Saudi PIF invested $31.6B in 2023, record in global sovereign wealth funds

Saudi Arabia’s Public Investment Fund (PIF) topped the list of highest-spending government sovereign wealth funds (SWFs) in 2023, with an eyewatering $31.6 billion invested into 49 deals over the year, according to a new report.

Global sovereign wealth fund tracker Global SWF wrote in a report released Monday that the PIF made up 25% of the $124.7 billion of global state-owned investments in 2023. This was 33% more than in 2022.

It is the first time in five years that the PIF has led the pack ahead of Singapore’s deep-pocketed GIC. 

The Saudi fund is estimated to have nearly $800 billion in assets and wants to become the world’s largest SWF by 2030. Some of the major deals of 2023 by the PIF included its $4.9 billion purchase of US gaming company Scopely via subsidiary Savvy Games Group, as the kingdom ups its presence in games and esports. The fund also increased its stake in the American gaming business Electronic Arts to 55%. The PIF has also heavily invested in sports across the board, as the kingdom looks to increase its soft power and international standing.