The Saudi Public Investment Fund (PIF) has made a significant leap from fifth to second place in the social responsibility rankings for sovereign wealth funds, according to a report released by the experts in corporate social responsibility and sustainability, CSRE.
PIF secured the runner-up position last year due to its substantial expenditure exceeding one billion dollars on social responsibility programs, marking a 28% increase over the previous year. This spending surpassed that of Chinese funds, Abu Dhabi Investment Authority, the Kuwaiti Fund, and the Singaporean Fund.
This remarkable achievement is credited to the fund’s strategy, which emphasizes empowering the local community through various initiatives. Additionally, PIF’s support for green bonds and sustainable projects that contribute to environmental protection and sustainable development has been a defining factor in its success.
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Notably, PIF was recognized as the sovereign wealth fund with the highest brand value at 1.1 billion dollars, outperforming other global sovereign wealth funds. In contrast, ‘Black Rock’ was identified as the most valuable asset management brand worldwide by the global firm ‘Brand Finance’.
‘Brand Finance’ conducted its study by surveying over 4400 entities, including corporations, media, and a specialized market audience globally, along with qualitative interviews with industry executives.
The Saudi Vision 2030 annual report for 2023 revealed that PIF managed assets totaling 2.81 trillion riyals, exceeding the baseline of 0.72 trillion riyals and the year’s target of 2.7 trillion riyals. The vision’s goal is set at 10 trillion riyals.
In 2023, PIF established 93 companies within its portfolio, an increase from 71 companies the previous year.
