Saudi PIF assets triple with 390% surge since 2016, 2030 target raised

Following its restructuring under Vision 2030, PIF has transformed from a traditional sovereign wealth fund into a globally recognized driver of economic diversification and innovation.
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Updated 26 April 2025
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Saudi PIF assets triple with 390% surge since 2016, 2030 target raised

  • Record-breaking growth fuels job creation, sector expansion, and a powerful shift beyond oil

RIYADH: Saudi Arabia’s Public Investment Fund has recorded a 390 percent surge in assets under management since the launch of Vision 2030, according to the initiative’s latest annual report.

PIF’s assets have soared from $160 billion in 2016 to $941.3 billion in 2024, surpassing its annual target of $880 billion and underscoring the fund’s rapid growth trajectory under the Kingdom’s transformative agenda.

Building on this momentum, the wealth fund has revised its 2030 goal, raising its asset management target from $1.87 trillion to $2.67 trillion. The updated ambition reflects the fund’s strengthened position and growing influence in shaping Saudi Arabia’s future economy.

Between 2016 and 2024, PIF posted a compound annual growth rate of 22 percent, highlighting its consistent ability to generate strong returns while advancing national development priorities.

Driving forces behind PIF’s expansion

Following its restructuring under Vision 2030, PIF has transformed from a traditional sovereign wealth fund into a globally recognized driver of economic diversification and innovation.

The fund’s growth has been propelled by a proactive, diversified investment approach, with 40 percent of its portfolio allocated to Saudi companies and giga-projects. Simultaneously, it has made strategic international investments across high-potential sectors.

This balanced strategy has contributed to the expansion of priority industries within the Kingdom, including tourism, mining, culture, logistics, and technology, supporting efforts to build a resilient, diversified economy.

Economic impact and sectoral growth

PIF’s strategic investments have not only boosted economic growth but also stimulated private sector participation, created employment opportunities, and attracted foreign direct investment.

By 2024, the fund’s initiatives had contributed to the creation of 1.1 million jobs, a significant leap from 77,700 direct and indirect jobs recorded in 2021. Over the same period, the number of companies established with PIF’s support more than doubled, rising from 45 to 93 across 13 strategic sectors.

The fund achieved 48 percent local content across its projects by 2024, highlighting its strong commitment to driving domestic economic growth.

Between 2021 and the third quarter of 2024, PIF attracted more than $37.33 billion in private investments across a range of initiatives, according to the report.

Through its Private Sector Hub initiative, it published over 200 opportunities during this period, representing a total investment value of $10.67 billion.

In addition, more than 300 contractors have been pre-qualified, and over 200 small and medium-sized enterprises have been trained to collaborate with companies across PIF’s portfolio.

PIF’s role in strengthening Saudi Arabia’s non-oil economy has been pivotal.

According to the report, non-oil sectors accounted for 51 percent of the Kingdom’s real gross domestic product by 2024, a key milestone in achieving Vision 2030 goals.

The fund’s influence is evident in the launch of several megaprojects aimed at redefining the Kingdom’s economic landscape, ranging from world-class tourism destinations to advanced industrial zones.

PIF also played a crucial role in advancing financial sector reforms. The number of licensed asset managers in Saudi Arabia rose sharply from just five in 2019 to 36 in 2024, reflecting the Kingdom’s growing investment landscape and financial market sophistication.

Strengthening financial resilience

The fund has reinforced its financial base to support its ambitious investment strategy, highlighted by the transfer of 8 percent of Aramco shares. This move reduced the government’s direct ownership in the oil giant to 82.186 percent, enhancing PIF’s asset strength and investment capacity.

In addition, PIF secured $15 billion in syndicated credit facilities from 23 global financial institutions, significantly boosting its liquidity and financial flexibility. These initiatives align with PIF’s strategic objectives of developing new sectors, localizing knowledge and technology, and generating sustainable, high-quality employment opportunities across the Kingdom.

Global recognition

PIF’s transformation has not gone unnoticed on the international stage. The fund was named the world’s No.1 sovereign wealth fund brand by Brand Finance, with its brand value estimated at $1.1 billion.

