Saudi PIF’s Assets in 2024 Jump 19% to $913B
Saudi Arabia’s Public Investment Fund (PIF) grew its assets under management by 19% in 2024, reaching $913 billion. The fund continues to play a key role in the country’s plan to diversify its economy beyond oil.
2024 Performance
Since 2017, PIF’s investments have earned an average yearly return of 7.2%, according to its annual report released Wednesday.
Revenue in 2024 rose 25% to $110.2 billion (SAR 413.4 billion), but profits fell 60% to $6.88 billion (SAR 25.82 billion). From 2021 to 2024, PIF added $243 billion to Saudi Arabia’s non-oil GDP.
“PIF has strengthened its role in driving Saudi Arabia’s economic transformation while ensuring steady returns,” said Maram Al Johani, acting chief of staff and secretary general to the board. The fund now accounts for 10% of the non-oil economy.
PIF’s portfolio grew to 225 companies, with 103 created by the fund itself. In 2024, it completed 58 digital projects, launched 15 new apps, and automated more than 477 processes.
Expansion and Growth
PIF expanded its global investments in 2024 by forming new partnerships in key markets. It also raised $9.83 billion through public debt and another $7 billion through private debt.
Credit agencies improved its ratings: Moody’s upgraded PIF to ‘Aa3’ with a stable outlook, while Fitch kept its rating at ‘A+’ with a stable outlook.
Looking Ahead
For 2025, as part of Vision 2030, PIF aims to:
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Grow assets under management to over $1 trillion
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Invest more than $39 billion annually in local projects
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Contribute over $319 billion to non-oil GDP
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Support 1.8 million jobs (direct and indirect)
Published: 14th August 2025
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