Low oil prices may have cost the government of Saudi Arabia more than $70 billion in the past six months. Qatar’s sovereign wealth fund has taken paper losses of up to $12 billion in the third quarter as a result of the Volkswagen scandal, the collapse in the share price of mining and commodity trading firm Glencore and troubles at the Agricultural Bank of China.

While the causes of the huge declines are different, the effects are similar. Saudi Arabia is reported to have repatriated as much as $73 billion from its foreign reserves as the country tries to sustain its economy and pay for its military action in Yemen. A report in the Financial Times noted that fund managers at BlackRock, Franklin Templeton and Legal & General have received redemption notices from the Saudi Arabia Monetary Authority (SAMA) as the country seeks to reduce its exposure to equities in favor of more liquid assets, as well as using the repatriated funds to pay current bills.

The Qatar Investment Authority has posted losses in eight of its 10 largest investments. The Financial Times reported that the fund’s investment in Volkswagen could have lost $8.4 billion in the third quarter, up to $2.7 billion on its 8.2% stake in Glencore and another $650 million on mark-to-market losses at the Agricultural Bank of China. Investments in Royal Dutch Shell and Siemens have cost the fund an estimated $500 million and $310 million respectively.

Monday, the Qatar Investment Authority opened its first U.S. office in New York and it has pledged to invest $35 billion in the United States over the next five years. The fund, which was established in 2005 to invest profits from Qatar’s natural gas sales, is the ninth-largest fund in the world, with assets of some $300 billion. At least until recently.

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