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Public Investment Funds Assets in Saudi Arabia Rise by 37%

The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat
The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat
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Public Investment Funds Assets in Saudi Arabia Rise by 37%

The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat
The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat

The value of public investment fund assets—both domestic and foreign—in the Saudi financial market recorded an annual growth of 37%, increasing by nearly SAR43 billion ($11.6 billion) by the end of the third quarter (Q3) of 2024, bringing the total to SAR160.087 billion ($43.22 billion), compared to SAR117.117 billion ($31.62 billion) during the same period in 2023.

Quarterly, the asset value grew by 10.4%, representing an estimated increase of SAR15.120 billion ($405 million), compared to SAR144.967 billion ($38.6 billion) at the end of the second quarter (Q2) of this year, according to data from the quarterly statistical bulletin of the Capital Market Authority for 2024.

The number of subscribers recorded a 51% increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of the same period last year.

This growth was supported by an increase in domestic investment assets, which grew annually by 42%, at SAR39.598 billion, bringing the total to approximately SAR134.431 billion. These assets represent 84% of the total asset value.

Meanwhile, foreign investment assets recorded an annual growth of 15.1%, increasing by over SAR3 billion to reach SAR25.656 billion, which accounts for 16% of the total asset value.
The number of public investment funds grew annually by 10%, with an increase of 27 funds, bringing the total to 310 funds.
Public investment fund assets were distributed across 14 investment types, with the highest value being the money market fund assets, valued at SAR44.868 billion and representing 28% of total assets. Equity fund assets ranked second in value at SAR34.767 billion, accounting for 27.3% of total assets. Real estate investment fund assets were third, reaching SAR29.263 billion and representing 18.3% of total assets. Debt instrument fund assets were fourth, valued at SAR22.236 billion, making up 14% of total assets.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.