Saudi Arabia’s PIF published today its 2024 Annual Report, showing strong performance and continuous delivery on its unique mandate to drive Saudi Arabia’s economic transformation and generate sustainable financial returns.
By the end of 2024, PIF’s assets under management (AuM) increased by 19 percent to $913 billion, with an annual average total portfolio return of 7.2 percent since 2017.
“The annual report for 2024 is marked by significant growth underpinned by solid financial health, as PIF further established its position as one of the world’s largest sovereign wealth funds. Capital deployment across priority sectors reached $56.8 billion in 2024, bringing cumulative investment since the beginning of 2021 to more than $171 billion. PIF continues to innovate to deliver on its mandate and drive economic transformation,” said Yasir A. AlSalman, chief financial officer of PIF.
Revenue rises 25 percent
The investment fund’s total revenue increased by 25 percent, while the cash balance remained strong and broadly unchanged year-on-year as PIF maintained its robust liquidity.
The report demonstrates significant progress in PIF’s forward-looking investment strategy, reinforcing its position as one of the world’s largest and fastest-growing sovereign wealth funds.
“PIF’s portfolio reflects its focus on diversifying the Saudi economy. PIF continued to invest in and establish new companies, driving forward change and bringing the total number of portfolio companies at year-end to 225 of which PIF has created and established 103. PIF continued to drive development of strategic economic sectors in Saudi Arabia, through national champions, expanding the technical capabilities of PIF’s investment portfolios, promoting localization and stimulating innovation,” said Maram Al Johani, PIF’s acting chief of staff and secretary general to the board.
PIF’s real non-oil GDP contribution grows to $243 billion
PIF’s cumulative real non-oil GDP contribution between 2021 and 2024 grew to $243 billion. The sovereign wealth fund’s portfolio reflects its focus on diversifying the Saudi economy as well as its commitment to global commercial partnerships.
“Throughout 2024, PIF continued to lead with long-term vision and purpose. PIF deepened its impact and continued to drive the economic transformation of Saudi Arabia, while generating sustainable returns. PIF now represents 10 percent of the nation’s non-oil economy, with PIF’s cumulative real non-oil GDP contribution between 2021 and 2024 growing to $243 billion,” added Al Johani.
Al Johani added that the 2024 results highlight PIF’s transition from digital transformation to digital leadership, with artificial intelligence and automation together becoming a vital part of operations. In 2024, PIF completed 58 digital projects, launched 15 new applications and automated more than 477 processes, enabling insights, strategy and the creation of economic value.
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PIF raises $9.83 billion in public debt
Last year, PIF continued to diversify funding sources, raising $9.83 billion in public debt and an additional $7 billion in private debt. The fund’s strength and stability were also recognized internationally. Moody’s upgraded PIF to Aa3 from A1, with stable outlook, and Fitch affirmed PIF’s rating at A+, with stable outlook, both validating its robust credit profile.
The fund also reached a major milestone in governance, sustainability and resilience (GSR) performance, achieving a 96 percent score on Global SWF’s 2024 GSR Scoreboard. In 2025, it tied for first place globally among 200 sovereign investors, with a score of 100 percent.
