Gulf governments were forced to raid their wealth funds to counter the oil price drop in late-2014. Several have since changed tack and rebuilt reserves – overall GCC SWF holdings are up 16% over the past three years. But, as they adapt to the new low oil price era, strategies are evolving with their focus turning inwards.

The collapse in the oil price from mid-2014 led sovereign wealth funds (SWFs) in the Gulf to withdraw money from asset managers at the fastest rate on record as...