In 2024, Saudi PIF reached over SAR4.3 trillion by year-end. This increase marks an 18% rise compared to the previous year. The Public Investment Fund also saw a 25% jump in total revenues, which hit SAR413 billion in 2024. This strong performance reflects the fund’s strategic growth and financial resilience.
The Saudi PIF increased significantly due to higher earnings from its key portfolio companies. Moreover, dividends from Aramco and growing project returns added to the revenue boost. These combined factors strengthened the Fund’s financial position, in line with its long-term goals.
Net profits reached SAR26 billion despite challenges from global economic pressures. Rising interest rates, inflation, and some project impairments slightly affected profits. However, these losses accounted for less than 2% of total assets. Meanwhile, the Fund maintained stable cash reserves of SAR316 billion, even as loans and facilities rose modestly to SAR570 billion.
Furthermore, the Fund diversified its funding sources through key financial moves. These included a US$2 billion Sukuk issuance in dollars, a £650 million bond in pounds, and a US$15 billion refinancing of credit facilities. Such efforts reflect investor confidence and the Fund’s strong credit profile. The debt-to-asset ratio stayed steady at 13%, showing sound financial management.
The remarkable growth of Saudi PIF’s asset base also comes from progress in strategic sectors. In entertainment and tourism, Red Sea Global Company launched luxury hotels like The St. Regis Red Sea Resort and Ritz-Carlton Reserve.
The Adeera hotel management company began operations, highlighting support for local brands. Additionally, new cultural zones opened in Diriyah, enhancing Saudi Arabia’s heritage tourism. The housing sector saw progress with multiple branded residential projects launched.
In conclusion, as Saudi PIF’s portfolio companies grow their retained earnings, the Fund continues to strengthen its position. It remains committed to expanding investments and advancing the Kingdom’s economic diversification.
