Image credit: PIF/Website
The Public Investment Fund (PIF) closed 2024 on a high note, with its assets under management (AuM) rising by 19 per cent to reach $913bn.
This growth cements PIF’s position as one of the world’s largest and fastest-growing sovereign wealth funds (SWFs), driven by a long-term investment strategy and a mission to diversify Saudi Arabia’s economy, a PIF press release conveyed.
According to its recently released 2024 annual report, the fund delivered an average total portfolio return of 7.2 per cent annually since 2017. Total revenue climbed by 25 per cent, while its cash reserves remained strong and virtually unchanged from the previous year, highlighting PIF’s stable liquidity position.
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“The 2024 report showcases significant growth underpinned by solid financial health,” said Yasir A AlSalman, PIF’s Chief Financial Officer.
“Capital deployment across priority sectors hit $56.8bn in 2024, bringing cumulative investment since 2021 to over $171bn. We continue to innovate to fulfill our mandate and drive economic transformation.”
Driving non-oil economic growth
Between 2021 and 2024, PIF contributed $243 billion to Saudi Arabia’s real non-oil GDP, reflecting its central role in the country’s Vision 2030 ambitions. The fund now represents 10 per cent of the national non-oil economy.
“PIF deepened its impact throughout 2024, continuing to drive Saudi Arabia’s economic transformation while delivering sustainable returns,” said Maram Al Johani, Acting Chief of Staff and Secretary General to the Board.
The fund ended 2024 with 225 portfolio companies, of which 103 were established by PIF itself. This demonstrates the fund’s hands-on approach in building industries from the ground up.
Additionally, PIF pushed development in strategic sectors by backing national champions, promoting localisation, expanding technical capabilities, and fostering innovation within its investment portfolio.
Tech-driven efficiency and global expansion
PIF’s digital transformation accelerated in 2024, evolving into what it calls “digital leadership.” The fund completed 58 digital projects, launched 15 new applications, and automated more than 477 internal processes. These efforts are helping create insights, enhance strategic decision-making, and unlock new sources of economic value.
Internationally, PIF expanded its investment footprint by deploying long-term, high-impact capital into strategic global markets. These investments aim to diversify its portfolio and returns, while also fostering relationships with tech innovators, investment managers, and global partners shaping the future economy.
Credit upgrades, governance milestones, and brand recognition
PIF’s financial strength was further validated by credit rating upgrades. Moody’s raised its rating to Aa3 (from A1), while Fitch reaffirmed its A+ rating, both with stable outlooks. The fund also raised $9.83bn in public debt and $7bn in private debt in 2024, continuing its focus on diversifying funding sources.
On the governance front, PIF achieved a 96 per cent score on Global SWF’s 2024 Governance, Sustainability, and Resilience (GSR) Scoreboard. By 2025, it tied for the top global spot with a perfect 100 per cent score among 200 sovereign investors.
Brand Finance, the leading independent brand valuation firm, ranked PIF as the most valuable and fastest-growing brand among all SWFs, assigning it an A+ rating.
As it looks ahead, PIF is poised to play an even greater role in reshaping Saudi Arabia’s economic landscape, both at home and on the world stage.
