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Deal Activity Insight: Saudi Arabia’s PIF Tops 2023 Global List

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), was the top sovereign investor globally in 2023, surpassing its peers in deal activity.

Left-to-Right: Governor of the Saudi Public Investment Fund Yasir Othman Al-Rumayyan, Saudi Finance Minister Mohammed Abdullah Al Jadaan, and Saudi Crown Prince Mohammed bin Salman. PHOTO: Saudi Press Agency/Handout via REUTERS
Left-to-Right: Governor of the Saudi Public Investment Fund Yasir Othman Al-Rumayyan, Saudi Finance Minister Mohammed Abdullah Al Jadaan, and Saudi Crown Prince Mohammed bin Salman. PHOTO: Saudi Press Agency/Handout via REUTERS

PIF deployed $31.6 billion, significantly higher than its previous year’s investment of $20.7 billion. In contrast, global state-owned investors reduced their spending by about one-fifth to $124.7 billion.

The decline in spending was led by Singapore-based sovereign wealth funds, GIC Pte

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