According to the Public Investment Fund’s (PIF) recently released annual report, the fund had a great 2024, with total revenue up 25% and assets under management (AuM) up 19% to USD 913 billion.
The findings demonstrate PIF’s growing contribution to Saudi Arabia’s economic development and the formation of international markets.
The total amount invested in priority sectors since 2021 has surpassed USD 171 billion, with USD 56.8 billion allocated in 2024 alone. Since 2017, the fund has seen an average annual return of 7.2% for its entire portfolio, and its cash position has remained relatively stable, indicating strong liquidity.
PIF contributed USD 243 billion to the Kingdom’s non-oil GDP between 2021 and 2024, which accounted for 10% of the country’s non-oil GDP. By the end of 2024, the fund will have established 103 businesses, increasing its portfolio to 225 companies. It also promotes innovation, localisation, and strategic sectors. Partnerships were one of the major milestones in 2024.
PIF raised USD 16.83 billion in public and private debt while obtaining credit rating upgrades from Moody’s and Fitch, further broadening its global investment footprint. With a score of 96% on Global SWF’s 2024 GSR Scoreboard and a tie for first place worldwide in 2025 with a score of 100%, governance performance also achieved a significant milestone.
Additionally, PIF saw significant brand growth; in 2024, Brand Finance named it the most valuable and rapidly expanding sovereign wealth fund brand globally.
Meanwhile, Saudi Arabia’s sovereign wealth fund has reduced the value of its investments in the Kingdom’s megaprojects, such as its flagship development Neom, by USD 8 billion as lower oil prices and budget overruns impede efforts to revamp the domestic economy.
The Public Investment Fund, the primary force behind Saudi Arabia’s efforts to transform its economy, reported that at the end of 2024, its investments in Saudi mega projects were valued at USD 56 billion (SR 211 billion), a 12% decrease from the previous year. The amount of the write-down is USD 8 billion.