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Saudi sovereign wealth fund swings to $36.8 bn profit in 2023
VCCircle
·
1y ago
Medial
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), reported a profit of $36.81 billion in 2023, a significant improvement from the previous year's loss of $15.6 billion. The fund's total revenues more than doubled to $88.3 billion, driven by enhanced investment and non-investment activities in sectors such as banking, telecommunications, and gaming. PIF, which manages around $925 billion in assets, is instrumental in realizing the economic goals outlined in Saudi Arabia's Vision 2030 plan. The fund's funding sources include retained earnings, capital injections, government assets, and loans.
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In Charts: How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
Middle East sovereign wealth funds, including Saudi Arabia's Public Investment Fund, increased their investment activity in 2023 and expanded their influence in the global market. These funds outpaced state-backed investors from other countries like Singapore and Canada. Saudi Arabia's sovereign wealth fund took the lead in dealmaking.
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How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
In 2023, sovereign wealth funds from Middle Eastern countries, including Saudi Arabia, increased their investments globally, surpassing state-backed investors from Singapore and Canada. The Public Investment Fund (PIF) of Saudi Arabia led the way in deploying capital. This trend showcases the growing dominance of Middle East sovereign funds and their role in global investments.
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Oman sovereign wealth fund's total assets rise to $49.9 bn in 2023
VCCircle
·
11m ago
Medial
Oman's sovereign wealth fund, Oman Investment Authority, reported that its assets increased to $49.9 billion at the end of 2023, up from $17.2 billion the previous year. The fund recorded a profit of over $4.4 billion and contributed $2.1 billion to the state's general budget. Its assets include state-owned companies in various sectors such as energy, aviation, maritime, and telecommunications.
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Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender
Livemint
·
7m ago
Medial
Abu Dhabi's Mubadala Investment Company became the top spender among sovereign wealth funds in 2024, surpassing Saudi Arabia's Public Investment Fund, with an investment of $29.2 billion. The increase reflects a broader Gulf region trend, with Abu Dhabi, Qatar, and Saudi Arabia investing a record $82 billion. Sovereign funds focused significantly on digital infrastructure and AI, marking $27.7 billion in investments. Overall, sovereign wealth assets reached $13 trillion, highlighting their growing global financial impact.
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Saudi sovereign wealth fund signs $50 bn of MoUs with Chinese firms
VCCircle
·
1y ago
Medial
Saudi Arabia's sovereign wealth fund, PIF, has signed several agreements totaling $50 billion with leading Chinese financial institutions. The agreements, known as memorandums of understanding (MoUs), were signed with ABC, BoC, CCB, SINOSURE, CEXIM, and ICBC. The MoUs cover various areas of cooperation including capital flows through both debt and equity. The move is in line with Saudi Arabia's Vision 2030 plan to diversify its economy and develop a strong private sector. China has expressed readiness to deepen cooperation with Saudi Arabia in areas such as infrastructure, energy, green development, and the digital economy.
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In Charts: How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
Sovereign wealth funds from the Middle East, particularly Saudi Arabia, have increased their investments globally, outpacing state-backed investors from other countries like Singapore and Canada. The Middle Eastern funds, particularly Saudi Arabia's Public Investment Fund, have emerged as key players in global deal-making. They have significantly increased their capital deployment in 2023, cementing their dominance in the global investment landscape.
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Saudi-owned Scopely to buy Pokemon Go maker Niantic's game division for $3.5 bn
VCCircle
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4m ago
Medial
Niantic Labs is selling its video-game division to Saudi-owned Scopely for $3.5 billion as it shifts focus to geospatial technology, following the unreplicable success of Pokemon Go. The deal boosts Saudi Arabia's gaming hub ambitions, supported by its sovereign wealth fund, Savvy Games. Niantic will spin off its geospatial AI business into Niantic Spatial, led by CEO John Hanke, distributing $350 million to equity holders and funding the new firm with $250 million.
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Investcorp floats $1 bn fund for China, Gulf bets; Chinese CIC to be anchor investor
VCCircle
·
1y ago
Medial
Investcorp has launched a $1 billion fund, backed by China's sovereign wealth fund, CIC, to invest in high-growth companies across Saudi Arabia, the wider Gulf region, and China. The platform aims to target sectors such as consumer, healthcare, logistics, and business services. This move reflects the increasing collaboration between China and the Gulf, as the region diversifies its economy and opens up to investment. Investcorp sees itself as well positioned to facilitate cross-border cooperation and investments between the Gulf Cooperation Council and China.
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Norway wealth fund posts record $213 bn profit as tech stocks soar
VCCircle
·
1y ago
Medial
Norway's sovereign wealth fund, the world's largest, reported a record profit of $213 billion in 2023, driven by strong returns on its investments in technology stocks. Tech stocks contributed significantly to the fund's returns, accounting for half of the total. The fund's most valuable company stakes were in Microsoft, Apple, and Nvidia. Despite concerns about inflation and global tensions, the fund's CEO believes the impact on inflation will be relatively limited, with higher energy prices being the main potential effect. The fund's assets were primarily allocated to equities (70.9%) and bonds (27.1%).
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US tech firms Nvidia, AMD secure AI deals as Trump tours Gulf states
VCCircle
·
2m ago
Medial
U.S. tech companies Nvidia, AMD, and Qualcomm announced significant AI deals in the Middle East during President Trump's Gulf tour, securing $600 billion in commitments to U.S. firms from Saudi Arabia. Nvidia will supply AI chips to Saudi AI startup Humain, launched by Saudi Arabia's sovereign wealth fund, while AMD has a $10 billion collaboration with Humain. Saudi Arabia aims to become an AI hub, diversifying its oil-reliant economy.
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