Saudi`s PIF announces voluntary compliance to aid transparency

07/11/23

Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.

The sovereign wealth funds compliance forms part of the PIF’s governance and transparency standards that encompass all its activities and demonstrates its commitment to global best practices.

The GIPS standards, introduced in 1999, are global voluntary standards based on the fundamental principles of full disclosure and fair representation of investment performance. They are administered globally by the CFA Institute and have been adopted by more than 1,700 firms and asset owners in 48 markets around the world.

Aligning with the GIPS standards demonstrates the PIF’s role in transforming Saudi Arabia’s economy as part of the Saudi Vision 2030. Furthermore, it shows commitment to working with compliant investment management firms and ensures it continues to operate and maintain the highest standards in reporting.

Moreover, the PIFs credit rating is the second highest among sovereign wealth funds globally as measured by Moody’s investor service. The state-owned investment fund is one of the largest sovereign wealth funds in the world. It plays a leading role in advancing Saudi Arabia’s economic transformation and diversification. Since 2017, the PIF has established 90 companies and is building a diversified portfolio by entering into long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally.

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