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Fitch adjusts its outlook for the Public Investment Fund to “positive”

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The credit rating agency, Fitch, has revised the outlook future of the Saudi Public Investment Fund from stable to positive and affirmed the fund’s rating at “A”.

Earlier this month, Fitch confirmed Saudi Arabia’s rating at “A”, with the outlook revised from stable to positive.

In its report, the agency predicted the continued positive growth of the Saudi economy and the recording of budget surpluses in 2022 and 2023 for the first time since 2013.

The Public Investment Fund manages asset for 620 billion dollars, according to the latest data from the Sovereign Wealth Funds Institute (SWFI), and represents the main tool to promote Saudi investments in home and abroad.

Fitch said in February that the public investment fund’s total assets at the end of 2021 were equivalent to 57% of Saudi GDP.

The government has pumped 288.8 billion Saudi riyals ($ 77 billion) into the fund over the past three years.

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