57 Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has updated its asset size to $925.2 billion on its website, marking a significant climb in rankings among state-owned investment organizations The surge in PIF’s standing follows its acquisition of an additional 8 percent stake in Aramco, boosting its shareholding estimated value to $328 billion. This acquisition has notably impacted PIF’s overall assets under management, surpassing $860 billion, a substantial increase from $700 billion at the end of 2022. With the Aramco holding now representing approximately 37 percent of the fund’s portfolio value, it signifies a pivotal milestone in PIF’s growth trajectory and its pivotal role in Saudi Arabia’s broader economic diversification agenda. In addition to its involvement in megaprojects and subsidiaries, PIF aims to accelerate Saudi Arabia’s Vision 2030 objectives. Notable projects include the development of Alat, a $100 billion industrial electronics company, and automotive endeavors such as partnerships with Hyundai, and investments in Lucid and Ceer Motors, aligning with Saudi Arabia’s ambitions to become a major player in global car production. Earlier in March, Saudi Crown Prince Mohammed bin Salman announced the completion of transferring an additional 8 percent of Saudi Aramco’s total issued shares to portfolio firms wholly owned by PIF. This move, aimed at strengthening the national economy, underscores PIF’s role in diversifying resources and creating investment opportunities while contributing to job creation and technology localization efforts. You Might Be Interested In Amazon Business Introduces “Prefer Small and Medium Enterprises” Feature to Facilitate Purchases Leidos Partnership Implements Electronic Health Record System at Joint DOD-VA Healthcare Site NRG Energy Repurchases $251 Million of Convertible Senior Notes Omnicom Announces Pricing of €600 Million Senior Notes Offering The President of Somaliland to Inaugurate the 11th African Islamic Finance Summit Egypt Secures IMF Deal Following Pound’s Plunge and Rate Hike