RIYADH: Saudi Arabia’s Public Investment Fund moved up in the global ranking to become the 6th biggest sovereign wealth fund with $580 billion in assets under management.
It witnessed the boost following the transfer of a 4 percent stake of Saudi Aramco, Forbes reported citing data released by the Sovereign Wealth Funds Institute, or SWFI.
According to the Forbes report, the Kingdom’s sovereign wealth fund earlier ranked 8th worldwide, with $480 billion in assets under management.
Global rating agency Moody’s has given the PIF the fifth-highest credit rating, while Fitch Ratings gave the fund a rating of A with a stable outlook.
Moody’s described the share transfer of Saudi Aramco to the PIF as credit positive as it increased the fund’s assets under management.
The transaction will also improve the fund’s sector diversification, and will add an asset that regularly pays dividends to its portfolio, Moody’s said.
The Norwegian State Pension Fund topped the list with $1.4 trillion in assets followed by the China Investment Corp. with assets worth $1.22 trillion.
The Kuwait Investment Authority was ranked third with $737.9 billion, followed by the Abu Dhabi Investment Authority with $698 billion and then Hong Kong Monetary Authority Fund in the 5th position.
Aramco deal pushes Saudi Arabia’s PIF up in global ranking: SWFI
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Aramco deal pushes Saudi Arabia’s PIF up in global ranking: SWFI
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
