Saudi Arabia’s sovereign wealth fund PIF swung to a profit of SAR 138.1 billion riyals ($36.81 billion) in 2023, after recording a loss of $15.6 billion in 2022.
The total revenues of the Kingdom’s sovereign wealth fund more than doubled year-on-year to reach $88.3 billion in 2023, according to a regulatory filing. The growth was driven by a combination of investment and non-investment activities, as well as increased dividends.
In 2023, the PIF’s income from investment activities reached SAR 93.8 billion ($25 billion). Meanwhile, revenues from non-investment activities increased by 15% to SAR 237.6 billion ($63.33 billion) due to growth in most lines of business, especially financial services and telecommunications.
The value of PIF’s total assets jumped by 26% in 2023 to SAR 3.7 trillion ($990 billion), compared to SAR 2.9 billion ($773 million) in 2022, driven by several acquisitions and the transfer of a percentage of Aramco’s ownership to the fund.
PIF is focused on long-term investments. The fund is the key driver behind Saudi Arabia’s Vision 2030, an ambitious plan to drive economic diversification and create sustainable returns. Since 2017, the PIF has created 94 new companies and generated over 644,000 direct and indirect jobs.Â