Saudi Public Investment Fund emerges as most valuable and second-strongest sovereign wealth fund globally

Brand Finance ranks Saudi Arabia’s Public Investment Fund as the most valuable and second-strongest sovereign wealth fund in the world. (File/AFP)
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Updated 05 June 2024
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Saudi Public Investment Fund emerges as most valuable and second-strongest sovereign wealth fund globally

  • Asset Management and Sovereign Wealth Funds 2024 report released

RIYADH: Saudi Arabia’s Public Investment Fund has topped the list of the most valuable brands among global sovereign wealth funds, according to a report by UK-based brand valuation and strategy consultancy Brand Finance.

The list includes 50 of the largest asset management companies and sovereign wealth funds in the world.

The inaugural Asset Management and Sovereign Wealth Funds 2024 report, which was released on Wednesday, was based on a survey of more than 4,400 entities around the world, including companies, individuals and media from the investment and financial sectors.

The Brand Finance report estimated the value of the PIF’s brand at $1.1 billion (more than SR4.1 billion), making it the highest among the regional and international sovereign funds included in the list.

 

 

It said the PIF emerged as the world’s second-strongest SWF brand in terms of brand strength, with a score index of 62.1 out of 100, and is “one of only three SWF brands to earn an A+ brand strength rating.”

The report added that the PIF had ambitious growth prospects in light of its targets for the year 2030, which contributed to enhancing the value of its brand, especially as it distinguished itself among other sovereign funds in its focus on investing in the local economy, unlocking the capabilities of new sectors and creating job opportunities, the Saudi Press Agency reported.

“Through this unique approach to ranking asset managers and SWF funds, Brand Finance has revealed a novel and useful new insight: actively managed asset managers tend to have higher brand value to AUM (assets under management) rations,” the report said.

“As the most active SWF by a large margin, PIF epitomizes this trend with a brand value to AUM ratio that is almost double that of its nearest SWF competitor,” it added.

 

 

The report stated that the advanced position of the fund’s brand was due to its influential economic activity and investment performance.

Those surveyed expressed a positive outlook toward the PIF’s innovative strategy and its role as a catalyst for promoting growth and development.

The report added: “Looking ahead, PIF has ambitious growth prospects, aiming to reach USD2 trillion in AUM by 2030. This ambition has also turbocharged PIF’s brand value and brand strength as it has adopted bold investment strategies that contract other SWF brands.

“PIF is also the 15th most valuable brand in a combined ranking of both asset managers and SWFs, a reflection of how PIF leadership envisions the fund as an asset manager, SWF, and a national development entity.”

The value of assets under management at the PIF has reached more than $930 billion, and the fund works to develop strategic sectors and opportunities that will contribute to shaping the future of the global economy, the SPA reported.

The fund is an active investor and a major driver of economic transformation in the Kingdom, and since 2017 it has launched 94 new companies and contributed to creating more than 644,000 job opportunities at the local level, the SPA added.

Brand Finance has been working for more than 25 years to evaluate the strength of brands and determine their financial value, and publishes more than 100 reports classifying brands in all sectors and countries.


Alcaraz waiting on results from medical tests to see if he will play in Madrid

Updated 2 min 19 sec ago
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Alcaraz waiting on results from medical tests to see if he will play in Madrid

  • “I feel fine physically,” the 21-year-old Spaniard said
  • Alcaraz won the Madrid title in 2022 and 2023

MADRID: Carlos Alcaraz said Tuesday he is feeling fine but will wait on results from medical tests to decide whether he will play at the Madrid Open.
The third-ranked Alcaraz needed treatment on his upper right leg during his straight-set loss to Holger Rune in the Barcelona Open final on Sunday.
“I feel fine physically,” the 21-year-old Spaniard said. “I’ve had tests, and we’ll see what the results say. I’m used to playing with discomfort, so let’s hope I can play and enjoy Madrid.”
Alcaraz, who won in Monte Carlo earlier this month, is expected to have his opening match later this week. He is the No. 2 seed.
Alcaraz won the Madrid title in 2022 and 2023. He is in the same half of the draw as three-time champion Novak Djokovic, the fourth seed.
Alexander Zverev, who overcame Alcaraz for the No. 2 ranking in the world after winning in Munich last weekend, is the top seed in Madrid. Defending champion Andrey Rublev is the seventh seed.


Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians 

Updated 15 min 8 sec ago
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Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians 

  • Prime Minister Shehbaz Sharif meets Turkish President Recep Tayyip Erdogan in Ankara
  • Both leaders discuss cooperation in energy, mining, military and defense, says Sharif’s office

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdoğan on Tuesday called for an immediate ceasefire in Gaza, reiterating their demand for the establishment of a separate and independent state for the people of Palestine. 

Sharif is in Ankara on a two-day official visit to discuss bilateral ties between the two states, the regional situation and economic opportunities. 

