•   The fund's total investments in priority sectors have exceeded SAR 642 billion since 2021.

Riyadh : The Public Investment Fund (PIF) today published its 2024 annual report, reflecting strong performance and continued progress in achieving its goals to drive economic transformation in the Kingdom and generate sustainable returns.

The report showed a 19% year-on-year increase in the fund's assets under management, reaching SAR 3.42 trillion (approximately $913 billion) by the end of 2024, achieving a 7.2 % total shareholder return on an annual basis since 2017. Total revenues increased by 25%.

The fund maintained solid liquidity levels and cash holdings, remaining stable year-on-year. The report demonstrated significant progress in implementing the fund's investment strategy objectives, further strengthening its position as one of the largest and fastest-growing sovereign wealth funds in the world.

The Public Investment Fund's contribution to non-oil GDP increased to SAR 910 billion cumulatively between 2021 and 2024. The fund's portfolio reflects its focus on diversifying the Saudi economy, along with its commitment to strengthening global partnerships.

Yasser bin Abdullah Al-Salman, Chief Financial Officer at the Public Investment Fund (PIF), explained, "The PIF's 2024 Annual Report highlights the Fund's remarkable growth and solid financial performance, reinforcing its position as one of the world's largest sovereign wealth funds. Assets under management grew by 19% year-on-year, reaching SAR 3.42 trillion. SAR 213 billion was allocated to priority sectors in 2024, bringing the Fund's total investments in these sectors since 2021 to more than SAR 642 billion. The Fund continues to rely on innovation to achieve its strategic objectives and lead the Kingdom's economic transformation."

For her part, Maram Al-Juhani, Acting Chief Executive Officer and Secretary General of the Board of Directors of the Public Investment Fund, explained: “During 2024, the Fund continued its pioneering journey with a long-term vision and objectives, strengthening its presence and influence locally and internationally, continuing to lead the Kingdom’s economic transformation, and achieving sustainable returns. The Fund contributed up to 10% of the non-oil GDP, with its contribution amounting to SAR 910 billion during the period from 2021 to 2024. The Fund’s portfolio reflects the focus on diversifying the Saudi economy, with the number of companies in the Fund’s portfolio reaching 225 by the end of 2024, including 103 companies established by the Fund. The Fund also strengthened its contribution to supporting strategic economic sectors in the Kingdom through leading national companies, expanding the technical capabilities of the Fund’s investment portfolios, enhancing localization, and stimulating innovation.”

Al-Jahni added: "The report demonstrates the Fund's transition from digital transformation to digital leadership, with artificial intelligence and automation becoming a vital part of its operations. The Fund's efforts culminated in tangible achievements throughout the year, including the completion of 58 digital projects, the launch of 15 new applications, and the automation of more than 477 processes, enabling cognitive and strategic capabilities and generating added economic value."

Building international standing and global partnerships

The Public Investment Fund's international investment portfolio continued to expand during 2024, supported by impactful, long-term investments, aiming to achieve sustainable returns and build partnerships in key markets around the world.

The Fund's international investments seek to achieve strategic objectives by developing and diversifying its assets and returns, establishing strategic partnerships with leading companies and investors, and investing in the latest technologies that contribute to strengthening the Kingdom's economy and shaping the future of the global economy.

Diverse funding sources

The Public Investment Fund continued to diversify its funding sources during 2024, with total public loans reaching approximately SAR 36.855 billion (equivalent to $9.828 billion), in addition to private loans worth approximately SAR 26 billion (equivalent to $7 billion).

The PIF's stable performance has received international recognition, with Moody's Investors Service raising the fund's rating from A1 to Aa3 in 2024, while Fitch Ratings affirmed the fund's rating at A+ with a stable outlook.

Global Best Practices in Governance

The Public Investment Fund (PIF) achieved a remarkable achievement in its commitment and performance to governance, sustainability, and resilience ( GSR ) standards, achieving a score of 96% on the 2024 GSR Index issued by the Global SWF Foundation, a significant improvement over the 2021 results, which reached 40%. It also ranked jointly first globally on a list of 200 sovereign investors, with a 100% commitment rate through 2025.

Advanced global brand position

In a study conducted by Brand Finance, the Public Investment Fund topped the list of the most valuable brands among sovereign wealth funds, with its brand value exceeding SAR 4.13 billion (equivalent to $1.1 billion). The Public Investment Fund was also among only three sovereign wealth funds worldwide to receive an A+ rating.

