Saudi Arabia’s Public Investment Fund (PIF) announced a substantial increase of 18 percent in total assets, reaching SAR4,321 billion (SAR4.32 trillion or $1.51 trillion) by the close of 2024, up from SAR3,664 billion ($976.94 million) in 2023. The Fund also reported a 25 percent rise in total revenues, amounting to SAR413 billion, compared to SAR331 billion the preceding year.
In its annual performance summary, the Fund emphasized the ongoing strengthening of its financial position in alignment with its long-term strategic objectives. The rise in revenues was mainly attributed to increased earnings from several of its major portfolio companies, including Savvy Games Group, Ma’aden, STC, NCB, AviLease, and Gulf International Bank, along with dividend inflows from Aramco and returns from key projects that started generating higher revenues.
Net profits for the year reached SAR26 billion, with the Fund noting that this figure was influenced by broader global economic headwinds such as rising interest rates, inflation, and impairment losses on select projects. These losses, resulting from adjustments to operational plans and cost estimates, totaled less than 2 percent of total assets.
Stable cash reserves
Despite global challenges, Saudi Arabia’s PIF maintained stable cash reserves of SAR316 billion, while loans and facilities saw a slight increase to SAR570 billion. The Fund highlighted its successful efforts to diversify funding sources, underscored by significant financial moves in 2024, including a US$2 billion Sukuk issuance denominated in US dollars, a £650 million debut bond issuance in British pounds, and a US$15 billion refinancing of revolving credit facilities.
These achievements reflect investor confidence in PIF’s robust credit profile and long-term strategic vision. The debt-to-asset ratio remained stable at 13 percent, indicating prudent financial management.
PIF also reported strong progress across its strategic sectors. In entertainment and tourism, Red Sea Global Company expanded its offerings with the opening of several luxury hotels, including The St. Regis Red Sea Resort, Nujuma Resort, and Ritz-Carlton Reserve. The launch of Adeera, a Saudi-based hotel management company, further exemplifies PIF’s commitment to developing homegrown brands.
In Diriyah, new cultural and heritage zones were unveiled, contributing to the Kingdom’s efforts to enhance its historical tourism appeal. The housing sector also experienced strong momentum with the launch of multiple branded residential communities. Saudi Arabia’s PIF concluded that its ecosystem of companies continues to achieve growth in retained earnings and remains dedicated to launching new investments.
