The credit rating agency, Fitch, revised the future outlook of the Saudi Public Investment Fund from stable to positive, and affirmed the fund’s rating at “A”.
Earlier this month, Fitch affirmed its rating of Saudi Arabia at “A”, with the outlook revised from stable to positive.
In its report, the agency expected the continuation of positive growth in the Saudi economy and the recording of budget surpluses during 2022 and 2023 for the first time since 2013.
The Public Investment Fund manages assets amounting to 620 billion dollars, according to the latest data of the Sovereign Wealth Funds Institute (SWFI), and represents the main device for promoting Saudi investments at home and abroad.
Fitch said in February that the total assets of the Public Investment Fund at the end of 2021 were equivalent to 57 percent of Saudi GDP.
The government has pumped into the fund 288.8 billion Saudi riyals ($77 billion) over the past three years.