The Public Investment Fund (PIF) has reported a 17% increase in assets year-on-year, soaring to $1.15 trillion in 2024, while revenues climbed by 25% to reach $110 billion.
The Fund’s revenue also surged by 25%, hitting SAR413 billion ($110 billion), compared to SAR331 billion ($88.3 billion) the previous year, as reflected in figures published through the London Stock Exchange as part of global disclosure requirements.
In 2024, the sovereign wealth fund reported net profits of SAR26 billion ($151.8 billion), and held cash reserves of SAR316 billion ($84.2 billion).
Key contributors to this growth include major earnings from portfolio companies such as Savvy Games Group, Ma’aden, STC, NCB, AviLease, and Gulf International Bank, along with dividends from Aramco and increasing returns from both new and maturing investments.
“Long-term projects, that are beginning to mature, are also now generating significantly more revenue,” the disclosure document stated.
The Fund also successfully diversified its funding sources by completing major financing transactions in 2024, including a $2 billion Sukuk issuance, a £650 million ($820 million) debut bond in GBP, and refinancing a $15 billion revolving credit facility. These actions demonstrate strong investor confidence in PIF’s creditworthiness and long-term strategy.
PIF’s debt ratio remained unchanged at 13% by the end of the year.
“Over 2024, PIF continued to advance its position as one of the world’s most impactful investors, while driving economic transformation in Saudi Arabia,” the document noted.
PIF emphasised its commitment to fostering economic diversification and long-term growth by launching new investments and generating strong retained earnings within its ecosystem of companies.
