Following its recent acquisition of 8 percent stake in Aramco, Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund (SWF), net assets have reached $940.26 billion, making it the fifth biggest state-owned investment organisations.
A latest update by US-based fund tracking company Sovereign Wealth Fund Institute has shown the total assets of PIF have surged by $163.6 billion. SWFI said that PIF was on target to reach $1 trillion in assets by the end of 2025.
The strategic acquisition of Aramco shares has notably influenced PIF’s total assets under management, which was around $700 billion at the end of 2022. According to Arab News, Aramco stake currently constitutes approximately 37 percent of PIF’s portfolio value.
SWFI reported that the substantial stake in Aramco is expected to generate billions in annual dividends for PIF, reinforcing its investment capacity. It will also boost the various giga projects in the country, in which PIF plays a major role.
UAE’s Abu Dhabi Investment Authority remains one of the top-four sovereign funds in the world with AUM of $993 billion and is on the verge of joining the trillion-dollar club.
The top three SWFs globally, as per the latest figures from SWFI, are Norway Government Pension Fund Global ($1.65 trillion), China Investment Corporation ($1.35 trillion) and SAFE Investment Company ($1.09 trillion).
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