The political economy of gulf-based swfs: KIA, PIF and ADIA as autonomy-maximizer and coup-proofer

Every Gulf state has its own unique domestic drivers such as domestic political settlement, political history, institutional changes, and state-business relations that affect the establishments and actions of the Sovereign Wealth Funds (SWFs). Given the economic, fiscal, and historical similarities between the Gulf countries and their SWFs, the domestic drivers of Gulf-based SWFs and the differences between SWF's domestic utilizations presents itself as an interesting research topic. In this study, by focusing on Gulf-based SWFs' differences in their political and economic utilization, I argue that Gulf-based SWFs serve common domestic goals of 'coup-proofing' and 'regime autonomy-maximization', yet they pursue these goals through varying utilization methods reflective of the political settlements and institutional capacities in their respective countries. The thesis will discuss KIA, ADIA and PIF in terms of their role as autonomy-maximizer and coup-proofer. Saudi Arabia, Kuwait and Abu Dhabi are selected as key cases as these three countries showcase critical dissimilarities in terms of domestic settlements and wealth management methods. Kuwait with democratic tendencies, Saudi Arabia as the main economic and political power and Abu Dhabi with multiple SWFs as the playground for strong princes seems appropriate choices for a fruitful comparison in the Gulf region. The thesis argues that the differences between the three Gulf-based wealth funds reveals a common end goal which is to keep the ruler and close circles in power.