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.


FIFA president cites ‘discussions’ for Ronaldo to play in Club World Cup

Updated 5 min 42 sec ago
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FIFA president cites ‘discussions’ for Ronaldo to play in Club World Cup

  • Ronaldo’s Saudi Arabian club Al Nassr did not qualify for the tournament
  • Infantino suggested that the Portugal star could switch to one of the 32 teams playing in the competition

GENEVA: FIFA president Gianni Infantino says Cristiano Ronaldo might play in the Club World Cup because of a unique transfer window.

Ronaldo’s Saudi Arabian club Al Nassr did not qualify for the tournament, but Infantino suggested that the Portugal star could switch to one of the 32 teams playing in the competition in the United States starting next month.

“Cristiano Ronaldo might play in the Club World Cup,” Infantino told online streamer IShowSpeed, whose YouTube channel has more than 39 million subscribers. “There are discussions with some clubs, so if any club are watching and are interested in hiring Ronaldo for the Club World Cup, who knows. Still a few weeks time, will be fun.”

FIFA confirmed Wednesday that last-minute transfer signings are open to all teams going to tournament, which fueled more speculation that one of them will try to sign the 40-year-old Ronaldo on a short-term deal, potentially a loan.

Such a move would be unprecedented in modern soccer though could appeal to FIFA by boosting the profile and ticket sales of an inaugural tournament being played in 11 US cities.

A transfer for Ronaldo also would reunite him and Lionel Messi in the same competition for the first time since the 2022 World Cup in Qatar.

Last October, FIFA invited Messi’s Inter Miami to enter the tournament in the slot that was expected to be reserved for the host nation’s champion. Inter Miami were eliminated in the MLS Cup playoffs.

Speculative reports have linked Ronaldo to the one Saudi club that qualified, Al Hilal, the Brazilian club Palmeiras and Wydad of Morocco, even though that club are currently banned by FIFA from registering new signings.

Transfers can be made from June 1-10 and again June 27-July 3 according to exceptional rules FIFA approved in October.

“The objective is to encourage clubs and players whose contracts are expiring to find an appropriate solution to facilitate the players’ participation,” FIFA said in Wednesday’s statement.


‘Many more’ Conservative MPs back UK govt stance on Israel: MP

Updated 18 min 21 sec ago
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‘Many more’ Conservative MPs back UK govt stance on Israel: MP

  • Mark Pritchard: PM ‘on right side of history’ after joint statement condemning Gaza war
  • Britain must recognize Palestinian state in ‘huge symbol of support’

LONDON: “Many more” Conservative MPs in the UK privately support calls by Prime Minister Keir Starmer and British allies for Israel to end its Gaza war, a Conservative MP has said.

Mark Pritchard told LBC that Starmer is on the “right side of history” and “humanity,” The Independent reported on Saturday.

However, Pritchard refused to criticize Conservative leader Kemi Badenoch, who questioned new British sanctions on Israeli settlers and a joint UK-France-Canada statement on Gaza this week.

The leaders of the three countries condemned “egregious” Israeli actions in Gaza and threatened to take “concrete actions” if Prime Minister Benjamin Netanyahu fails to change course.

In response, Netanyahu accused the UK, France and Canada of being on the “wrong side of justice.”

Pritchard, who describes himself as strongly pro-Israel, told LBC: “Half the population of Gaza are children. They are being literally bombed to bits every single day. They are being slowly starved.

“It’s absolutely right the UK prime minister, who so happens to be a Labour prime minister right now, would stand up on the right side.

“I push it back to the Israeli prime minister. I think Keir Starmer and those standing up for the children of Gaza are on the right side of history, the right side of humanity and are making the right moral judgment.”

Pritchard said he now believes in the necessity of Britain recognizing a Palestinian state. “It may be symbolic, but I think it will be a huge symbol of support both for the Israelis that want to see that and also for the Palestinians. But the key point at the moment is the Israeli government need to be held to account,” he added.

“I support the UK prime minister and many more, by the way, in the British Conservative Party, are coming up to me privately at the moment.”

On Friday, Badenoch said the government’s new actions targeting Israeli settlers and trade relations with the country are not the “right way” to resolve differences with Netanyahu.

Pritchard told LBC: “I’m coming on to support Kemi on the comments on antisemitism and supporting the prime minister on his strong stand, finally, on what’s going on in Gaza.”


Beyond ceasefire, India and Pakistan battle on in digital trenches

Updated 19 min 10 sec ago
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Beyond ceasefire, India and Pakistan battle on in digital trenches

  • Both states continue to push competing narratives after the four-day military standoff, which ended on May 10 with a US-brokered truce
  • Digital rights experts note how it is often laced with hate, targeting vulnerable communities like Muslims in India and Hindus in Pakistan

ISLAMABAD: As Indian and Pakistani guns fell silent after trading fire for days this month, the war over facts and fiction is far from over and fierce battle rages on social media as to who won, who distorted the truth, and which version of events should be trusted.

As both states continue to push competing narratives, experts warn that misinformation, censorship and AI-generated propaganda have turned digital platforms into battlegrounds, with real-world consequences for peace, truth and regional stability.

The four-day military standoff, which ended on May 10 with a US-brokered ceasefire, resulted from an attack in Indian-administered Kashmir that killed 26 people last month. India accused Pakistan of backing the assault, a charge Islamabad has consistently denied.

While the truce between the nuclear-armed archfoes has since held, digital rights experts have sounded alarm over the parallel information war, which continues based on disinformation, censorship and propaganda on both sides, threatening the ceasefire between both nations.

