The Public Investment Fund (PIF) of Saudi Arabia, which possesses an asset base nearing $800 billion, aims to rise to the pinnacle of global sovereign wealth funds by the year 2030. In pursuit of this goal, the PIF led the charge in government sovereign wealth fund spending throughout 2023, pouring a staggering $31.6 billion into 49 distinct transactions.
A recent release from Global SWF, a tracker of sovereign wealth fund activities, highlighted that the PIF’s investments constituted a quarter of the total $124.7 billion made by state-owned entities globally in 2023. This marked a 33% increase from the previous year and represented the first time in half a decade that the PIF outpaced Singapore’s GIC in spending.
One of the highlight transactions of the year was the PIF’s acquisition of the American gaming company Scopely for $4.9 billion through its subsidiary, Savvy Games Group. This move is part of Saudi Arabia’s broader strategy to establish a strong presence in the gaming and esports sectors. Additionally, the PIF expanded its ownership in Electronic Arts, one of the largest gaming companies in the United States, securing a 55% stake. Beyond gaming, the PIF has been channeling investments across various sports to bolster the kingdom’s soft power and enhance its global stature.