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Saudi Sovereign Fund Grows Assets 19% to $913 Billion

The Saudi capital, Riyadh (Reuters) 
The Saudi capital, Riyadh (Reuters) 
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Saudi Sovereign Fund Grows Assets 19% to $913 Billion

The Saudi capital, Riyadh (Reuters) 
The Saudi capital, Riyadh (Reuters) 

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.

 

 

 

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Business

Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
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Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)

Prince Saud bin Naif bin Abdulaziz, Governor of Saudi Arabia’s Eastern Region, inaugurated on Monday two major aviation projects at King Fahd International Airport in Dammam: a dedicated General Aviation Terminal for private flights and the Kingdom’s first Category III Instrument Landing System (ILS), which enables fully automatic aircraft landings in low-visibility conditions.

The ceremony was attended by Minister of Transport and Logistics Services and Chairman of the General Authority of Civil Aviation (GACA) Saleh bin Nasser Al-Jasser and President of GACA and Chairman of the Saudi Airports Holding Company Abdulaziz bin Abdullah Al-Duailej.

Prince Saud said the projects represent a qualitative leap in strengthening the aviation ecosystem in the Eastern Region, boosting the airport’s operational readiness and its regional and international competitiveness.

The introduction of a Category III automatic landing system for the first time in Saudi Arabia reflects the advanced technological progress achieved by the national aviation sector and its commitment to the highest international standards, he stressed.

The General Aviation Terminal marks a significant upgrade to airport infrastructure. Spanning more than 23,000 square meters, the facility is designed to ensure efficient operations and fast passenger processing.

The main terminal covers 3,935 square meters, while aircraft parking areas extend over 12,415 square meters with capacity to accommodate four aircraft simultaneously. An additional 6,665 square meters are allocated to support services and car parking, improving traffic flow and delivering a premium travel experience for private aviation users.

The upgraded Category III ILS, considered among the world’s most advanced air navigation systems, allows aircraft to land automatically during poor visibility, ensuring flight continuity while enhancing safety and operational efficiency.

The project includes rehabilitation of the western runway, extending 4,000 meters, along with a further 4,000 meters of aircraft service roads. More than 3,200 lighting units have been installed under an integrated advanced system to meet modern operational requirements and support all aircraft types.

Al-Jasser said the inauguration of the two projects translates the objectives of the Aviation Program under the National Transport and Logistics Strategy into concrete achievements.

The developments bolster airport capacity and efficiency, support the sustainability of the aviation sector, and strengthen the competitiveness of Saudi airports, he added.

Al-Duailej, for his part, said the initiatives align with Saudi Vision 2030 by positioning the Kingdom as a global logistics hub and a leading aviation center in the Middle East.

The new terminal reflects high standards of privacy and efficiency for general aviation users, he remarked, noting the selection of Universal Aviation as operator of the general aviation terminals in Dammam and Jeddah.

Dammam Airports Company operates three airports in the Eastern Region: King Fahd International Airport, Al-Ahsa International Airport, and Qaisumah International Airport.

Business

Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
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Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 

Saudi Arabia will roll out real estate market indicators in the first quarter of this year and expand the Real Estate Market Balance program to all regions of the Kingdom, following its initial implementation in Riyadh, Minister of Municipalities and Housing Majed Al-Hogail announced on Monday.

Al-Hogail, who also chairs the General Real Estate Authority, made the remarks during a government press conference in Riyadh attended by Minister of Media Salman Al-Dossary, President of the Saudi Data and Artificial Intelligence Authority (SDAIA) Abdullah Alghamdi, and other senior officials.

Al-Hogail said the housing and social ecosystem now includes more than 313 non-profit organizations supported by over 345,000 volunteers working alongside the public and private sectors.

He highlighted tangible outcomes, including housing assistance for 106,000 social security beneficiaries and the prevention of housing loss in 200,000 cases.

Development Initiatives

He noted that the non-profit sector is driving impact through more than 300 development initiatives and over 1,000 services, while empowering 100 non-profit entities and activating supervisory units across 17 municipalities.

