Saudi Arabia’s Public Investment Fund (PIF) said gross assets under management (AUM) exceeded SAR 2.23 trillion ($594 billion) in 2022, from SAR 1.9 trillion ($528 billion) the previous year.
International investments made up 23 percent of its AUM, worth SAR 512 billion ($136.5 billion), while 77 percent were local investments SAR1.717 trillion ($457.8 billion), PIF said in its annual report for 2022.
PIF locally deployed SAR 120 billion ($32 billion) in strategic sectors and established 25 companies in 2022. It created 181,000 jobs last year.
The Saudi sovereign wealth fund generated a total shareholder return of 8 percent from the beginning of the Vision Realization Program in September 2017 until the end of last year.
The investments portfolio in Saudi companies represented 32 percent of the fund’s assets and the investments portfolio aiming at developing promising sectors represented 21 percent.
PIF seeks to become a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy while driving the economic transformation of the Kingdom.
“2022 was a year when the robust financial foundations established by PIF enabled tangible and rapid progress. As the economy continued to recover from the disruptions of recent years, PIF has been proactive in driving transformational change throughout the Kingdom,” said PIF Gov. Yasir Al-Rumayyan.
He added: “Our enduring financial strength has enabled us to identify and take advantage of key investment opportunities in a way that delivers sustainable growth for Saudi Arabia.”
PIF continues its local investments in sectors and industries that will support the transformation of the local economy, by establishing new companies and investing billions of riyals in the Saudi market.
Al-Rumayyan stressed that the Fund was able to fulfill its tasks and enable the development and diversification of the local economy.
He pointed out that investment, in line with the Fund’s strategic objectives, is critical in building new cities, industries, and technologies that will shape a sustainable and more prosperous future for future generations.
Major projects have made remarkable progress over the past 12 months, with the Crown Prince, Prime Minister, and Chairman of NEOM, Prince Mohammed bin Salman bin Abdulaziz, announcing the masterplan and designs for The Line.
Al Rumayyan added that last year witnessed the launch of the integrated Roshn Bridal community (Alarous) inspired by historical architecture in Jeddah, with an area of more than 4 million square meters.
In the Qiddiya project, a loan of SAR 2.8 billion ($746.6 million) was received to establish the biggest water garden in the area. It is a major attraction to the travel and tourism sector, said the governor.
Al-Rumayyan remarked that the Red Sea Development Company has expanded its specialization scope by changing its trademark in order to make the project a global tourist attraction. The change will include new infrastructure in addition to investments in construction projects in tourism and other sectors.