Pakistan and Turkiye have both repeatedly condemned Israel for its military campaign in Gaza, which has claimed the lives of over 51,000 Palestinians since October 2023. 

“We strongly condemn the brutal killings of over 50,000 innocent Palestinians, including women and children,” Sharif said during a joint press conference with Erdogan.

“We have called for an immediate ceasefire and unhindered flow of humanitarian assistance for the Palestinian people. We renewed our call for a viable, independent and contiguous Palestinian state with pre-1967 borders and Al-Quds Al-Sharif as its capital,” he added.

Erdogan praised Pakistan for always adopting a “resolute” stance on the Palestinian issue, noting that Islamabad had given one of the strongest reactions to the ongoing “genocide” in Gaza. 

“We will continue to work together toward the establishment of an independent and sovereign Palestinian state on the basis of 1967 borders with East Jerusalem as its capital and on the basis of its territorial integrity,” the Turkish president said. 

Erdogan urged Turkish investors to develop joint business projects in Pakistan, saying that he discussed promoting mutual investments in Pakistan with Sharif and the allocation of a free economic zone for Turkish companies in the South Asian country. 

“We wish to further develop our relations in the fields of military and defense industry through joint projects,” he said. 

In a separate statement, Sharif’s office said he discussed the importance of enhancing economic collaboration with Turkiye, especially through joint ventures and bilateral investments, with Erdogan. 

The Prime Minister’s Office said Sharif highlighted opportunities for cooperation in the fields of energy and mining, joint ventures in defense and agri production. 

The PMO said Sharif also spoke about enhancing regional and bilateral connectivity to boost trade and deepen cooperation in emerging technologies such as artificial intelligence and cybersecurity.

Pakistan and Turkiye enjoy close cultural, historical and military relations which they are now expanding into the realms of trade, economy and investment as both countries seek to develop their economies.

As long-standing allies and strategic partners, Pakistan and Turkiye maintain a tradition of regular exchanges and have institutionalized leadership-level mechanisms such as the High-Level Strategic Cooperation Council (HLSCC).

The 7th session of the HLSCC was held in Islamabad on Feb 12-13 this year, and co-chaired by Sharif and Erdogan.


US Treasury secretary says trade war with China is not ‘sustainable’

Updated 45 min 30 sec ago
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US Treasury secretary says trade war with China is not ‘sustainable’

  • Bessent also cautioned that talks between the United States and China had yet to formally start
  • “I do say China is going to be a slog in terms of the negotiations,” Bessent said

WASHINGTON: US Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.
But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. Trump placed import taxes of 145 percent on China, which has countered with 125 percent tariffs on US goods. Trump has placed tariffs on several dozen countries, causing the stock market to stumble and interest rates to increase on US debt as investors worry about slower economic growth and higher inflationary pressures.
Details of the speech were confirmed by two people familiar with the remarks who insisted on anonymity to discuss them.
“I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”
The S&P 500 stock index rose after Bloomberg News initially reported Bessent’s remarks.
The Trump administration has met for talks with counterparts from Japan, India, South Korea, the European Union, Canada and Mexico, among other nations. But Trump has shown no public indications that he plans to pullback his baseline 10 percent tariff, even as he has insisted he’s looking for other nations to cut their own import taxes and remove any non-tariff barriers that the administration says have hindered exports from the US
White House press secretary Karoline Leavitt told reporters Tuesday that Trump told her “we’re doing very well” regarding a “potential trade deal with China.”
China on Monday warned other countries against making trade deals with the United States that could negatively impact China.
“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement.
Leavitt said the Trump administration has received 18 proposals from other countries for trade deals with the US, adding that “everyone involved wants to see a trade deal happen.”
The uncertainty over tariffs in the financial markets has also been amplified by Trump calling on the Federal Reserve to cut its benchmark interest rate, with the president saying he could fire Fed Chair Jerome Powell if he wanted to do so.
Leavitt said Trump believes the Fed has by holding rates steady as it awaits the impacts of tariffs “in the name of politics, rather in the name of what’s right for the American economy.”


Rahul powers Delhi to big win over Lucknow in IPL

Updated 54 min 30 sec ago
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Rahul powers Delhi to big win over Lucknow in IPL

  • Chasing a modest 160 for victory, Delhi rode on Rahul’s 42-ball knock and a second-wicket partnership with Abishek Porel, who hit 51, to achieve their target
  • Delhi, with six wins in eight matches, bounced back from their previous defeat to table-toppers Gujarat Titans and are second in the 10-team table

