Saudi Arabia’s Public Investment Fund (PIF) has recorded an astonishing 390% surge in assets under management since the launch of Vision 2030, according to its latest annual report.
PIF’s assets have skyrocketed from $160 billion in 2016 to $941.3 billion in 2024, surpassing its annual target of $880 billion. Building on this momentum, PIF has revised its 2030 target from $1.87 trillion to $2.67 trillion.
Between 2016 and 2024, PIF achieved a 22% compound annual growth rate, driven by a diversified investment strategy balancing domestic projects and global investments.
Key Highlights:
- 40% of the portfolio is allocated to Saudi companies and giga-projects.
- Over 1.1 million jobs created by 2024, up from 77,700 in 2021.
- Number of PIF-supported companies doubled from 45 to 93 across 13 sectors.
- $37.33 billion in private investments attracted.
- 48% local content achieved in PIF projects.
PIF’s strategic role helped non-oil sectors account for 51% of Saudi Arabia’s real GDP by 2024, a major Vision 2030 milestone.
Financial Strength:
- Transfer of 8% of Aramco shares to boost assets.
- Secured $15 billion in syndicated loans from 23 international banks.
- Ranked World’s No.1 Sovereign Wealth Fund Brand by Brand Finance.
Capital Market Expansion:
- Number of listed companies grew from 205 in 2019 to 353 in 2024.
- Foreign investor ownership rose to $112.8 billion.
Tadawul’s market capitalization (excluding Aramco) increased to 86.7% of GDP.