Asad Baig, who heads the Media Matters for Democracy not-for-profit that works on media literacy and digital democracy, noted that broadcast media played a central role in spreading falsehoods during the India-Pakistan standoff to cater to an online audience hungry for “sensational content.”

“Disinformation was overwhelmingly spread from the Indian side,” Baig told Arab News. “Media was playing to a polarized, online audience. Conflict became content, and content became currency in the monetization game.”

A man clicks a picture of a billboard featuring Pakistan's Army Chief General Syed Asim Munir (C), Naval Chief Admiral Naveed Ashraf (R), and Air Chief Marshal Zaheer Ahmed Babar Sidhu, along a road in Peshawar. (AFP/File)

Several mainstream media outlets, mostly in India, flooded the public with fake news, doctored visuals and sensationalist coverage, fueling mass anxiety and misinformation, according to fact-checkers and experts, who say the role of media at this critical geopolitical juncture undermined journalistic integrity and misled citizens.

“I think this is a perfect example of the media becoming a tool of propaganda in the hands of a state,” said prominent digital rights activist Usama Khilji, calling on those at the helm of television and digital media outlets to independently verify state claims using tools like satellite imagery or on-ground sources.

In Pakistan, X, previously known as Twitter, had been banned since February 2024, with digital rights groups and global organizations calling the blockade a “blatant violation” of civic liberties and a threat to democratic freedoms.

But on May 7, as Pakistan’s responded to India’s missile strikes on its territory that began the conflict, the platform was suddenly restored, allowing users to access it without a VPN that allows them to bypass such restrictions by masking their location. The platform has remained accessible since.

“We were [previously] told that X is banned because of national security threats,” Khilji told Arab News, praising the government’s “strategic move” to let the world hear Pakistan’s side of the story during this month’s conflict.

“But when we actually got a major national security threat in terms of literal war, X was unblocked.”

Indian authorities meanwhile blocked more than 8,000 X, YouTube and Instagram accounts belonging to news outlets as well as Pakistani celebrities, journalists and influencers.

“When only one narrative is allowed to dominate, it creates echo chambers that breed confusion, fuel conflict, and dangerously suppress the truth,” Khilji explained.

VIRTUAL WAR

Minutes after India attacked Pakistan with missiles on May 7, Pakistan released a video to journalists via WhatsApp that showed multiple blasts hitting an unknown location purportedly in Pakistan. However, the video later turned out to be of Israeli bombardment of Gaza and was retracted.

A woman wearing a T-shirt featuring ‘OPERATION SINDOOR’ checks her mobile phone near a market area in Ludhiana. (AFP/File)

On May 8, Indian news outlets played a video in which a Pakistani military spokesperson admitted to the downing of two of their Chinese-made JF-17 fighter jets. X users later pointed out that the video was AI-generated.

Throughout the standoff both mainstream and digital media outlets found themselves in the eye of the storm, with many official and verified accounts sharing and then retracting false information. The use of AI-generated videos and even video game simulations misrepresented battlefield scenarios in real time and amplified confusion at a critical moment.

Insights from experts paint a disturbing picture of how information warfare is becoming inseparable from conventional conflict. From deliberate state narratives to irresponsible media and rampant misinformation on social platforms, the truth itself is becoming a casualty of war.

AFP Digital Verification Correspondent Rimal Farrukh describes how false information was often laced with hate speech, targeting vulnerable communities like Muslims in India and Hindus in Pakistan.

“We saw dehumanizing language, misleading visuals, and recycled war footage, often from unrelated conflicts like Russia-Ukraine or Israel-Gaza, used to stoke fear and deepen biases,” she told Arab News.


UAE hits record May temperature of 51.6C

Updated 34 min 29 sec ago
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UAE hits record May temperature of 51.6C

  • The highest temperature recorded over the country was 51.6C in Sweihan (Al Ain)
  • Scientists have shown that recurring heatwaves are a clear marker of global warming

DUBAI: The United Arab Emirates breached its May temperature record for the second day in a row, hitting 51.6 degrees Celsius on Saturday, according to the National Center of Meteorology.

“The highest temperature recorded over the country today is 51.6C in Sweihan (Al Ain) at 13:45 UAE local time (0945 GMT),” the office said in a post on X, 1.2C hotter than the temperature recorded on Friday in the Abu Dhabi area.

Both those temperatures exceeded a previous record for the month of 50.2 Celsius recorded in May 2009, according to the meteorology office.

The desert nation lies in one of the planet’s hottest regions and one which is particularly vulnerable to climate change.

Scientists have shown that recurring heatwaves are a clear marker of global warming and that these heatwaves are set to become more frequent, longer and more intense.

The number of extremely hot days has nearly doubled globally in the past three decades.

According to a 2022 Greenpeace study, the Middle East is at high risk of water and food scarcity as well as severe heat waves as a result of climate change.

The report, which focused on six countries, found the region was warming nearly twice as fast as the global average, making its food and water supplies “extremely vulnerable” to climate change.


Bangladesh interim govt calls for unity to stop ‘return of authoritarianism’

Updated 48 min 45 sec ago
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Bangladesh interim govt calls for unity to stop ‘return of authoritarianism’

  • “Broader unity is essential to maintain national stability,” said the interim government

DHAKA: Bangladesh’s interim government, which took over after a mass uprising last year, warned on Saturday that unity was needed to “prevent the return of authoritarianism.”

“Broader unity is essential to maintain national stability, organize free and fair elections, justice, and reform, and permanently prevent the return of authoritarianism in the country,” it said in a statement after a week of escalation during which rival parties protested on the streets of the capital Dhaka.

The South Asian nation of around 170 million people has been in political turmoil since ex-prime minister Sheikh Hasina was ousted by student-led protests in August 2024.