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Saudi sovereign wealth fund value increases by $30.55bn

Saudi Fund

The Saudi Public Investment Fund (PIF), the sovereign wealth fund of the country, recorded a significant increase in the value of its assets, according to official data.

With this increase, the Saudi Public Investment Fund, ranks seventh among the largest sovereign wealth funds in the world, according to the Sovereign Wealth Fund Institute’s latest classification.

An institution specialized in studying the investments of governments and sovereign funds, SWF disclosed that the fund’s assets increased by $30.55 billion, to reach $430 billion for the month of June, compared to $399.45 billion in May.

In the ranking list, the Government Pension Fund of Norway ranked first as the largest sovereign fund in the world, with assets of $1,289.46 billion.

China Investment Corporation ranked second with assets of $1,045.72 billion, followed by Abu Dhabi Investment Authority with assets of $649.2 billion.

Investcorp, alternative investment company announced that the joint fund of Investcorp and Aberdeen Standard Investments companies in the infrastructure sector, has received capital pledges from the Saudi Public Investment Fund as a major investor, with 20% of the size of the joint fund before the expected first closing.

Based in the Bahraini capital, Manama, Investcorp added that the joint fund also received the approval of the Board of Directors of the Asian Infrastructure Investment Bank, to contribute $90 million.

Other international investors are expected to join, including pension funds, insurance companies, family offices, private clients and more.

“We believe that investing in infrastructure is critical for supporting long-term economic growth and we are proud that our joint venture with Aberdeen Standard Investments has secured commitment from PIF and will now look to drive sustainable value for all stakeholders,” said Hazem Ben-Gacem, co-chief executive officer of Investcorp. 

It is noteworthy that Saudi Arabia has previously confirmed that as part of its strategic plans for the Fund during the next five years, it aims to double the size of the assets of public investments, to exceed 4 trillion riyals ($1.06 trillion) in 2025, and reach 10 trillion riyals ($2.6 trillion) in 2030.

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