Saudi Arabia’s Public Investment Fund Achieves Remarkable Growth in 2024
Saudi Arabia’s Public Investment Fund (PIF) has marked a significant milestone in its journey towards economic diversification and transformation. In 2024, the PIF proudly announced that its assets under management surged by 19% to reach an impressive $913 billion. This growth underscores the fund’s crucial role in supporting the Kingdom’s ambitions of creating a resilient and diversified economy.
Record Investment and Economic Impact
The PIF’s extensive 2024 Annual Report revealed a year of record investment activity and global acclaim. Since 2021, the fund has contributed approximately $243 billion to Saudi Arabia’s non-oil Gross Domestic Product (GDP), showcasing its pivotal influence on the nation’s economic landscape. In 2024 alone, the PIF allocated $56.8 billion across various strategic sectors. This brings the total investments made since the beginning of 2021 to over $171 billion, a testament to the fund’s aggressive growth strategy.
Expanding Portfolio and National Champions
A noteworthy aspect of PIF’s strategy is its focus on establishing national champions across diverse sectors such as tourism, energy, infrastructure, and technology. Currently, the fund manages a total of 225 portfolio companies, having initiated 103 of these entities. This approach not only supports economic diversification but also fosters job creation and innovation within the Kingdom.
Digital Transformation Initiatives
In line with global trends, PIF has accelerated its digital transformation efforts. In 2024, the fund successfully completed 58 digital projects and launched 15 new applications, streamlining operations through the automation of more than 477 processes. The integration of artificial intelligence and automation has become crucial, empowering the fund to make quicker, data-driven decisions that add significant value to its operations.
Growth in International Investments
On an international scale, the PIF has continued to widen its investment horizons. The fund is actively targeting high-impact opportunities in innovative companies, strategic sectors, and emerging technologies. This global approach not only enhances its portfolio but also strengthens Saudi Arabia’s presence in the international market.
Financial Health and Credit Strength
To finance its expansive projects, PIF has successfully diversified its funding sources. In 2024, the fund raised $9.83 billion in public debt along with $7 billion in private debt, ensuring a robust liquidity position. The fund’s credit strength has gained international recognition, with Moody’s upgrading its rating to Aa3 with a stable outlook, and Fitch affirming an A+ rating, also with a stable outlook. Such ratings reflect the confidence global markets place in PIF’s financial stability and growth potential.
Governance and Brand Recognition
In 2024, PIF achieved an impressive 96% score on the Global SWF Governance, Sustainability, and Resilience (GSR) Scoreboard. Looking ahead, the fund tied for first place globally with a 100% score in 2025, demonstrating its commitment to superb governance practices among a cohort of 200 sovereign investors.
Additionally, a study by Brand Finance identified Saudi Arabia’s PIF as the most valuable and fastest-growing brand among all sovereign wealth funds globally, earning a prestigious A+ brand rating. This reflects not only the fund’s substantial asset growth but also its forward-thinking approach in establishing a powerful brand identity.
Statements from Leadership
Yasir A. Al Salman, PIF’s Chief Financial Officer, spoke about the fund’s substantial achievements in the recent annual report, highlighting the solid financial health that underscores PIF’s operations. "The portfolio has experienced significant year-on-year growth, with assets under management increasing to $913 billion," he stated. “Our capital deployment across priority sectors reached $56.8 billion in 2024, emphasizing our innovative strategies to fulfill our mandate and stimulate economic transformation.”
As the PIF continues to evolve, its concerted efforts to invest in strategic sectors and undertake impressive digital initiatives are shaping a new economic era for Saudi Arabia. The fund’s focus on sustainability, governance, and brand development positions it as a leader in the global investment landscape.
