RIYADH: The total value of assets under management held by Saudi Arabia’s sovereign wealth fund reached $913 billion by the end of 2024, representing a 19 percent rise compared to the same period of the previous year. 

In its 2024 Annual Report, the Public Investment Fund said that total revenue increased by 25 percent year on year, while cash balance remained strong and broadly unchanged. 

The analysis follows Brand Finance’s recent ranking of PIF as the most valuable and fastest-growing sovereign wealth fund globally, with a brand value of $1.2 billion.

In July, a Global SWF study reported that the wealth fund had risen to fourth place globally among sovereign wealth funds, with assets exceeding $1 trillion, slightly higher than the figure in PIF’s annual report.

“PIF’s portfolio delivered year-on-year growth of assets under management of 19 percent to reach $913 billion. Capital deployment across priority sectors reached $56.8 billion in 2024, bringing cumulative investment since the beginning of 2021 to more than $171 billion,” said Yasir A. Al-Salman, chief financial officer of PIF. 

PIF witnessed an annual average portfolio return of 7.2 percent since 2017, while the fund’s cumulative real non-oil gross domestic product contribution to the Kingdom between 2021 and 2024 grew to $243 billion. 

“Throughout 2024, PIF continued to lead with long-term vision and purpose. PIF deepened its impact and continued to drive the economic transformation of Saudi Arabia, while generating sustainable returns,” said Maram Al-Johani, PIF’s acting chief of staff and secretary general to the board. 

She further said that the fund currently represents 10 percent of the Kingdom’s non-oil economy. 

“PIF’s portfolio reflects its focus on diversifying the Saudi economy. PIF continued to invest in and establish new companies, driving forward change and bringing the total number of portfolio companies at year-end to 225, of which PIF has created and established 103,” said Al-Johani. 

Al-Johani added that PIF continued to drive the development of strategic economic sectors in the Kingdom through expanding the technical capabilities of its investment portfolios, promoting localization, and encouraging innovation.

“The 2024 results highlight PIF’s transition from digital transformation to digital leadership, with artificial intelligence and automation together becoming a vital part of operations. In 2024, PIF completed 58 digital projects, launched 15 new applications and automated more than 477 processes, enabling insights, strategy and the creation of economic value,” said Al-Johani. 

PIF said that it continued to diversify funding sources, raising $9.83 billion in public debt and an additional $7 billion in private debt. 

Affirming the financial stability of PIF, global credit rating agency Moody’s upgraded the fund’s credit rating to Aa3 from A1 with a stable outlook, while Fitch affirmed its A+ rating with a stable outlook.