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Saudi PIF invested $31.6B in 2023, record in global sovereign wealth funds

The PIF is estimated to have nearly $800 billion in assets and wants to become the world’s largest sovereign wealth fund by 2030.
People attend the International E-Sport Gamers forum Next World in the Saudi capital, Riyadh, on Sept. 7, 2022.

Saudi Arabia’s Public Investment Fund (PIF) topped the list of highest-spending government sovereign wealth funds (SWFs) in 2023, with an eyewatering $31.6 billion invested into 49 deals over the year, according to a new report.

Global sovereign wealth fund tracker Global SWF wrote in a report released Monday that the PIF made up 25% of the $124.7 billion of global state-owned investments in 2023. This was 33% more than in 2022.

It is the first time in five years that the PIF has led the pack ahead of Singapore’s deep-pocketed GIC. 

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