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

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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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