Saudi Arabia’s Public Investment Fund (PIF) ranked 4th globally among sovereign wealth funds in July amid a surge in its assets under management to $1.152 trillion, according to Global SWF’s latest ranking.
In first place came Norway’s NBIM with $1.767 trillion is assets under management, followed by China’s SAFE IC and CIC in second and third place, respectively. Some notable regional players in this month’s ranking include ADIA in fifth place, Kuwait’s KIA in 6th place, Qatar’s QIA in 8th place, Dubai’s ICD in 9th place and Mubadala in 10th place.
PIF achieves perfect GSR score this year
Saudi Arabia’s PIF is transforming not only the Kingdom but also the SWF industry with its ambitious initiatives and certain transparency and sustainability practices that were unheard of in the Middle East. This year, the fund achieved a perfect score in Governance, Sustainability and Resilience (GSR), up from 28 percent in 2020.
In the past five years, Middle Eastern funds have improved their average GSR scores from 32 percent in 2020 to 48 percent in 2025, despite the inclusion of stricter sustainability elements last year. The most positive trajectories this year have been observed in Oman’s OIA, and Libya’s LIA, but also in Dubai Holding.
“If we consider the 23 funds from the GCC, which manage $ 5.9 trillion in assets, we observe a significant improvement. PIF continues to lead the charge and has come a long way to score 100 percent this year, followed closely by Oman’s OIA and Abu Dhabi’s Mubadala, with 92 percent,” added Global SWF.
The report also revealed that negative notes took place in Bahrain, where Mumtalakat and FGR have not made financial reports available in the past few years; and in Qatar, where QIA stopped publishing its organizational chart, and GRSIA, its financial performance.
| Investor | Country | AuM ($b)* | |
| 1 | NBIM | Norway | 1767.19 |
| 2 | SAFE IC | China | 1417.33 |
| 3 | CIC | China | 1332.07 |
| 4 | PIF | Saudi Arabia | 1151.66 |
| 5 | ADIA | UAE – Abu Dhabi | 1109.83 |
| 6 | KIA | Kuwait | 1002.03 |
| 7 | GIC | Singapore | 847.31 |
| 8 | QIA | Qatar | 523.64 |
| 9 | ICD | UAE – Dubai | 399.78 |
| 10 | Mubadala | UAE – Abu Dhabi | 329.66 |
AuM to reach $2 trillion by 2030
Looking ahead, PIF has ambitious growth prospects, aiming to reach $2 trillion in AuM by 2030. Earlier this month, the fund announced a substantial increase of 18 percent in total assets, reaching SAR4.32 trillion ($1.51 trillion) by the close of 2024, up from $976.94 million in 2023. The fund also reported a 25 percent rise in total revenues, amounting to SAR413 billion, compared to SAR331 billion the preceding year.
In its annual performance summary, the PIF emphasized the ongoing strengthening of its financial position in alignment with its long-term strategic objectives. The rise in revenues was mainly attributed to increased earnings from several of its major portfolio companies, including Savvy Games Group, Ma’aden, STC, NCB, AviLease, and Gulf International Bank, along with dividend inflows from Aramco and returns from key projects that started generating higher revenues.
Net profits for the year reached SAR26 billion, with the fund noting that this figure was influenced by broader global economic headwinds such as rising interest rates, inflation and impairment losses on select projects. These losses, resulting from adjustments to operational plans and cost estimates, totaled less than 2 percent of total assets.
Despite global challenges, Saudi Arabia’s PIF maintained stable cash reserves of SAR316 billion, while loans and facilities saw a slight increase to SAR570 billion. The fund highlighted its successful efforts to diversify funding sources, underscored by significant financial moves in 2024, including a $2 billion Sukuk issuance denominated in U.S. dollars, a £650 million debut bond issuance in British pounds, and a $15 billion refinancing of revolving credit facilities.