LUCKNOW, India: India’s KL Rahul hit an unbeaten 57 to steer Delhi Capitals to an emphatic eight-wicket win over Lucknow Super Giants and get his side back to winning ways in the IPL on Tuesday.
Chasing a modest 160 for victory, Delhi rode on Rahul’s 42-ball knock and a second-wicket partnership with Abishek Porel, who hit 51, to achieve their target with 13 balls to spare at Lucknow’s home ground.
Delhi, with six wins in eight matches, bounced back from their previous defeat to table-toppers Gujarat Titans and are second in the 10-team table.
Seam bowler Mukesh Kumar set up victory with his four wickets as he helped pull Lucknow back from 87-0 to 110-4 and then a below-par total of 159-6.
“Once we picked up two quick wickets, we got the momentum and all the bowlers did well to restrict them under 160,” Delhi skipper Axar Patel said.
In reply, Delhi lost Karun Nair for 15 bowled by Aiden Markram, a part-time off spinner, but Porel and Rahul combined to get the chase on track in their stand of 69.
Markram struck again to get the left-handed Porel out after his 36-ball knock, which was laced with five fours and one six.
Rahul stood firm and along with Axar, who made 34, put on an unbeaten stand of 56 to steer the team home with a winning six from Rahul.
Rahul hit his third fifty of the season to go past 5,000 runs in the IPL — making him the quickest player to achieve the feat in the T20 tournament.
Earlier, openers Markram (52) and Mitchell Marsh (45) combined the right dose of caution and aggression to steer Lucknow to 87 inside 10 overs.
South African batter Markram raised his fifty and alongside Australia’s Marsh forced Delhi to rotate their bowling options.
Sri Lanka pace bowler Dushmantha Chameera struck first to send back Markram caught out, and the wicket triggered a mini collapse.
Australia’s left-arm quick Mitchell Starc got the big wicket of West indies left-hander Nicholas Pooran, bowled for nine.
Mukesh then got two wickets in one over, including Marsh, and Lucknow wobbled.
Lucknow subbed out Marsh and got Ayush Badoni as the impact player, and the 25-year-old repaid the decision by regularly finding the boundary.
Badoni made the most of a dropped catch by Tristan Stubbs on three to smash 36 off 21 deliveries.
Badoni hammered Mukesh for three successive boundaries in the 20th over but the bowler bowled him on the fourth ball.
Skipper Rishabh Pant dropped himself down to number seven but faced just two balls before being bowled by Mukesh on the final delivery of the innings.
“We knew we were 20 runs short,” said Pant. “In Lucknow, the toss plays a big part. Whoever is bowling first, they get a lot of help from the wicket. We just had to stay back, we just couldn’t get it away.”
Wicketkeeper-batsman Pant, who went to Lucknow for a record bid of $3.21 million in the November auction, has scored 106 runs in eight innings with a highest score of 63.


‘Heartbroken’ Christians in Gaza recall Pope Francis’ nightly calls during Israeli war

Updated 22 April 2025
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‘Heartbroken’ Christians in Gaza recall Pope Francis’ nightly calls during Israeli war

  • Holy Family Church pays tribute to late pontiff, who died on Monday
  • Pope Francis’ phone calls to check on Gaza’s Christian community became routine

LONDON: Christians in the Palestinian territory of the Gaza Strip have told of their heartbreak following the death of Pope Francis, who had called them “every day” during the Israeli conflict that began in late 2023.

Gaza’s Holy Family Church paid tribute to the late pontiff, who passed away on Monday.

Father Gabriel Romanelli, the pastor of the parish, shared details about the pope’s last phone call with the Catholic community, revealing that he called them on Saturday and said: “Thank you … for all that we made here.”

During an interview with Sky News, Romanelli added that the pope had “asked (for) prayer and gave the blessing for all the people, for the Christian community and for all the citizens in Gaza.”

He added that the late pope “was a very humble servant of the Lord.”

Romanelli said: “All the time he told us, for more than a year-and-a-half (of the Israeli war), and he called every day, every day. He asked to help people, to protect the children.”

Pope Francis called for peace in conflict-ridden areas, including the Middle East and Sudan, throughout his 12-year tenure as head of the Catholic Church.

He called for an investigation into whether Israel had committed genocide in Gaza following the attack by Hamas on Israel in October 2023. He also called for an immediate ceasefire in Gaza and the release of Israeli hostages during his final public appearance on Easter Sunday.

He said: “I express my closeness to the sufferings of Christians in Palestine and Israel and to all the Israeli people and the Palestinian people.

“I appeal to the warring parties: call a ceasefire, release the hostages and come to the aid of a starving people that aspires to a future of peace.”

Pope Francis died on Monday at the age of 88 after enduring a severe bout of double pneumonia.

George Antone, the head of the emergency committee at the Holy Family Church in Gaza, told the Vatican News Service: “We lost a saint who taught us every day how to be brave, how to keep patient and stay strong.”

The pope’s nightly phone calls to check on Gaza’s Christian community had become routine during the conflict. He also made it a point to speak to everyone in the room and not just the priest, Antone said.

He added: “We are heartbroken because of the death of Pope Francis, but we know that he is leaving behind a church that cares for us and that knows us by name, every single one of us.

“He used to tell each one: I am with you, don’t be afraid.”