Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) spent more than any other last year, topping an annual ranking of sovereign investment fund spending compiled by consultancy Global SWF for the first time, according to reports.
The PIF spent $31.5 billion (SAR 118 billion) on investments ranging from a stake in Heathrow to ownership of a US gaming company and other sporting investments.
That total accounted for just over a quarter of the $123.8 billion (SAR 33.8 billion) spent in total by all of the world’s sovereign wealth funds in 2023.
Additionally, Saudi spending jumped year-on-year, by roughly a third compared to the previous year, 2022.
In total, the PIF inked 48 deals last year across numerous sectors in line with Saudi Arabia’s efforts to diversify its economy away from oil.
As of 2021, the PIF did not crack into the top 10 of SWF spending.
