LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger.
The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before.
PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals.
Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international.
If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.
Persons:
Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran
Organizations:
Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson
Locations:
Saudi, Riyadh, Saudi Aramco, Neom