Saudi Fund Outpaces Singapore’s GIC With $31.6 Billion Splurge

Saudi Arabia’s Public Investment Fund emerged as the world’s most active sovereign investor last year, boosting its deal activity even as most global peers including GIC Pte and Temasek Holdings Pte slashed spending.

PIF, as the Saudi fund is known, deployed $31.6 billion in 2023, according to research consultancy Global SWF. That was higher than the $20.7 billion it invested the previous year, an increase that contrasts with a wider trend — globally state-owned investors deployed $124.7 billion, about a fifth less than the prior year.

WATCH: Saudi Arabia’s Public Investment Fund deployed $31.6 billion in 2023, higher than the $20.7 billion it invested in 2022. Matthew Martin reports.

Source: Bloomberg

The declines were led by GIC, which cut the amount of capital deployed ...