Saudi Arabia's Public Investment Fund (PIF) Reaches $925 Billion, Becomes Second Largest Gulf Sovereign Wealth Fund with Record-Breaking Aramco Stake
Saudi Arabia's Public Investment Fund (PIF) has seen a significant increase in assets under management, reaching $925 billion, according to the Sovereign Wealth Fund Institute.
This represents a 55% increase from the previous year and places PIF as the second largest sovereign wealth fund in the Gulf region, behind Abu Dhabi Investment Authority.
A major contributor to this growth was PIF's March deal to increase its stake in Aramco to approximately $328 billion, which now makes up 37% of its portfolio and ranks it fifth in the global sovereign wealth funds rankings.
The value of PIF's Aramco stake could continue to grow as the government releases more shares to the public, potentially boosting PIF's financial power and credit rating as it works towards achieving its Vision 2030 goals.
The Public Investment Fund (PIF) of Saudi Arabia, the world's largest sovereign investor in 2023, has a total debt of approximately $36 billion and raised $7 billion through two sales in early 2024.
In its March report, PIF deployed $31.6 billion across 49 deals, a 33% increase from 2022.
The fund expanded its investments in the Middle East Paper Co., acquiring a 23.1% stake for SR522 million ($139.1 million), and entered the transportation sector with a $30 billion investment in Riyadh Air and an investment in Saudia Technic for aviation services.
Access to borrowing markets is crucial for PIF to achieve its objectives.
The Public Investment Fund (PIF) of Saudi Arabia is finalizing the acquisition of Hadeed, the Saudi Iron and Steel Co., from SABIC for $3.3 billion.
In collaboration with South Korea's POSCO, PIF is promoting green hydrogen production to foster a low-carbon steel sector.
PIF aims to manage $2 trillion in assets by 2030, with 83% in domestic holdings.
The Abu Dhabi Investment Authority (ADIA) remains the largest sovereign wealth fund in the region with $993 billion in assets, up from $790 billion in 2022.
The Kuwait Investment Authority has $846 billion in assets, an increase from $750 billion in 2022.
Qatar's Qatar Investment Authority reported a 7.36% increase in assets from $475 billion to $510 billion in 2024.
The Global SWF reports that Middle Eastern wealth funds manage $4.8 trillion in assets.
In 2022, Gulf funds were involved in a quarter of the 60 mega-deals, with only 17 of these deals involving US or European businesses.
The Investment Corp. of Dubai ranks fifth in the region with $341 billion in assets, followed by Mubadala and ADQ of Abu Dhabi, with $276 billion and $199 billion, respectively.
Saudi Arabia's National Development Fund ranks eighth with $132 billion, and the Emirates Investment Authority and Dubai World have $91 billion and $47 billion in assets, respectively.
A major contributor to this growth was PIF's March deal to increase its stake in Aramco to approximately $328 billion, which now makes up 37% of its portfolio and ranks it fifth in the global sovereign wealth funds rankings.
The value of PIF's Aramco stake could continue to grow as the government releases more shares to the public, potentially boosting PIF's financial power and credit rating as it works towards achieving its Vision 2030 goals.
The Public Investment Fund (PIF) of Saudi Arabia, the world's largest sovereign investor in 2023, has a total debt of approximately $36 billion and raised $7 billion through two sales in early 2024.
In its March report, PIF deployed $31.6 billion across 49 deals, a 33% increase from 2022.
The fund expanded its investments in the Middle East Paper Co., acquiring a 23.1% stake for SR522 million ($139.1 million), and entered the transportation sector with a $30 billion investment in Riyadh Air and an investment in Saudia Technic for aviation services.
Access to borrowing markets is crucial for PIF to achieve its objectives.
The Public Investment Fund (PIF) of Saudi Arabia is finalizing the acquisition of Hadeed, the Saudi Iron and Steel Co., from SABIC for $3.3 billion.
In collaboration with South Korea's POSCO, PIF is promoting green hydrogen production to foster a low-carbon steel sector.
PIF aims to manage $2 trillion in assets by 2030, with 83% in domestic holdings.
The Abu Dhabi Investment Authority (ADIA) remains the largest sovereign wealth fund in the region with $993 billion in assets, up from $790 billion in 2022.
The Kuwait Investment Authority has $846 billion in assets, an increase from $750 billion in 2022.
Qatar's Qatar Investment Authority reported a 7.36% increase in assets from $475 billion to $510 billion in 2024.
The Global SWF reports that Middle Eastern wealth funds manage $4.8 trillion in assets.
In 2022, Gulf funds were involved in a quarter of the 60 mega-deals, with only 17 of these deals involving US or European businesses.
The Investment Corp. of Dubai ranks fifth in the region with $341 billion in assets, followed by Mubadala and ADQ of Abu Dhabi, with $276 billion and $199 billion, respectively.
Saudi Arabia's National Development Fund ranks eighth with $132 billion, and the Emirates Investment Authority and Dubai World have $91 billion and $47 billion in assets, respectively.
Translation:
Translated by AI
