The Saudi Public Investment Fund (PIF) climbed one spot in the global ranking of sovereign wealth funds, thanks to a share transfer from Saudi Aramco. Its assets have climbed by $40 billion.
According to the latest assessment of the assets of global sovereign wealth funds, the Saudi sovereign fund had $ 620 billion in assets, which put it ahead of the Hong Kong Monetary Agency’s investment portfolio, which had $ 589 billion in assets, up to $ 3 billion from the previous report on February 14.
The Public Investment Fund’s assets grew thanks to huge increases in oil prices against the backdrop of the Ukrainian war, as well as the transfer of a 4% stake of Aramco to the fund.
Aramco’s stock price has risen by around 14.3% from the close of trade on February 13 to the close of trading today, adding hundreds of billions of dollars to the company’s market worth, which is now the second-highest in the world behind Apple, which has a market value of $2.276 trillion.