Saudi Arabia’s Public Investment Fund (PIF) reported a 19% rise in assets under management to $913 billion at the end of 2024, according to its annual report. The growth came despite an $8 billion writedown in the valuation of domestic giga-projects, including Neom, equivalent to a 12.4% decline in those assets’ worth. Total revenue increased by 25% over the year, while the fund’s cash position remained broadly unchanged. Average annual portfolio returns since 2017 stood at 7.2%, down from 8.7% in 2023.
Net profit fell sharply to SAR 25.8 billion ($6.9 billion), a 60% drop compared with 2023, as higher interest rates, inflation and impairment charges weighed on earnings. Capital deployment in priority sectors reached $56.8 billion in 2024, bringing cumulative investment since 2021 to more than $171 billion. The fund’s contribution to Saudi Arabia’s real non-oil GDP between 2021 and 2024 rose to $243 billion, representing about 10% of the non-oil economy.
PIF continued to increase its domestic focus, with the proportion of international assets in its portfolio declining from around 20% to 17%. This shift is part of its strategy to align with Saudi Arabia’s Vision 2030 plan, which aims to diversify the economy away from oil dependence. The fund also expanded its digital and automation capabilities in 2024, completing 58 projects, launching 15 new applications and automating more than 477 processes.
On the financing side, PIF raised $9.83 billion in public debt and $7 billion through private placements. Credit rating agencies signalled confidence in the fund’s financial position, with Moody’s upgrading PIF to Aa3 from A1 and Fitch affirming its A+ rating, both with stable outlooks. Governance and sustainability metrics improved, with a 96% score in Global SWF’s 2024 GSR scoreboard and a tie for first place globally in 2025 with 100%. Brand Finance ranked PIF as the most valuable and fastest-growing sovereign wealth fund brand, with an A+ rating.
