Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which is at the forefront of the kingdom’s bid to diversify, with high-profile bets on tech, sports, and airlines, has climbed ranking to fifth place among sovereign wealth funds (SWF) globally, with net assets of $861 billion.

The recent acquisition of an additional 8% stake in Saudi Aramco, which constitutes around 37% of the PIF’s portfolio value, boosted its shareholding’s estimated value to $328 billion.

This decision influenced the PIF’s total assets under management to go from $700 billion to more than $860 billion.

According to the US-based Sovereign Wealth Fund (SWF) Institute, PIF’s stake in Aramco is anticipated to generate billions in annual dividends for PIF, bolstering its investment capacity.

The PIF’s investment in projects, such as the establishment of Alat, will contribute to achieving the Saudi Vision 2030 of diversifying streams of gross domestic products away from the oil sector.

The PIF’s move into the automotive sector includes collaborations with Hyundai and investments in Lucid and Ceer Motors.

The SWF Institute said PIF is well toward meeting its end-of-2025 target of $1 trillion in assets. 

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.