Saudi wealth fund ranks as world's 10th largest SWF

Saudi Arabia's Public Investment Fund (PIF) has moved up to tenth position on the list of the world's largest sovereign wealth funds (SWFs), with assets standing at $360 billion, according to August data from the Sovereign Wealth Fund Institute (SWFI).

Saudi Crown Prince Mohammed Bin Salman recently said the PIF sought to increase assets to around $600 billion by 2020.

SAMA Foreign Holdings came in the sixth place on the list, with assets amounting to $515.6 billion, up by $21.6 billion compared to June.

Norway's Government Pension Fund was the world's largest sovereign wealth fund with assets standing at $1,058 billion, followed by China Investment Corporation.

Abu Dhabi Investment Authority (ADIA) maintained the third rank with $683 billion in assets, while Kuwait’s investment authority (KIA) came fourth with assets amounting to $592 billion.

Mubadala Investment fund, an investment vehicle between Abu Dhabi Investment Council (ADIC) and Mubadala Investment, came in the 14th rank with assets at $226 billion.

In March, UAE president Sheikh Khalifa bin Zayed Al-Nahyan issued a decree ordering restructuring ADIC, whereby it became part of the Mubadala Investment Company group. The move came as Abu Dhabi consolidates hundreds of billions of dollars worth of funds under its control.

The combined assets of all sovereign funds in August 2018 amounted to $8.11 trillion, with Saudi Arabia accounting for 10.8 percent, or $875.6 billion, while UAE claimed 14.5 percent, or $1172.8 billion.