From tennis to paper, PIF pushes ahead with its diverse investments strategy in 2024

RIYADH: Tennis, tech and paper production are just some of the areas Saudi Arabia’s Public Investment Fund has reached into so far in 2024, as the body continues to drive forward the Kingdom’s economic diversification agenda.

The sovereign wealth fund has continued with the momentum built up in 2023, which saw it make investments in companies as diverse as London’s Heathrow Airport and Rocco Forte Hotels.

Its activities since the turn of the year saw PIF revise its asset size on its website, reaching $925.2 billion after it climbed to the fifth spot in a ranking of state-owned investment organizations by the Sovereign Wealth Fund Institute.

This monumental rise in the fund’s standing followed its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion.

Here are some of the key announcements made by the wealth fund so far in 2024