Adding to its accolades, PIF swept four awards at the 2024 Middle East Bonds, Loans & Sukuk Conference, including Best Sukuk Deal, Best Landmark Deal, Best Semi-Sovereign Treasury and Funding Team, and Best Deal in Islamic Capital Markets.

Capital markets expansion

Saudi Arabia’s capital markets have grown in tandem with PIF’s rise, playing a critical role in broadening the nation’s economic base since the launch of Vision 2030.

Regulatory reforms—such as updates to the Companies Law and Government Tenders and Procurement Law—have enhanced transparency, strengthened investor confidence, and paved the way for a surge in initial public offerings.

The Saudi Exchange has seen remarkable expansion, with the number of listed companies increasing from 205 in 2019 to 353 in 2024. Foreign investor ownership more than doubled, reaching $112.8 billion in 2024 compared to $52.8 billion in 2019, while non-Saudi portfolio ownership grew from $29.3 billion in 2016 to $131.5 billion.

The number of individual portfolios on the Saudi Exchange also rose sharply, climbing from 9.2 million in 2016 to 13 million by 2024.

Meanwhile, Tadawul’s market capitalization (excluding Aramco) grew from 66.5 percent of GDP in 2019 to 86.7 percent in 2024, indicating the increasing maturity and depth of Saudi Arabia’s capital markets. The banking sector mirrored this growth, with total assets rising from $693.3 billion in 2019 to $1.12 trillion by the second quarter of 2024.

These developments have positioned Saudi Arabia’s financial sector as one of the most dynamic and accessible in the region, offering expanded opportunities for both local and global investors.

Reflecting this confidence, international credit rating agencies reaffirmed Saudi Arabia’s strong economic outlook in 2024. Moody’s assigned an AA3 rating, Fitch rated the Kingdom at “A+,” and S&P Global Ratings gave it an “A/A-1” rating, all with stable outlooks.

Beyond Vision 2030

As the Kingdom prepares to enter the final phase of Vision 2030 delivery in 2026, the focus will increasingly shift toward building a sustainable and resilient private sector. Key priorities include reducing reliance on government support while fostering growth through regulatory enhancements, infrastructure development, and targeted investments.

Saudi Arabia envisions the private sector playing a leading role in advancing the economy, particularly in high-impact fields such as advanced manufacturing, artificial intelligence, and the digital economy.

By empowering private enterprises, the Kingdom aims to achieve its target of generating 65 percent of GDP from private sector activities, positioning it as a critical driver of sustainable growth in the decades beyond Vision 2030.


Saudi Arabia launches global platform to shape future of tourism 

Updated 22 May 2025
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Saudi Arabia launches global platform to shape future of tourism 

RIYADH: Saudi Arabia has launched TOURISE, a global platform connecting leaders in tourism, tech, investment, and sustainability, as it positions itself to shape future travel policy and innovation. 

The platform, officially introduced by Minister of Tourism Ahmed Al-Khateeb, will serve as a year-round initiative to unlock investment opportunities, address sector-wide challenges, and develop policies to guide the next phase of global tourism growth.  

The launch aligns with Saudi Arabia’s broader push to become a global tourism hub, backed by major infrastructure investments, streamlined visas, and high-profile events. In 2024, Saudi Arabia hit its Vision 2030 target of 100 million visitors — seven years early — with tourism now contributing nearly 5 percent to gross domestic product. 

Speaking during the virtual launch, Al-Khateeb said: “Tourism is one of the most dynamic, connective forces in the world’s economy, supporting one in ten jobs globally. But as the world evolves, the sector must too.”  

He added: “Whether adapting to technological disruption and changing traveler expectations, to addressing the urgent calls for sustainability and a more equitable approach to travel, TOURISE will be the much-needed platform to shape the future of tourism.”  

TOURISE will be supported by an advisory board composed of global figures from the tourism, hospitality, and technology, as well as entertainment and investment sectors. 

According to the official press release, TOURISE will also form working groups focused on key themes and will publish white papers and global indices in collaboration with international organizations. 

The first TOURISE Summit will take place in Riyadh from Nov. 11-13. The event will explore four major areas: the role of artificial intelligence in tourism, investment and business model innovation, travel experience upgrades, and inclusive and sustainable tourism practices.  

An Innovation Zone will spotlight emerging technologies from both public and private sector firms. 

