Saudi Gazette report

RIYADH — The Public Investment Fund (PIF) has reported a strong performance for 2024, with assets under management (AuM) rising 19% to $913 billion and total revenue increasing by 25%, according to its newly published annual report.

The results highlight PIF’s expanding role in driving Saudi Arabia’s economic transformation and shaping global markets. Since 2021, cumulative investments in priority sectors have exceeded $171 billion, with $56.8 billion deployed in 2024 alone.

The fund’s average total portfolio return has reached 7.2% annually since 2017, and its cash position remains broadly unchanged, reflecting robust liquidity.

PIF’s contribution to the Kingdom’s non-oil GDP between 2021 and 2024 totaled $243 billion, representing 10% of the national non-oil economy.

The fund has established 103 companies to date, bringing its total portfolio to 225 companies by the end of 2024, while advancing strategic sectors, localization, and innovation.

Key milestones in 2024 included partnerships in sports, technology, energy, and entertainment — such as launching Alat, a technology firm focused on semiconductors and smart devices; creating the Neo Space Group to champion the satellite and space sector; and entering multi-year agreements with ATP and WTA to boost global tennis. PIF also acquired a 15% stake in Heathrow Airport and launched Adeera, a Saudi hospitality brand.

Internationally, PIF continued to expand its global investment footprint, raising $16.83 billion in public and private debt while earning credit rating upgrades from Moody’s and Fitch. Governance performance also reached a milestone, with PIF scoring 96% in Global SWF’s 2024 GSR Scoreboard and tying for first place globally in 2025 with a score of 100%.

PIF also recorded strong brand growth, with Brand Finance naming it the world’s most valuable and fastest-growing sovereign wealth fund brand in 2024.