Saudi Arabia’s Public Investment Fund (PIF) grew its assets under management by 19 per cent to $913bn in 2024, as the Kingdom’s sovereign wealth fund accelerated its role in driving economic transformation and diversifying the national economy.
The 2024 Annual Report highlights record investment activity, global recognition, and a $243bn contribution to Saudi Arabia’s non-oil GDP since 2021.
PIF deployed $56.8bn across strategic sectors in 2024, bringing total investment since 2021 to more than $171bn.
PIF growth in Saudi Arabia
The fund now manages 225 portfolio companies, having created 103 of them, and continues to establish national champions across sectors including tourism, energy, infrastructure, and technology.
PIF also accelerated its digital transformation, completing 58 digital projects, launching 15 new applications, and automating more than 477 processes.
Artificial intelligence and automation are now central to operations, enabling faster decision-making and new value creation.
PIF’s international investments continued to grow, targeting high-impact opportunities in innovative companies, strategic sectors, and emerging technologies.
To support this, the fund diversified its financing sources — raising $9.83bn in public debt and $7bn in private debt — and maintained a strong liquidity position.
PIF’s credit strength was recognised globally: Moody’s upgraded its rating to Aa3 with a stable outlook, while Fitch affirmed an A+ rating, also with a stable outlook.
In 2024, PIF achieved a 96 per cent score on the Global SWF Governance, Sustainability and Resilience (GSR) Scoreboard, and in 2025 tied for first place globally with 100 per cent, ranking among 200 sovereign investors.
A Brand Finance study named Saudi Arabia’s PIF the most valuable and fastest-growing brand among all sovereign wealth funds worldwide, awarding it an A+ brand rating.
Yasir A. Al Salman, PIF’s Chief Financial Officer, said: “The annual report for 2024 is marked by significant growth underpinned by solid financial health, as PIF further established its position as one of the world’s largest sovereign wealth funds.
“PIF’s portfolio delivered year-on-year growth of assets under management of 19 per cent to reach $913bn. Capital deployment across priority sectors reached $56.8bn in 2024, bringing cumulative investment since the beginning of 2021 to more than $171bn.
“PIF continues to innovate to deliver on its mandate and drive economic transformation.”
