The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund and the major catalyst for economic and social transformation in support of the Vision 2030, has grown to become the fifth largest state-owned investment organisation in the world.

As per the fund’s website, it has $925 billion worth of assets under management, $68 billion behind Abu Dhabi Investment Authority’s assets of $993 billion.

This came about after His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the PIF Board of Directors announced the transfer of 8 per cent of Saudi Aramco's shares from the government’s ownership to PIF’s fully owned companies.

The Crown Prince had in 2021 said the PIF would reach $1 trillion in assets by 2025.

In 2023, PIF invested $31.5 billion to become the world's top spending sovereign wealth fund, Reuters said.

The PIF’s mandate includes launching new sectors, building new strategic partnerships, localising technologies and knowledge, and creating more direct and indirect job opportunities in the local market.

The fund's key investments include NEOM, ACWA Power, Arcelormittal Tubular Products, Industrialization and Energy Services Company (Taqa), Saudi Electricity Company (SEC), EV make Lucid, among nearly a hundred companies.