Saudi Arabia’s PIF was top global investor in 2023 with deals topping $31bn – The National

Saudi Arabia’s PIF was top global investor in 2023 with deals topping $31bn – The National

Saudi Arabia’s Public Investment Fund was the top investor among global sovereign wealth funds last year as the kingdom's sovereign wealth fund continues to boost its investment portfolio, according to a new report.The PIF spent $31.6 billion in 49 deals in 2023, up 33 per cent from 2022, industry specialist Global SWF said in its annual report on Monday.The fund outpaced Singapore’s GIC, which ranked as the top investor for 2022.Together with the PIF, four other Gulf funds ranked among the top-10 most active deal makers last year – Abu Dhabi Investment Authority, Mubadala Investment Company, ADQ and Qatar Investment Authority – referred to as the “oil five”, the report said.“In a short span of eight years since its reformulation, the Saudi institution has become a powerhouse both at home and overseas, with the objective of advancing Vision 2030 and of becoming the world’s largest SWF by 2030,” the report said.The PIF is at the heart of Riyadh’s economic diversification efforts and holds stakes in public and private companies including Meta and Alphabet.The fund announced several deals last year aside from setting up new companies to shore up the domestic economy.In April, it paid $4.9 billion for the US gaming