Saudi Arabia's Public Investment Fund (PIF) witnessed an increase of 19% in its assets under management, reaching a staggering $913 billion in the year 2024.
In 2024, Saudi Arabia's Public Investment Fund (PIF) continued its global expansion, focusing on long-term, impactful projects, while prioritising domestic growth. The fund's domestic assets now constitute around 80% of its portfolio, reflecting a strategic shift towards boosting the kingdom's economic transformation in line with Vision 2030.
The PIF's international investments remain robust, with a focus on sustainable and diversified asset classes with a long-term horizon strategy. However, specific details on key overseas companies or sectors for 2024 are not explicitly disclosed in recent overviews.
Domestically, the PIF made significant strides, creating 16 new companies in sectors such as artificial intelligence, advanced manufacturing, and commercial aerospace. Notable domestic holdings include Saudi mining giant Maaden, petrochemicals major Sabic, the kingdom's biggest lender, Saudi National Bank, and Riyadh Air, Saudi Arabia's new national carrier.
The PIF's strategic pivot is evident in its capital deployment, which reached $56.8 billion in 2024 across its priority sectors. Moreover, the fund completed 58 digital projects, launched 15 new applications, and automated over 477 processes, highlighting its transition to digital leadership.
The fund's annual returns fell slightly to 7.2% in 2024, down from 8.7% in 2023. Despite this, the PIF raised its target for assets under management by 2030 to $2.67 trillion, up nearly 43% from its original target of $1.87 trillion.
The PIF's funding sources have also diversified, with $9.83 billion raised in public debt and an additional $7 billion in private debt. The total number of the PIF's portfolio companies at the end of 2024 was 225, with the cumulative investment since the beginning of 2021 surpassing $171 billion.
The PIF's international investments include the €4 billion ($4.2 billion) deal to buy a combined 37.62% stake in London's Heathrow Airport. The fund has also launched Electric Vehicle Infrastructure Company and Lifera, a pharmaceutical investment company.
As of 2024, the PIF, representing 10% of Saudi Arabia's non-oil economy, continues to play a crucial role in the kingdom's economic transformation agenda, with a focus on sustainable returns, global partnerships, and domestic growth.
[1]: Source 1 [2]: Source 2 [3]: Source 3
- The Public Investment Fund (PIF) of Saudi Arabia, in 2024, invested extensively in digital advancements, automating over 477 processes and launching 15 new applications. [Source 3]
- Saudi Arabia's PIF, with a focus on sustainable and diversified assets, made strategic investments in sectors like artificial intelligence, advanced manufacturing, and commercial aerospace. [Source 3]
- The PIF's international investments extend to various business segments, such as purchasing a combined 37.62% stake in London's Heathrow Airport, launching Electric Vehicle Infrastructure Company, and establishing Lifera, a pharmaceutical investment company. [Paraphrased from Source 3]
- Despite a slight decrease in annual returns to 7.2% in 2024, the PIF raised its target for assets under management by 2030 to $2.67 trillion, amounting to nearly a 43% increase from the original target. [Source 3]
- The PIF's strong financial position allowed it to raise $9.83 billion in public debt and an additional $7 billion in private debt in 2024. [Source 3]
- By the end of 2024, the PIF had a portfolio of 225 companies, with a cumulative investment since the beginning of 2021 exceeding $171 billion, signifying its substantial influence on the kingdom's economy, representing 10% of its non-oil economy. [Source 3]
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