RIYADH — Saudi Arabia’s Public Investment Fund (PIF) advanced to the fifth position among the world’s largest sovereign wealth funds (SWFs), recent data from SWF Institute showed.

PIF’s assets increased by $40 billion to $620 billion, compared to $580 billion in February 2022, according to the new data.

The assets of Saudi Arabia’s sovereign wealth fund increased to $580 billion in February 2022, after Crown Prince Mohammed bin Salman announced the transfer of 4 percent of Saudi Aramco’s shares to PIF.

Norway’s Government Pension Fund Global topped the list with assets standing at $1.474 trillion.

The combined assets of the world's sovereign wealth funds hit $9.99 trillion, compared with $9.83 trillion in February 2022.

Recently, Global rating agency Moody’s has given the PIF the fifth-highest credit rating, while Fitch Ratings gave the fund a rating of A with a stable outlook.

Moody’s described the share transfer of Saudi Aramco to the PIF as credit positive as it increased the fund’s assets under management. — SG