Saudi Arabia’s PIF tops global sovereign fund investments with $31.6bn deployed in 2023: report  

RIYADH: Saudi Arabia’s Public Investment Fund has topped a ranking of state-owned financing vehicles after deploying $31.6 billion across 49 deals in 2023. 

According to worldwide sovereign wealth fund tracker Global SWF, PIF was responsible for 25 percent of the $124.7 billion state-owned investments across the world in the 12 months to the end of December. 

This placed the Saudi organization ahead of Singapore’s GIC, breaking a five-year trend.   

According to the report, the Kingdom’s fund experienced a 33 percent growth in investments compared to the previous year.   

Furthermore, the report projects a bright future for PIF, forecasting that it will be among the top three sovereign funds in the world by the end of the decade, with an estimated $2 trillion in assets under management.  

This aligns with the strategic goals of Saudi Arabia’s Vision 2030, underlining PIF’s role in driving the Kingdom’s economic development and diversification efforts.   

The report stated: “The clear winner was Saudi Arabia’s PIF, which has become a heavy-hitter both at home and overseas.” 

Within the Kingdom, the fund actively engaged in numerous deals and joint ventures to propel the domestic economy toward the goals of Vision 2030, the study noted.

Internationally, PIF executed notable investments, including in US-based Scopely and Japan’s Nintendo in the gaming sector, Brazil’s Vale Basic Materials in mining, and the UK’s Heathrow Airport and Rocco Forte Hotels, focusing on real assets, among other ventures.

Furthermore, the report highlighted that the Saudi organization executed the three largest investment deals in the year.

In April, through its subsidiary Savvy Games Group, PIF invested $4.9 billion in the US gaming company Sloppily.  

Following this, the fund expanded into the aviation industry in August by acquiring Standard Chartered’s aircraft leasing division for $3.6 billion through AviLease.

Another significant move came in September when PIF agreed to purchase SABIC’s steel unit, Hadeed, for $3.3 billion, demonstrating the fund’s commitment to reinforcing its presence in the industrial sector.

Moreover, in 2023, PIF saw an 18 percent growth in its portfolio of US equities, primarily attributed to the increase in the value of existing stock holdings.