An accompanying awards program will recognize destinations and organizations that demonstrate leadership in categories such as sustainability, digital transformation, cultural preservation, inclusive tourism and workforce development.  

Nominations for the awards are scheduled to open on June 2, with winners to be announced on the summit's opening day. 

“For this industry to evolve and reach its full potential, public-private sector collaboration is critical to the continued success of Travel & Tourism worldwide,” said Julia Simpson, president and CEO of the World Travel & Tourism Council and a member of the TOURISE advisory board.  


Egypt central bank cuts key interest rates by 100 basis points, statement says

Updated 22 May 2025
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Egypt central bank cuts key interest rates by 100 basis points, statement says

CAIRO: Egypt’s central bank lowered its key interest rates by 100 basis points on Thursday, its second rate cut in 2025 after keeping rates unchanged for a year.


Closing Bell: Saudi main index ends lower at 11,188

Updated 22 May 2025
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Closing Bell: Saudi main index ends lower at 11,188

  • MSCI Tadawul 30 Index lost 12.2 points to close at 1,428.81
  • Parallel market Nomu declined by 156.89 points to end at 27,260.73

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Thursday, falling 114.94 points, or 1.02 percent, to settle at 11,188.74.

The total trading turnover reached SR4.4 billion ($1.17 billion), with 76 stocks advancing and 165 declining.

The MSCI Tadawul 30 Index also dropped, losing 12.2 points, or 0.85 percent, to close at 1,428.81.

The Kingdom’s parallel market Nomu declined by 156.89 points, or 0.57 percent, to close at 27,260.73, with 29 stocks gaining and 49 retreating.

The best-performing stock of the day was Saudi Reinsurance Co., rising 3.70 percent to SR49.

Other top gainers included Al-Rajhi Company for Cooperative Insurance, whose share price rose 3.65 percent to SR119.2, and Umm Al-Qura Cement Co., which gained 3.42 percent to SR17.54.

The day’s largest decline was seen in SHL Finance Co., with its share price dipping 4.93 percent to SR19.30.

Al-Etihad Cooperative Insurance Co. saw its shares drop 3.86 percent to SR13.44, while Saudi Arabian Oil Co. declined 3.64 percent to SR25.15.

The best performer on the Kingdom’s parallel market was Enma AlRawabi Co., with its share price surging by 7.77 percent to reach SR24.98.

Lamasat Co.’s share price increased by 7.58 percent to reach SR7.1, and Natural Gas Distribution Co. reached SR47, increasing by 6.82 percent.

Albattal Factory for Chemical Industries Co. was the worst performer on the parallel market, declining 16.83 percent to reach SR42.


Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Updated 22 May 2025
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Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

  • Energy, banking, and telecommunications represent nearly 74% of the total brand value in the rankings
  • Dairy producer Almarai is recognized as the Kingdom’s third strongest brand

RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.

Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.

The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies. 

Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year. Shutterstock

The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy. 

Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.” 

He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.” 

The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year. 

This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions. 

stc ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. File/Reuters

The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader. 

An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance. 

With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance. Almarai

This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions. 

As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone. 

Saudia’s brand value surged by 34 percent to reach $1.1 billion in January. Wikipedia

This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility. 

The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy. 

“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added. 


Saudi Arabia doubles funding to Union of Arab Chambers

Updated 22 May 2025
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Saudi Arabia doubles funding to Union of Arab Chambers

  • Expanded support will significantly enhance UAC’s capacity to deliver programs and initiatives empowering the Arab private sector
  • FSC and UAC are working to boost intra-Arab trade and expand access to third markets

JEDDAH: Saudi Arabia has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.

The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC’s capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.

The decision underscores the Kingdom’s growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.

Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region’s total foreign trade by late 2024—a figure FSC President Moejeb Al-Hwaizy described as “modest” in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.

The FSC noted that Saudi Arabia’s enhanced contribution reflects its “strategic responsibility” as the UAC’s largest financial backer and soon-to-be president. “This is an extension of the federation’s role in supporting the private sector at the local, regional, and international levels,” it said.

The Kingdom’s leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.

With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.

As the only Arab country in the G20 and the region’s largest economy, Saudi Arabia’s growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.