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Saudi PIF is top global investor in first half of 2024

By Matt Smith
The PIF's domestic stakes include Saudi Telecom STC but it is also a top investor abroad Reuters
The PIF's domestic stakes include Saudi Telecom STC, but it is also a top investor abroad
  • PIF invested $10bn in H1
  • Three Abu Dhabi funds in top 5
  • GCC total investment was $38bn

Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five.

The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme.

It invested $10.2 billion from January to June this year, a report by the consultancy Global SWF has revealed.

The PIF – a major investor abroad as well – was also the top spender in 2023, deploying $31.6 billion last year.

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In terms of investments in the first six months of 2024, Abu Dhabi’s ADQ-Lunate Capital was third with $9.2 billion, followed by Abu Dhabi Investment Authority ($8.7 billion) and Mubadala ($8.2 billion).

State pension fund Canada Pension Plan invested $9.9 billion in the first half of 2024, placing it second behind the PIF.

Lunate Capital is ultimately owned by Abu Dhabi’s Royal Group. Sheikh Tahnoon bin Zayed Al Nahyan, a brother of Mohamed bin Zayed Al Nahyan, Abu Dhabi's ruler and the UAE's president, chairs both ADQ and Royal Group.

Including Qatar Investment Authority, which was ranked 10th after investing $1.9 billion, the Gulf quintet spent $38.2 billion across 58 deals in the first half of 2024, Global SWF estimates.

“While the market uncertainty has invited global funds to be cautious, Gulf-based and particularly Abu Dhabi-based funds, have received significant windfall from oil and are more active than ever,” the report says.

This amount is more than double the sum Canada’s eight largest funds invested combined, and nearly eight times the spending of Singaporean funds over the same period.

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