KIA slips to sixth as world’s largest sovereign fund

The International Institute of Global Sovereign Funds has revised its ranking of the Saudi Public Investment Fund following the transfer of 8% of the shares of Aramco to the Saudi sovereign wealth fund.

This change resulted in the Kuwait Investment Authority Fund slipping from fifth to sixth place in the list of the world’s largest sovereign funds, now behind the Saudi Public Investment Fund, which now holds third place, reports Al-Qabas daily.

Recent Saudi media reports indicated that 8% of Aramco’s total shares, valued at over $163 billion, were transferred to the sovereign wealth fund.

Consequently, the assets of the Saudi Public Investment Fund surged to $940.2 billion, up from over $770 billion previously.

This move propelled the Saudi fund ahead of Al-Ajyal, which now holds assets totaling $923.4 billion, according to the institute’s updated data. Meanwhile, the Kuwaiti Fund climbed with assets surpassing $120 billion this year, buoyed by strong performances in technology stocks on American exchanges.

As a result, the Saudi Public Investment Fund secures the fifth position globally, surpassing the Al-Ajyal Fund, which now sits in sixth place. In the Arab world, the Saudi fund ranks third, trailing behind the Abu Dhabi Investment Authority, which holds fourth place globally and first place regionally with assets totaling $993 billion.