Saudi Arabia’s Public Investment Fund (PIF) has continued to cement its role as a driving force behind the Kingdom’s economic transformation, posting record growth in managed assets and strong financial results in its 2024 annual report.
The figures show the fund now contributes 10% of Saudi Arabia’s non-oil GDP, with managed assets reaching SAR 3.42 trillion ($913 billion) and more than $171 billion invested in priority sectors since 2021.
According to the report, released Wednesday, PIF’s managed assets rose 19% year-on-year to SAR 3.42 trillion by the end of 2024, generating an average annual shareholder return of 7.2% since 2017. Revenues climbed 25% over the same period. Liquidity and cash positions remained stable, with the fund maintaining a robust balance sheet.
The report highlighted substantial progress in delivering on the fund’s strategic investment targets, reinforcing its status as one of the largest and fastest-growing sovereign wealth funds in the world. PIF’s cumulative contribution to non-oil GDP from 2021 to 2024 reached SAR 910 billion, with an expected total impact of SAR 1.2 trillion by the end of this year.
PIF Governor Yasir Al-Rumayyan said 2024 marked “a new and promising phase of exceptional performance and qualitative innovation,” characterized by the systematic integration of artificial intelligence, smart automation, and advanced digital capabilities across all operations. He noted that this shift represents not just technological advancement, but a “transformational approach” in how PIF invests, operates, and delivers economic and social impact globally.
For his part, Chief Financial Officer Yasir Alsalman reported that SAR 213 billion were directed to priority sectors in 2024 alone, bringing total investments in such sectors since 2021 to over 642 billion riyals.
In turn, Acting Chief Operating Officer and Board Secretary General Maram Al-Johani said PIF maintained its long-term vision while strengthening its influence locally and internationally, continuing to lead Saudi Arabia’s economic diversification and generate sustainable returns.
The fund’s international portfolio expanded further in 2024, targeting sustainable returns through long-term investments and strategic partnerships in key global markets. PIF’s overseas investments aim to diversify assets and income streams, secure partnerships with major corporations and investors, and back advanced technologies that support Saudi Arabia’s economic ambitions and shape the future global economy.
PIF diversified its funding base in 2024, securing SAR 36.855 billion ($9.83 billion) in public loans and nearly SAR 26 billion ($7 billion) in private loans. The fund’s stability has earned global recognition, with Moody’s upgrading its credit rating from A1 to Aa3 in 2024, and Fitch affirming its A+ rating with a “stable” outlook.
Governance standards also drew praise. PIF scored 96% in the 2024 Governance, Sustainability and Resilience Index from Global SWF — a sharp improvement over 2021 — and ranked first worldwide among 200 sovereign investors, achieving 100% compliance in 2025. It also topped the global list of most valuable sovereign wealth fund brands, with a valuation exceeding SAR 4.13 billion, earning an A+ rating from Brand Finance.
