Saudi Arabia's Public Investment Fund Tops Global Sovereign Wealth Spending

Investments in diverse sectors mark a strategic move to diversify economy away from oil as part of 'Vision 2030' plan.

Saudi Arabia's Public Investment Fund (PIF) emerged as the world's most active sovereign investor in 2023, deploying $31.6 billion, an increase from $20.7 billion the previous year.
PIF's investments ranged from a stake in Heathrow Airport to ownership of a US gaming company, Scopely, and a major shareholder in Japan’s Nintendo.
The fund's spending accounted for over a quarter of the $123.8 billion spent in total by all of the world's sovereign wealth funds in 2023.
PIF's increased activity contrasts with a global trend of reduced spending by state-owned investors, with Singapore's GIC and Temasek Holdings reducing their investments by 46% and 53% respectively.
The fund's spending spree is part of Saudi Arabia's 'Vision 2030' plan, led by Crown Prince Mohammed Bin Salman, to diversify the economy away from oil.