Saudi Arabia’s Public Investment Fund (PIF) has upstaged Singapore’s GIC to become the top spender among global sovereign wealth funds in 2023. What Happened: As per preliminary findings by Global SWF, a research consultancy, PIF contributed to about a fourth of the $124 billion expended by state-owned investors in 2023. The Saudi Arabian fund amplified its deal activities from $20.7 billion in 2022 to $31.6 billion in 2023 despite a global decline in sovereign wealth fund spending. The PIF, under the control of Saudi Crown Prince Mohammed bin Salman, has been actively pursuing deals and joint…

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