Fund's achievements during 2024

First quarter of 2024:

• The Public Investment Fund (PIF) launched "Alat", a company owned by the fund that focuses on advanced technology sectors such as semiconductors, smart devices, and industrial automation .
• The Board of Directors of Qiddiya Investment Company announced the launch of the new main stadium in Qiddiya City, which will bear the name of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister - may God protect him.
• The fund launched the E360 partnership with Formula E, Extreme E, and 1E to foster the growth of electric motorsports globally and advance its role in advancing the future of sustainable mobility.

Second quarter 2024:

• The fund launched the Neo Space Group (NSG ) to enable the Kingdom's space and geospatial industries, focusing on satellite services, earth observation, and the Internet of Things.
• NEOM's Board of Directors announced the launch of the pioneering "Maqna" tourism project on the coast of the Gulf of Aqaba, a qualitative addition to NEOM's portfolio of pioneering and sustainable tourism projects .
• The New Murabba Development Company has unveiled the design for the new Murabba Stadium, with a capacity of over 45,000 seats in the heart of Riyadh .
• The Public Investment Fund (PIF) has signed an agreement with BlackRock to establish a multi-asset investment management platform in Riyadh, further enhancing the development of the Kingdom's financial market .
• The Fund and Saudi Telecom Company ( STC Group) signed final agreements to form the largest telecom tower company in the region.

Third quarter 2024:

• The Fund launched the National Interactive Entertainment Company (Qisas) to develop interactive experiences that leverage advanced technology to tell stories inspired by the Kingdom's culture, history, and Islamic heritage.
• The Fund signed six memoranda of understanding worth up to SAR 187.5 billion with leading Chinese financial institutions on the sidelines of the Arab-Chinese Businessmen Conference.
• Riyadh Aviation announced an order for 60 Airbus A321neo aircraft at the Future Investment Initiative conference .
• The Fund launched three new joint ventures aimed at localizing the manufacturing and assembly of renewable energy components in partnership with leading global companies.

Fourth quarter 2024:

• The Public Investment Fund announced the completion of the sale of 100 million shares in the Saudi Telecom Company ( STC Group). Final agreements have been reached to form the largest telecom tower company in the region.
• The fund launched the hotel management company , Adira , with the aim of developing distinguished Saudi brands in the hospitality sector, covering a wide range of hotels from mid-range to luxury, to meet the needs of visitors of all segments and enhance the hospitality experience across the Kingdom.
• The Fund has acquired a 15% stake in FGP Topco, owner of Heathrow Airport, one of the world's busiest and most dynamic airports. This strategic move reflects the Fund's drive to consolidate its presence in the global vital infrastructure sector, in line with its vision for long-term, value-driven investment in key global transportation networks.
• The Fund announced the establishment of the Smart Residence Company for Residential Complexes (SARC), with the aim of providing integrated housing solutions for all categories of workers in major construction and development projects in the Kingdom .
• The fund launched the hotel management company , Adira , with the aim of developing distinguished Saudi brands in the hospitality sector, covering a wide range of hotels from mid-range to luxury, to meet the needs of visitors of all segments and enhance the hospitality experience across all regions of the Kingdom .
• The Fund acquired a significant minority stake in Selfridges Group as part of a strategic partnership with Central Group, with the aim of strengthening Selfridges Group's position as a leading luxury shopping destination and supporting its long-term growth .
• The Fund and Google Cloud announced a strategic partnership to launch an advanced artificial intelligence center in the Kingdom, serving as a leading platform for digital innovation .
• Moody's has raised the Public Investment Fund's long-term rating from A1 to Aa3 .

About the Public Investment Fund :

The Public Investment Fund (PIF) is one of the world's largest and most influential sovereign wealth funds. Its Board of Directors is chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs (CEDA), and Chairman of the Board of Directors of the Public Investment Fund (PIF). Since 2015, the PIF's Board of Directors has been restructured and linked to the Council of Economic and Development Affairs. The Fund plays a leading role in driving the transformation and diversification of the Saudi economy, while also contributing to shaping the future of the global economy. Since 2017, the Fund has established more than 103 companies. The Fund is building a diversified portfolio by entering into attractive, long-term investment opportunities in 13 strategic sectors, both locally and internationally. The Fund's strategy, according to the PIF Program 2021-2025 – one of the programs for achieving Saudi Vision 2030 – aims to empower many promising sectors and contribute to increasing local content by establishing partnerships with the private sector. It also works to transfer technologies and localize knowledge. To build a prosperous and sustainable economy in the Kingdom, and as the Kingdom's investment arm, the Fund has worked to enter into distinctive investments and build strategic alliances and partnerships with many prestigious international institutions and entities. This contributes to achieving real long-term value for the Kingdom, in line with the objectives of Vision 2030. The Public Investment Fund has also developed an operational governance model that highlights its mission and key objectives, which are aligned with global best practices. The implementation of this model enhances transparency and effectiveness in decision-making and future progress .

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