The Public Investment Fund’s (PIF) assets under management (AuM) saw a 29% surge, reaching SAR 2.871 trillion ($765 billion) by the end of 2023. As of July 2024, AuM stands at $925 billion. The annual report also notes an average total shareholder return of 8.7% per year since the inception of the Vision Realization Program (VRP). Total net cash returns for the Saudi Sector Development (SSD) and Saudi Equity Holdings (SEH) pools amounted to $11.2 billion (SAR 42 billion), exceeding the target of $5.3 billion (SAR 20 billion). The Saudi Real Estate and Infrastructure Development (SREID) pool grew 15% year-on-year to reach $62 billion (SAR 233 billion) in AuM.
In 2023, PIF launched the Private Sector Forum, which introduced several initiatives to align local businesses with PIF’s objectives. Key programs unveiled include MUSAHAMA, a local content growth initiative, and the Suppliers Development Program. These programs aim to enhance private sector participation in PIF’s projects.
The Saudi sovereign wealth fund continued its local investments, launching Riyadh Air, Saudi Arabia’s new national carrier, and establishing the Electric Vehicle Infrastructure Company (EVIQ) to support EV adoption. Other initiatives include the creation of Lifera, a pharmaceutical investment company, Al Balad Development Company, and Ardara in the real estate sector.
PIF reported that it had created over 730,000 direct and indirect jobs by the end of 2023, with the total rising to over 763,000 by Q1 2024. Internationally, PIF invested SAR 586 billion ($156 billion) in 2023, marking a 14% year-over-year increase. These investments aim to enhance PIF’s global portfolio and localize expertise in Saudi Arabia.
The report also details foreign direct investment (FDI) activities, including joint ventures with Hyundai to build a Saudi-based factory, Pirelli to manufacture tyres in Saudi Arabia, and Baosteel to establish a steel plate manufacturing complex.
