Saudi wealth fund PIF is world’s 6th largest with $580b: SWFI

Data from the Sovereign Wealth Funds Institute (SWFI) showed that the Saudi Public Investment Fund (PIF) advanced to the sixth place globally, with assets of $580 billion, after it was $ 480billion.
The rise in the fund’s assets came after Prince Mohammed bin Salman, the Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of the Public Investment Fund, announced the transfer of 4% of the shares of the Saudi Arabian Oil Company “Saudi Aramco” to the Public Investment Fund.
His Highness affirmed that the transfer of these shares is part of the Kingdom’s long-term strategy aimed at supporting the restructuring of the national economy in line with the Kingdom’s Vision 2030, and also contributes to supporting the Fund’s plans to raise the volume of its assets under management to about 4 trillion riyals by the end of 2025.
The PIF narrowed the difference between it and the Investment Fund of the Hong Kong Monetary Authority, which ranks fifth with assets of $585.7 billion.