S. Arabia’s PIF’s assets under management reach $765b in ’23

The Saudi Public Investment Fund (PIF) showed strong performance in 2023, with assets under management growing by 29 per cent to SAR2.871 trillion (approximately $765 billion) by year-end and increasing to $925 billion as of July 2024.

According to the PIF annual report, the fund achieved an average total shareholder return of 8.7 per cent a year since the inception of its Vision Realisation Programmes (VRP).

Total net cash returns for the Saudi Sector Development (SSD) and Saudi Equity Holdings (SEH) pools reached $11.2 billion (SAR42 billion), surpassing the $5.3 billion (SAR20 billion) target. The Saudi Real Estate and Infrastructure Development (SREID) pool experienced a 15 per cent year-on-year (YoY) increase, reaching $62 billion (SAR233 billion) in AuM.

In addition to domestic investments, PIF has expanded its global presence, investing SAR586 billion ($156 billion) internationally in 2023, marking a 14 per cent increase from the previous year.

Key international partnerships include ventures with Hyundai, Pirelli, and Baosteel. Domestically, PIF launched several initiatives, including Riyadh Air, the Electric Vehicle Infrastructure Company (EVIQ), and Lifera in the pharmaceutical sector.

By the first quarter of 2024, PIF had created over 763,000 direct and indirect jobs. The fund received ratings of A1 with a positive outlook from Moody’s and A+ with a stable outlook from Fitch, underscoring its strong financial position and significant impact on both the local and global economy.

Attribution: Saudi Press Agency (SPA) &  PIF annual report

Subediting: Y.Yasser