PIF ranks fifth among global sovereign wealth funds
The acquisition of additional stakes in Aramco boosted its shareholding’s estimated value
Dubai: Saudi PIF climbs ranking to fifth place among sovereign wealth funds (SWF) globally, with net assets of $861 billion (Dh3.1 trillion)
The acquisition of an additional 8 per cent stake in Saudi Aramco, which constitutes around 37 per cent of the PIF’s portfolio value, boosted its shareholding’s estimated value to $328 billion (Dh1.2 trillion).
This decision influenced the PIF’s total assets under management to go from up from $700 billion (Dh2.5 trillion) to more than $860(Dh3.1 billion).
According to the SWF Institute, the significant stake in Aramco is anticipated to generate billions in annual dividends for PIF, thereby bolstering its investment capacity, aligning with the Kingdom’s main goal of diversifying its streams of income.
The PIF’s investment in projects, such as the establishment of Alat will contribute to achieving the Saudi Vision 2030 of diversifying streams of gross domestic products away from the oil sector.
The PIF's additional move into the automotive sector, including collaborations with Hyundai and investments in Lucid and Ceer Motors, are in line with its goal of positioning Saudi Arabia as a major player in global automotive production.