.D. with whom I have many discussions on the topic.


We underestimate the nature of patient capital and the positive impact SWFs can make on host countries (and the home country). This goes beyond income, AuM, and the SWF itself. SWF investment can be organised to contribute to the home nation's soft power strategy, which is a long-term strategy and more about partnerships and close ties. The chapter looks at Mubadala and Ithmar Al Mawarid from the MENA region.


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