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Saudi Arabia's PIF achieves significant asset growth, revenue surge in 2023
(MENAFN) The Saudi Public Investment Fund (PIF) saw a substantial increase in its assets under management, reaching approximately USD766 billion by December 31, 2023, marking a 29 percent rise from the previous year. This growth is largely attributed to strategic investments in major Saudi projects aligned with the Kingdom's Vision 2030 Realization Program, which has delivered an average annual total shareholder return of 8.7 percent. The fund's aggressive local investment strategy has significantly bolstered its asset base and overall financial performance.
By July 2024, the PIF's assets surged to about USD925 billion, reflecting an additional 21 percent increase from the end of 2023. This remarkable growth followed the transfer of an eight percent stake in Saudi Aramco to the fund in early 2024. This asset transfer, coupled with a successful USD5 billion bond sale in January, has contributed to a notable boost in the fund's revenues, which exceeded USD88.3 billion for the past year—an impressive 101 percent increase compared to USD44 billion in 2022.
The PIF's investment strategy has focused on diversifying the Saudi economy away from oil dependence, with significant investments in various sectors. Assets linked to Saudi mega projects nearly doubled to 241 billion riyals (USD64 billion), and investments in other developmental projects grew to USD251.32 billion, up from USD125.26 billion at the end of 2022. The fund has also made significant global investments, including the acquisition of Newcastle United football team and stakes in companies like Uber, Blackstone, and SoftBank, underscoring its growing influence on the international stage.
By July 2024, the PIF's assets surged to about USD925 billion, reflecting an additional 21 percent increase from the end of 2023. This remarkable growth followed the transfer of an eight percent stake in Saudi Aramco to the fund in early 2024. This asset transfer, coupled with a successful USD5 billion bond sale in January, has contributed to a notable boost in the fund's revenues, which exceeded USD88.3 billion for the past year—an impressive 101 percent increase compared to USD44 billion in 2022.
The PIF's investment strategy has focused on diversifying the Saudi economy away from oil dependence, with significant investments in various sectors. Assets linked to Saudi mega projects nearly doubled to 241 billion riyals (USD64 billion), and investments in other developmental projects grew to USD251.32 billion, up from USD125.26 billion at the end of 2022. The fund has also made significant global investments, including the acquisition of Newcastle United football team and stakes in companies like Uber, Blackstone, and SoftBank, underscoring its growing influence on the international stage.
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