In recent years, Spain has come into the spotlight of the world’s largest sovereign wealth funds. Investment giants from Norway, Saudi Arabia, China and other countries are increasingly viewing the Spanish market as strategically important. Their interest goes far beyond real estate — Spain’s leading companies and key economic sectors are also in their sights.
In December 2025, the Norwegian fund—recognized as the world’s largest—announced plans to nearly double its stake in Spain’s real estate sector. These moves did not go unnoticed: other funds soon followed, starting to snap up shares in Spanish corporations, including heavyweights such as Telefónica, Naturgy and Talgo. Spain has become the stage for major financial maneuvers—and this is only the beginning.
New instruments
In early 2026, the Spanish government launched its own sovereign wealth fund named “España crece.” It was endowed with €10.5 billion from the European Next Generation program. While impressive, this amount is modest compared to the global giants. Nevertheless, its creation sent a clear message to international investors: Spain is ready to play big and create opportunities for long-term investments.
Sovereign wealth funds are more than just government investment vehicles. They manage a wide range of assets, from stocks and bonds to real estate and infrastructure projects. The main goal is to ensure the stability and growth of national wealth, as well as to prepare for potential economic shocks. In times of crisis, these funds serve as a financial safety net for the country.
Global players
On the global stage, several sovereign wealth funds dominate, with assets reaching into the trillions of dollars. Norway’s Government Pension Fund Global, China’s CIC, as well as funds from the UAE, Kuwait, Saudi Arabia, Singapore, and Qatar—all have long expanded beyond their home countries. Their investments span multiple sectors, from energy to high technology.
In recent years, these funds have actively diversified their portfolios. This trend is especially noticeable among the Gulf countries, which are looking to reduce their dependence on oil. They are increasingly investing in renewable energy, digital technologies, transport, and even sports. Such a strategy not only boosts profits but also strengthens their position in the global market.
Spain’s allure
Spain has become one of the top priorities for international investors. The reasons are several: a stable economy, attractive business conditions, and promising sectors. In 2025, sovereign wealth fund investment in Spanish assets exceeded $4.5 billion—almost three times more than the previous year. The Saudi Arabian fund was especially active, investing over $36 billion, including nearly a 10% stake in Telefónica.
Experts note that interest in Spain is driven by more than just economic factors. The entire European market is becoming increasingly attractive against the backdrop of global changes related to decarbonization and the transition to new energy sources. Thanks to its geographic location and advanced infrastructure, Spain is in a favorable position.
Long-term strategies
Sovereign wealth funds are not seeking quick profits. Their strategy focuses on long-term investments spanning decades. This approach allows them not only to secure stable income, but also to influence the development of entire sectors. In Spain, such capital is driving growth, fostering economic modernization and the creation of new jobs.
At the same time, the creation of the national fund ‘España crece’ could become a catalyst for attracting even more foreign capital. The Spanish government is focusing on strategic projects that have the potential to transform the country’s economic landscape. In an environment of global competition for investment, this approach appears both justified and timely.
