Saudi Arabia’s Public Investment Fund Makes Waves in 2024
In a whirlwind of activity, Saudi Arabia’s Public Investment Fund (PIF) has been making significant moves in 2024, furthering the Kingdom’s economic diversification agenda across various sectors.
Building Momentum from 2023
Building on the momentum from the previous year, which saw investments in companies like London’s Heathrow Airport and Rocco Forte Hotels, PIF has been busy expanding its portfolio and boosting its standing in the global market.
Massive Growth in Asset Size
With a revised asset size of $925.2 billion, PIF has climbed to the fifth spot in the ranking of state-owned investment organizations by the Sovereign Wealth Fund Institute. This monumental rise came after acquiring an additional 8 percent stake in Aramco, elevating its shareholding’s estimated value to $328 billion.
Key Announcements in 2024
Here are some of the key announcements made by the wealth fund so far in 2024:
Enhancing Investments with Bahrain Mumtalakat
PIF signed a memorandum of understanding with Bahrain’s sovereign wealth fund Mumtalakat in March, aiming to enhance investments, cooperation, and opportunities for private companies in both countries.
Acquisition of Zamil Offshore
In February, PIF acquired a 40 percent stake in Zamil Offshore Co., a move that will boost marine support services in Saudi Arabia and contribute to the development of the Kingdom’s energy base.
Accelerating Growth of Global Tennis Sports
PIF signed a strategic agreement with the Association of Tennis Professionals in February to accelerate the growth of the sport globally, fostering talent and driving sustainable innovation.
Launch of Alat
The launch of Alat in February aims to turn Saudi Arabia into a global hub for sustainable technology manufacturing, with a focus on advanced industries, smart devices, and building technologies.
Diversification Push with Mepco Acquisition
In January, PIF acquired a stake in the Middle East Paper Co., reflecting the fund’s commitment to expanding investments in key sectors of the Saudi economy, such as recycling, retail, and building materials.
Completion of Kent Acquisition
Nesma & Partners, backed by PIF, completed the acquisition of Kent in Dubai, positioning the company as a global leader in the construction industry and reinforcing its growth strategy.
Strengthening Electric Motorsports Sector
PIF signed a multi-year agreement in January with Formula E, Extreme E, and E1 to support the growth of electric motorsports, driving innovation in sustainable transport and reducing carbon emissions.