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Saudi PIF Ranks 8th Among World’s Top SWFs With $390b Assets

Saudi PIF Ranks 8th Among World’s Top SWFs With $390b Assets
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Saudi PIF Ranks 8th Among World’s Top SWFs With $390b Assets

Saudi PIF Ranks 8th Among World’s Top SWFs With $390b Assets

Saudi Arabia’s Public Investment Fund (PIF) maintained its 8th position among the world’s largest sovereign wealth funds (SWFs) for September 2020, recent data from SWF Institute showed.

The Kingdom’s sovereign wealth fund assets increased by $30 billion to $390 billion, hovering near a targeted level of $400 billion by the end of 2020.

Elsewhere, Norway’s Government Pension Fund Global maintained its top position in the list with assets standing at $1.108 trillion, declining by nearly $78 billion.

China Investment Corporation (CIC) came in second with $940.6 billion worth of assets.

It was followed by Abu Dhabi Investment Authority ($579.6 billion) and Kuwait Investment Authority (KIA) with $533.7 billion worth of assets.

The combined assets of the 88 sovereign wealth funds hit $7.83 trillion.

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Egypt's Net Foreign Assets Fall in September

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Fall in September

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) fell by $591 million in September having dropped off sharply in August, central bank data showed on Friday.

NFAs declined to the equivalent of $10.31 billion at end-September from $9.72 billion in August, according to Reuters calculations based on the official central bank currency rate at the time, Reuters reported.

NFAs fell by $3.53 billion in August.

Egypt had been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021. NFAs turned negative in February 2022.

Foreign assets rose slightly at commercial banks in September but dipped at the central bank, while foreign liabilities climbed at commercial banks and eased at the central bank.