This morning, H.E. Yasir Al-Rumayyan spoke at the Saudi Budget 2022 Forum chaired by the Minister of Finance in Riyadh. PIF’s Governor confirmed that the fund’s asset under management had reached SAR 1.8 trillion, i.e., US$ 480 billion, by the end of September 2021. This compares to US$ 400 billion at the end of 2020, and it is one of the fastest growths we have seen this year among SWFs. PIF has now past China’s NSSF and climbed to 8th position among the world’s largest SWFs.

Since 2016, PIF has established 47 companies across 13 strategic sectors and is strongly aligned to Saudi Vision 2030. By 2025, the fund expects to inject up to US$ 267 billion more into the domestic economy, to contribute US$ 320 billion to the non-oil GDP of the country, and to grow past US$ 1 trillion in AuM. The ultimate goal of reaching US$ 2 trillion by 2030 would make it one of the world’s largest SWFs.

In an interview with Global SWF at the end of last year, Deputy Governor Yazeed Al Humied commented on the fund’s extraordinary growth, not only in terms of AuM, but also in terms of share of international investments (from 3% to 20%); and of internal staff (from 40 to 1,000+). The fund expects to open offices in New York and London early next year.

Global SWF’s new Fund of the Year award will be announced in two weeks at the launch of the 2022 Annual Report.

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