Saudi Public Investment Fund Posts 25 Percent Revenue Surge
(MENAFN) Saudi Arabia's Public Investment Fund (PIF) announced a 25% increase in total revenues for 2024, alongside a 19% jump in assets under management, which now total $913 billion. This growth comes as the sovereign wealth fund accelerates its efforts to diversify the kingdom's economy away from oil dependence.
In its 2024 annual report, released on Wednesday, the PIF revealed that its revenues reached 413.4 billion Saudi riyals (roughly $110.2 billion), marking a sharp rise from the previous year's 331.4 billion riyals.
As the central pillar of Crown Prince Mohammed bin Salman's Vision 2030, the PIF is playing a key role in the kingdom's ambitious strategy to reduce reliance on petroleum. The plan involves developing new sectors and mega-projects domestically while making strategic investments globally.
"The annual report for 2024 is marked by significant growth underpinned by solid financial health, as PIF further established its position as one of the world's largest sovereign wealth funds," said Yasir A. AlSalman, the PIF's Chief Financial Officer.
Additionally, the report highlighted the PIF's cumulative contribution to Saudi Arabia's non-oil GDP, which amounted to $243 billion between 2021 and 2024. The fund has also maintained an annual average portfolio return of 7.2% since 2017.
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