In a significant move, Saudi Arabia's Public Investment Fund (PIF) has ascended to the 5th position among the world's Sovereign Wealth Funds (SWF), boasting a staggering $861 billion (Dh3.1 trillion) in net assets.

On March 7, 2024, Crown Prince Mohammed bin Salman unveiled a momentous decision, transferring 8% of Aramco shares to PIF, valued at a remarkable $163.6 billion. This strategic maneuver not only aims to diversify the Kingdom's economy but also fortify PIF's financial standing and credit rating, thereby elevating the state's ownership of Aramco to 82.186%.

In a series of proactive steps, PIF previously transferred a 4% direct ownership stake in Aramco in 2022, followed by an additional 4% indirectly to Sanabil the following year, now wholly owned by PIF.

With this latest acquisition, PIF's projected shareholding value in Saudi Aramco surged to $328 billion (Dh1.2 trillion), constituting approximately 37% of the portfolio's total value. This influx of over $860 billion (Dh3.1 trillion) reinforces PIF's pivotal role in Saudi Arabia's economic landscape.

Aligned with the Kingdom's strategic imperative of economic diversification, industry experts anticipate substantial dividends from PIF's significant holdings in Aramco, bolstering its investment prowess.

Furthermore, PIF's ambitious initiatives, including the construction of Alat and other ventures, are instrumental in realizing Saudi Arabia's Vision 2030 objective of reducing reliance on the oil sector. Notably, PIF's endeavors in the automotive industry, marked by partnerships with Hyundai and investments in Lucid and Ceer Motors, underscore its commitment to position Saudi Arabia as a key player in global automotive production.