From Investing.com:

Saudi Arabia’s Public Investment Fund spent a whopping $31.5 billion in 2023, accounting for about a quarter of the almost $124 billion spent by sovereign wealth funds worldwide last year.

The assets managed by sovereign wealth funds worldwide swelled to a record $11.2 trillion, thanks to a strong rally in global stocks. Total sovereign-controlled spending on the energy transition also hit a record $25.9 billion in 2023.

Despite the record spending, total sovereign wealth fund spending last year was 21% below 2022. Singapore’s GIC invested 48% less in 2023, despite a $144 billion inflow from the country’s central bank.

Saudi Arabia’s PIF spent big on sports, acquiring control of the country’s leading soccer clubs and making a splash in the golf world. The Kingdom’s biggest investments were in sectors other than sports, including gaming and steel.

Global SWF expects assets for all state-owned investors to surpass a previous peak in 2021, reaching $50.8 trillion in assets under management in 2024. Saudi PIF also has plans to launch its own airline and electric vehicle brand.



Read more: Saudi sovereign wealth fund splashes cash in 2023