• The Public Investment Fund (PIF) reported a 29% increase in Assets under Management (AuM), reaching SR2,871 billion ($765 billion) by the end of 2023, and further rising to $925 billion by July 2024.
• PIF achieved an average annual total shareholder return of 8.7% since the inception of the Vision Realization Program (VRP), reflecting steady progress toward sustainable returns and economic transformation in Saudi Arabia.
• In 2023, PIF launched 23 new portfolio companies, including Riyadh Air and the Saudi Tourism Investment Company (Asfar), expanded its international portfolio by 14%, and secured strategic partnerships with global firms like Hyundai and Pirelli.

The Public Investment Fund (PIF) has released its Annual Report for 2023, highlighting strong financial performance and a dedication to transparency and governance in accordance with GIPS international standards.

The report shows a 29% increase in Assets under Management (AuM), reaching SR2,871 billion ($765 billion) by the end of 2023, and growing further to $925 billion by July 2024. PIF has achieved an average annual total shareholder return of 8.7% since the launch of the Vision Realization Program (VRP), underscoring its progress toward sustainable returns and the economic transformation of Saudi Arabia.

PIF continued to drive growth in key domestic sectors, create high-value jobs, and support the local private sector while expanding its international portfolio to SR586 billion ($156 billion), a 14% increase from the previous year.

Significant milestones in 2023 include the launch of the Diriyah Project, PIF’s fifth Giga-Project, and the establishment of 23 new portfolio companies, bringing the total to 95 since 2017. Noteworthy companies launched in 2023 include Riyadh Air, the Saudi Tourism Investment Company (Asfar), and Lifera, a pharmaceutical investment firm. By Q1 2024, PIF had generated over 763,000 direct and indirect jobs.

On the international front, PIF secured strategic partnerships with major companies such as Hyundai, Pirelli, and Baosteel to localize expertise and technology within Saudi Arabia. Additionally, the Fund raised $5.5 billion through its second green bond issuance and $3.5 billion via its first sukuk issuance, bolstering its sustainability initiatives.

Moody’s and Fitch recognized PIF’s financial strength, awarding it ratings of A1 (positive outlook) and A+ (stable outlook), respectively. The Fund maintains a strong balance sheet and ample liquidity, positioning it to continue pursuing both domestic and international opportunities in line with its strategic mandate.