A report issued today, Monday, revealed that the Saudi Public Investment Fund topped the world’s sovereign wealth funds in terms of spending during the past year 2023.
The report showed that the Saudi Public Investment Fund spent about a quarter of the amounts spent by sovereign wealth funds around the world last year, amounting to approximately $124 billion, adding that the Saudi Fund spent more than any other fund last year, amounting to $31.5 billion on investments ranging from... A stake in Heathrow Airport was transferred to the ownership of an American gaming company.
The annual report of the Global SWF platform, which tracks the activities of sovereign investment funds in the world, stated that for the first time, the Public Investment Fund in the Kingdom of Saudi Arabia issued the annual classification of sovereign investment fund spending.
Public Investment Fund investments accounted for just over a quarter of the total $123.8 billion spent by all sovereign wealth funds in the world in 2023. Saudi spending jumped by a third compared to 2022.
The fund's recent investments in Britain include the purchase of a 49 percent stake in Sir Rocco Forti's luxury hotel group, which owns the Balmoral Hotel in Edinburgh and the Brown Hotel in London, in addition to the acquisition of a 10 percent stake in Heathrow Airport.
The Public Investment Fund also spent $4.9 billion last April to buy California-based mobile game developer Scopely, while in 2023 it also became a major shareholder in the Japanese company Nintendo. The Saudi fund also bought a stake in the Brazilian mining group (Vale).
The Saudi Public Investment Fund jumped from third to first place in the global classification of sovereign wealth fund spending during the past year.
Saudi Arabia has made the sovereign wealth fund a pivotal element in its “Vision 2030” plan, which aims to diversify the Kingdom’s economy.
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