The sovereign wealth fund has continued its investment momentum from 2023, making investments in diverse companies such as London's Heathrow Airport and Rocco Forte Hotels.

In early 2024, PIF revised its asset size on its website to $925.2 billion, making it the fifth largest state-owned investment organization globally.

This significant increase in the fund's standing was due to its procurement of an additional 8 percent stake in Aramco, increasing its estimated shareholding value to $328 billion.

Some of the key announcements made by the wealth fund in 2024 include investments in tennis, tech, and paper production industries.

In the first quarter of 2023, Saudi Arabia's Public Investment Fund (PIF) signed a memorandum of understanding with Bahrain's sovereign wealth fund Mumtalakat to enhance cooperation and create new investment opportunities in Bahrain.

The deal aims to bring additional value to local economies and contribute to sustainable returns for PIF.

In a separate development, PIF acquired a 40 percent stake in Zamil Offshore Co., a marine support services company in Saudi Arabia, which could boost the industry in the country.

The Public Investment Fund (PIF) of Saudi Arabia announced two new investments: one in Zamil Offshore Co., a Saudi-based offshore support provider, and the other in the Association of Tennis Professionals (ATP) to accelerate the growth of tennis globally.

The investment in Zamil Offshore is part of PIF's strategy to develop Saudi Arabia's energy ecosystem and strengthen the offshore support industry.

The investment in ATP aims to foster talent, inclusivity, and sustainable innovation in tennis.

The Public Investment Fund (PIF) of Saudi Arabia announced a strategic partnership with the Association of Tennis Professionals (ATP) to enhance tennis development in Saudi Arabia and globally.

Under the deal, PIF will utilize ATP's expertise to build advanced tennis facilities and provide necessary coaching in the Kingdom.

In February, PIF also launched Alat, a new company focused on making Saudi Arabia a global hub for sustainable technology manufacturing, with a priority on creating products for both local and international markets across seven strategic business units.

The Public Investment Fund (PIF) of Saudi Arabia is expanding its investments in various sectors by manufacturing advanced industries and semiconductors, smart appliances and health solutions, smart devices and building technologies, robotic and communication systems, advanced computers and digital entertainment, and heavy machinery for construction, building, and mining.

In January, PIF acquired a 23.08 percent stake in the Middle East Paper Co. (Mepco) to diversify its investments in the Saudi economy's primary sectors, including recycling, retail, and building materials.

Muhammad Aldawood, PIF's head of the industrials and mining sector, highlighted the attractive growth opportunities in these sectors.

The Public Investment Fund (PIF) of Saudi Arabia has invested in Middle East Paper Co. (Mepco), acquiring a 23.08 percent stake.

This investment is intended to support the private sector in Saudi Arabia, increase local content, boost exports, and enhance quality and competitiveness.

Mepco's CEO, Sami Al-Safran, stated that the investment will help the company become a leading player in the recycling industry and enable its expansion strategy.

In February, Nesma & Partners, backed by PIF, completed the acquisition of Dubai-based Kent, aligning with Nesma's strategic growth plan and aiming to establish the firm as a global leader in the construction industry.

Nesma & Partners, a Saudi Arabian construction company, announced the acquisition of Kent, a UK-based engineering and project management firm.

This acquisition is a significant milestone for Nesma, reinforcing their commitment to expanding capabilities and enhancing their global market position.

The two firms will not integrate operations, allowing them to continue their existing projects.

In related news, Saudi Arabia's Public Investment Fund (PIF) signed a multi-year agreement named Electric 360 with Formula E, Extreme E, and E1 to support the growth of electric motorsports and advance electric mobility.

The partnership aims to drive technological innovation, revolutionize sustainable transport, and reduce carbon emissions.