Saudi Arabia’s sovereign wealth fund overtakes Singapore’s GIC to top spending table

Saudi Arabia's sovereign wealth fund overtakes Singapore's GIC to top spending table

Skyline of Riyadh in Saudi Arabia.

Simon Dawson | Bloomberg | Getty Images

Saudi Arabia’s Public Investment Fund (PIF) was the top spender among global sovereign wealth funds last year, accounting for about a quarter of the $124 billion splashed by state-owned investors, according to a preliminary report by research consultancy Global SWF.

The Saudi fund boosted its deal activities from a total of $20.7 billion in 2022 to $31.6 billion in 2023,…

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