Saudi PIF tops GCC funds on Global SWF assessment

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Riyadh: Saudi Public Investment Fund (PIF) led the GCC funds, which manage $5.90 trillion in assets, recording a score of 100% this year, according to Global SWF’s governance, sustainability, and resilience (GSR) report.

The fund, which was followed closely by Oman’s OIA and Abu Dhabi’s Mubadala, maintained its leadership in the Middle East for the third consecutive year.

The PIF registered an 18% year-on-year (YoY) in assets to SAR 4.32 trillion ($1.15 trillion) during 2024, while the revenues hiked by 25% YoY to SAR 413 billion ($110 billion).

This aligns with the fund’s commitment to achieving net-zero carbon by 2050, within the framework of the UN Sustainable Development Goals (SDGs). It aims to enhance transparency, resilience, and sustainability.

Meanwhile, the PIF contributes to enabling the Saudi sustainability agenda by developing 70% of the Kingdom's renewable energy generation capacity, aiming to increase the share of renewable energy in the total domestic energy mix to 50% by 2030.

This anchors the Kingdom's vision of achieving net-zero energy neutrality by 2060 and the PIF's commitment to achieving net-zero energy neutrality by 2050.

Through its strategy since 2017, PIF has contributed to the creation of more than 1.1 million direct and indirect job opportunities locally and globally.

Earlier in June, the PIF launched its commercial paper (CP) program, which was rated ‘P-1’ by Moody’s and ‘F1+’ by Fitch.

Source: Mubasher