Saudi Arabia's Public Investment Fund has raised its target for assets under management by 2030 to $2.67 trillion, up nearly 43 per cent from its original target of $1.87 trillion, after exceeding its goal for last year.

PIF assets reached $941.3 billion last year, exceeding its target of $880 billion and representing a 390 per cent increase since 2016, according to the annual report released by the Saudi government's Vision 2030 initiative.

The PIF is leading Saudi Arabia's Vision 2030 initiative, which aims to diversify its economy away from oil.

The PIF saw its US equity portfolio decline by 24 per cent last year. At the start of 2024, the fund sold shares in 18 companies, valued at about $13 billion, including from gaming major Activision Blizzard, cruise company Carnival and entertainment company Live Nation, the report said.

Read the full story at National News