PIF’s assets under management rise to $925 billion by July 2024

Saudi Gazette report

RIYADH — The Public Investment Fund (PIF) has published on Monday its Annual Report for 2023, showcasing robust financial performance and a commitment to transparency and good governance, in line with GIPS international standards.

The report reveals a 29% increase in Assets under Management (AuM) to SR2,871 billion ($765 billion) by the end of 2023, with AuM rising to $925 billion by July 2024.

PIF recorded an average total shareholder return of 8.7% per year since the inception of the Vision Realization Program (VRP), reflecting significant progress toward its long-term goals of sustainable returns and economic transformation in Saudi Arabia.

The Fund continued to bolster key domestic sectors, create high-value jobs, and empower the local private sector, while also expanding its international portfolio to SR586 billion ($156 billion), a 14% year-over-year increase.

Key milestones in 2023 included the launch of the Diriyah Project, PIF’s fifth Giga-Project, and the establishment of 23 new portfolio companies, bringing the total to 95 since 2017.

Notable companies launched in 2023 include Riyadh Air, the Saudi Tourism Investment Company (Asfar), and Lifera, a pharmaceutical investment company. PIF has created over 763,000 direct and indirect jobs as of Q1 2024.

Internationally, PIF secured strategic partnerships, including joint ventures with Hyundai, Pirelli, and Baosteel, to localize expertise and technologies in Saudi Arabia.

The Fund also raised $5.5 billion through its second green bond issuance and $3.5 billion via its inaugural sukuk issuance, reinforcing its sustainability credentials.

PIF’s stability and financial strength were recognized by Moody’s and Fitch, with ratings of A1 (positive outlook) and A+ (stable outlook), respectively. The Fund continues to maintain ample liquidity and a strong balance sheet, enabling it to pursue both domestic and international opportunities in alignment with its mandate.