Among key programs, Al-Hogail highlighted the Rental Support Program, which assisted more than 6,600 families last year, expanding the reach of housing aid.

He also traced the growth of the “Jood Eskan” initiative, which began by supporting 100 families and has since evolved into a nationwide program that has provided homes to more than 50,000 families across the Kingdom.

Since its launch, the initiative has attracted more than 4.5 million donors, with total contributions exceeding SAR 5 billion ($1.3 billion) since 2021.

Al-Hogail added that the introduction of electronic signatures has reduced the homeownership process from 14 days to just two.

In 2025 alone, more than 150,000 digital transactions were completed, and the needs of over 400,000 beneficiary families were assessed through integrated national databases. A mobile application for “Jood Eskan” is currently being deployed to further streamline services.

International Support and Economic Growth

Minister of Media Salman Al-Dossary said the Saudi Program for the Development and Reconstruction of Yemen launched 28 new development projects and initiatives worth SAR 1.9 billion ($506.6 million), including fuel grants for power generation and support for health, energy, education, and transport sectors across Yemeni governorates.

He also reported strong growth in the communications and information technology sector, which created more than 406,000 jobs by the end of 2025, up from 250,000 in 2018, an 80 percent cumulative increase. The sector’s market size reached nearly SAR 190 billion ($50.6 billion) in 2025.

Industry, Localization, and Philanthropy

In the industrial sector, investments exceeded SAR 9 billion ($2.4 billion), alongside five new renewable energy projects signed under the sixth phase of the National Renewable Energy Program.

Industrial and logistics investments worth more than SAR 8.8 billion ($2.34 billion) were also signed by the Saudi Authority for Industrial Cities and Technology Zones.

Al-Dossary said the Kingdom now hosts nearly 30,000 operating industrial facilities with total investments of about SAR 1.2 trillion ($320 billion), while the Saudi Export-Import Bank has provided SAR 115 billion ($30.6 billion) in credit facilities since its establishment.

On workforce development, nearly 100,000 social security beneficiaries were empowered through employment, training, and productive projects by late 2025, with localization rates in several specialized professions reaching as high as 70 percent.

Alghamdi said total donations through the “Ehsan” platform have reached SAR 14 billion ($3.7 billion) across 330 million transactions, reflecting the rapid growth of digital philanthropy in the Kingdom.

Business

China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
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China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 

China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.

Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows.

Kpler's provisional data showed February imports at 2.083 million bpd, up from 1.718 million bpd in January, according to Reuters.

China has since November replaced India as Moscow's top client for seaborne shipments as Western sanctions over the war in Ukraine and pressure to clinch a trade deal with the US forced New Delhi to scale back Russian oil imports to a two-year low in December.

India's Russian crude imports are estimated to fall further to 1.159 million bpd in February, Kpler data showed.

Independent Chinese refiners, known as teapots, are the world's largest consumers of US sanctioned oil from Russia, Iran and Venezuela.

“For the quality you get from processing Russian oil versus Iranian, Russian supplies have become relatively more competitive,” said a senior Chinese trader who regularly deals with teapots.

ESPO blend last traded at $8 to $9 a barrel discounts to ICE Brent for March deliveries, while Iranian Light, a grade of similar quality, was last assessed at $10 to $11 below ICE Brent, the trader added.

Uncertainty since January over whether the US would launch military strikes on Iran if negotiations for a nuclear deal failed to yield Washington's desired results curbed buying from Chinese teapots and traders, said Emma Li, Vortexa's China analyst.

“For teapots, Russian oil looks more reliable now as people are worried about loadings of Iranian oil in case of a military confrontation,” Li said.

Part of the elevated Russian oil purchases came from larger independent refiners outside the teapot hub of Shandong, Li added.

Vortexa estimated Iranian oil deliveries into China – often banded by traders as Malaysian to circumvent US sanctions - eased to 1.03 million bpd this month, down from January's 1.25 million bpd.