Saudi Arabia's Public Investment Fund (PIF) was the top spender among global sovereign wealth funds last year, accounting for about a quarter of the $124 billion splashed by state-owned investors, according to a preliminary report by research consultancy Global SWF.
The Saudi fund boosted its deal activities from a total of $20.7 billion in 2022 to $31.6 billion in 2023, the research said, even as most other counterparts tapered down their spending.
Overall, global sovereign wealth funds deployed 20% fewer funds compared with 2022, despite most major stock markets seeing a rally last year.
"This may signal an overly cautious approach, as there is no shortage of capital to put to work among these institutions," the report, which tracks activities across the world's sovereign funds, noted.
The Saudi fund has sought frequent deals and joint ventures in its pursuit toward Vision 2030 — a plan originally launched in 2016 which aims to increase economic diversification away from oil.
Persons:
spender, Saudi's, Saudi Crown Prince Mohammed bin Salman
Organizations:
Saudi, Public Investment Fund, Saudi Crown, Nintendo, Materials
Locations:
Saudi, Japan, Brazil