Saudi Arabia’s Public Investment Fund (PIF) has emerged as the top state-owned investor, spending $10.2 billion (Dh37.4 billion) in the first half of 2024.
The PIF, which holds stakes in major Saudi companies such as Saudi Aramco, Saudi Telecom Co, and Saudi National Bank, is spearheading the country’s giga-project development initiative. This continues its significant investment activities after deploying $31.6 billion (Dh116 billion) in 2023.
According to a report by Global SWF, a data platform tracking over 400 sovereign wealth funds, Gulf-based funds have maintained robust activity amidst global market uncertainty, bolstered by substantial oil revenues. Gulf entities, including the Qatar Investment Authority, which invested $1.9 billion (Dh6.9 billion), collectively spent $38.2 billion (Dh140.3 billion) across 58 deals in the first half of 2024.
This investment volume contrasts sharply with the combined investments of Canada’s and Singapore’s largest funds, underscoring the Gulf region’s strong investment presence on the global stage.
