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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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Saudi Tourism Ministry Announces 99% Growth in Tourism Hospitality Licenses

The Saudi Ministry of Tourism logo
The Saudi Ministry of Tourism logo
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Saudi Tourism Ministry Announces 99% Growth in Tourism Hospitality Licenses

The Saudi Ministry of Tourism logo
The Saudi Ministry of Tourism logo

The Ministry of Tourism announced that the number of tourism hospitality facilities licensed to operate across Saudi Arabia has increased to more than 3,950 by the end of the third quarter (Q3) of 2024, recording a growth rate of 99% compared to the same period last year.

The ministry said that the number of licensed rooms reached over 443,000 by the end of Q3 of 2024. This represents a growth rate of 107% compared to the same period of Q3 2023, where the number of rooms was more than 214,000. The number of licensed hospitality facilities in Q3 2023 was about 2,000.

The significant growth in the number of tourism hospitality licenses is the result of the efforts exerted by the Ministry to empower operators and investors in the hospitality sector to obtain licenses. This includes providing facilities with operating fees reduced by up to 22%.

In addition, the Ministry has contributed to a decision exempting hospitality facilities from municipal fees as part of the Ministry's keenness to ensure the upgrading of services provided by hospitality facilities to international and domestic tourists.

During its "Our Guests Are Our Priority" campaign, the Tourism Ministry invited all beneficiaries of hospitality facility services to submit their inquiries and comments about the services provided to them by contacting the unified tourism center at 930.