Riyadh, Saudi Arabia — Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) rose to the fifth position among the world’s largest sovereign wealth funds (SWFs), after its net assets rose to $940.26 billion.
PIF’s assets rose by $163.6 billion, compared to $776.7 billion at the end of December 2023, according to the latest data from the SWF Institute, Argaam reported.
This increase came after Crown Prince Mohammed bin Salman announced the transfer of 8 percent of Saudi Aramco’s shares to portfolios of companies wholly owned by PIF.
As per PIF’s five-year strategy, the target is to double the size of its assets to more than SAR 4 trillion ($1.07 trillion) by 2025. Crown Prince Mohammed bin Salman said earlier that the PIF targets to grow its assets to SAR 10 trillion ($2.7 trillion) by 2030, Argaam reported.
Norway’s Government Pension Fund Global ranked first with $1.64 trillion assets, followed by China Investment Corp.
The aggregate assets of the world’s SWFs hit about $12.70 trillion, up from $11.67 trillion in July 2023.
