PIF’s goal is to acquire $2 trillion (Dh7.3 trillion) in assets by 2030 Image Credit: Shutterstock

Dubai: Saudi Arabia’s PIF ranks 2nd among GCC sovereign wealth funds with $925 billion (Dh3.3 trillion) in assets.

After a 55 per cent increase in assets under management, the PIF has surged in global ranking of sovereign wealth organisations.

This signifies that the organization has surpassed Kuwait’s sovereign wealth fund in this regard, now trailing only behind the Abu Dhabi Investment Authority in the Gulf region.

The ascent was additionally strengthened by PIF’s transaction in March, where it increased its ownership in Aramco by 8 per cent, reaching approximately $328 billion (Dh1.2 trillion). This action constitutes 37 per cent of its portfolio, propelling it to the fifth position globally among sovereign wealth funds.

“The value of the Aramco stake could grow as the government releases more shares to the public, which will help boost PIF’s financial clout and its credit rating as it helps develop on the Vision 2030 ambitions,” said the US-based sovereign wealth fund institute (SWFI).

PIF’s goal is to acquire $2 trillion (Dh7.3 trillion) in assets by 2030, with 83 per cent in domestic holdings.