Saudi Arabia’s Public Investment Fund (PIF) has remained among the top 10 world’s sovereign wealth funds, maintaining the sixth spot in the list with assets worth $607.42 billion, the latest data snows.
With $1.350 trillion in assets, the China Investment Corp. topped the list followed by Norway Government Pension Fund Global with assets worth $1.13 trillion and Abu Dhabi Investment Authority with $790 billion in assets, data released by the Sovereign Wealth Fund Institute suggested.
Fourth on the list is Kuwait Investment Authority with $750 billion in assets while Singapore’s GIC Private Limited is placed fifth, with assets of $690 billion.
By the end of 2022, the aggregate assets of the world’s sovereign wealth funds hit $10.30 trillion according to the SWF Institute data, which is up from $10.12 trillion in September 2022.
The PIF, which currently owns more than 54 companies in 10 different sectors and has created more than 500,000 direct and indirect jobs, is now playing a crucial role to achieve the outlined goals in the Kingdom’s Vision 2030 and is leading the economic diversification journey in Saudi Arabia and the efforts to end its reliance on oil revenues.
While the HPDC eyes turning Saudi Arabia into a global halal hub, PIF launched two major companies in 2022 -Saudi Coffee Co. and Halal Products Development Co. Saudi Coffee Co. – striving to develop sustainable coffee production in the home to the world-famous Coffea Arabica, the southern Jazan region.
Latest news also suggested that, being keen on expanding its interests in the sports industry, PIF could bid for the World Wrestling Entertainment, Inc. – which reportedly already hired JPMorgan to help advise on a potential sale – if the promotion puts itself up for sale, Front Office Sports reported quoting sources.
PIF Governor Yasir Al-Rumayyan announced earlier in November that the fund is planning to create 1.8 million quality jobs, that it focuses not only on the figures but also the quality of these figures and of these jobs, and creating even more employment opportunities.
Previously in October, he pointed out that according to the detailed strategy of the Public Investment Fund, the plan is to increase its assets to reach between $2 to $3 trillion by the end of this decade, emphasizing that Crown Prince Mohammed bin Salman is determined to reach that goal.