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Bonds
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 increased its transaction activities from a total of $20. 7 billion in 2022 to $31. 6 billion in 2023, according to the study, even as most of its peers cut spending. Overall, the global sovereign wealth budget deployed 20% less budget in comparison. through 2022, despite the rally in major primary stock markets last year.
“This may simply imply an overly cautious approach, as those establishments are capital-short,” says the report, which tracks sovereign wealth budget activities around the world.
“The big winner has been the Saudi FIP, which has become a major player both inside and outside the country,” the analysts wrote. The PIF, controlled through Saudi Crown Prince Mohammed bin Salman, has total assets estimated at $776 billion. it has sought deals and joint ventures in its pursuit of Vision 2030, a plan first introduced in 2016 that aims to increase economic diversification away from oil. Notable overseas investments in 2023, in addition to golf and soccer, come with Nintendo in Japan. and Vale Materiales Básicos in Brazil.
In addition to the PIF, four other GCC (Gulf Cooperation Council) budgets are among the 10 most sensible: Mubadala, the Qatar Investment Authority, the ADQ, and the Abu Dhabi Investment Authority.
The PIF even surpassed Singapore’s GIC, which had led spending by wealth funds for the past six years. The Singaporean fund slashed its investment activity by 37%, in terms of volume, despite receiving one of its largest inflows from the central bank.
The report also highlights the participation of a number of sovereign investors in emerging markets.
“In 2023, we may see renewed interest in emerging markets, adding Saudi Arabia, Turkey and the United Arab Emirates (with national sovereign wealth funds), as well as India, Brazil, China and Indonesia,” the newspaper said. .
Global economies will see a larger sovereign wealth budget in 2024, such as Hong Kong’s HKIC, the Philippines’ Maharlika, and Pakistan’s PSWF.
“The creation of Dubai’s new sovereign wealth fund, the DIF, will cause shocks and actually attract resources from other sovereign wealth funds,” the study said.
Correction: GCC refers to the Gulf Cooperation Council. A previous one had incorrectly indicated his name.
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