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Saudi PIF's Assets under Management Exceeds SAR2.871 Trillion in 2023

Saudi PIF's Assets under Management Exceeds SAR2.871 Trillion in 2023
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Saudi PIF's Assets under Management Exceeds SAR2.871 Trillion in 2023

Saudi PIF's Assets under Management Exceeds SAR2.871 Trillion in 2023

Saudi Arabia’s Public Investment Fund (PIF) released on Monday its annual report for 2023, providing an overview of its performance and financials for the year. The report has shown rapid progress across various strategic pillars and sectors in Saudi Arabia and the world, including transportation, mining, real estate, infrastructure, health, communications, technology, tourism and sports, further supporting its mandate and its strategies as a major driver of economic transformation, in line with Saudi Vision 2030, as well as its position as one of the most impactful investors in the world.

The report, which demonstrates PIF’s commitment to transparency and good governance in line with GIPS international standards, shows strong performance in 2023, with assets under management (AuM) increasing by 29% to SAR2.871 trillion (c. $765 billion) by year-end 2023.

As of July 2024, PIF AuM stands at $925 billion. PIF recorded average total shareholder return of 8.7% per year since VRP inception date, as well as significant progress against its objectives of delivering long-term, sustainable returns and economic transformation in Saudi Arabia.

Total net cash returns for both Saudi Sector Development (SSD) and Saudi Equity Holdings (SEH) pools reached $11.2 billion (SAR42 billion) for the year, substantially exceeding the $5.3 billion (SAR20 billion) target. The Saudi Real Estate and Infrastructure Development (SREID) pool increased 15% year-on-year to reach $62 billion (SAR233 billion) in AuM.

The launch of PIF’s inaugural Private Sector Forum was an important milestone in highlighting opportunities for local businesses to align with and support PIF’s mandate. At the event, several key initiatives were unveiled, including MUSAHAMA, the local content growth program, and the Suppliers Development Program. The programs promise to offer private sector companies enhanced visibility into supplier and investment opportunities within PIF and its subsidiary companies.

PIF has continued to deploy significant investment locally, which is supporting growth in key economic sectors that are of strategic importance to the domestic economy, launching Riyadh Air – Saudi Arabia’s new national carrier.

The Electric Vehicle Infrastructure Company (EVIQ) is intended to accelerate the adoption of EVs in Saudi Arabia, with PIF further supporting the car manufacturing ecosystem through Tasaru Mobility Investment.

PIF also launched Lifera, a new pharmaceutical investment company, and Al Balad Development Company as well as Ardara in the real estate sector.

PIF has now created a cumulative total of more than 730,000 direct and indirect jobs by year end 2023, bringing the total as of Q1 2024 to more than 763,000 direct and indirect jobs.

PIF has continued to increase its capital investment globally with SAR586 billion ($156 billion) invested internationally in 2023 alone, a 14% year-over-year increase of SAR74 billion ($19.98 billion).

The international investment portfolio plays a key role in enhancing PIF’s broad international portfolios and developing capital over the long term with a focus on impactful investments that generate significant returns over time by investing in the industries of the future that are shaping the global economy, helping to localize expertise, skills and technologies to Saudi Arabia.

PIF has also been active in securing foreign direct investment, including a joint venture with the Korean carmaker Hyundai to establish a new Saudi-based factory, and a partnership with the Italian tire producer Pirelli to make tires in Saudi Arabia for both domestic and export sale.

It also launched another joint venture with the Chinese firm, Baosteel, to establish an integrated steel plate manufacturing complex in Saudi Arabia.

PIF has been rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook.

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Business

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.

Business

Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.

Business

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.