Saudi Gazette report

RIYADH — The Public Investment Fund (PIF) announced on Monday that its total assets surged to SR4.231 trillion ($1.15 trillion) in 2024, marking an 18% increase from SR3.664 trillion ($976 billion) the previous year.

The figures, published through the London Stock Exchange as part of global disclosure requirements, reflect the fund’s robust financial position and ongoing progress toward its strategic objectives.

PIF posted a net profit of SR26 billion ($6.9 billion) in 2024 despite global economic challenges such as inflation and high interest rates.

Asset impairment losses remained below 2% of total holdings, driven by shifts in operational plans and rising cost estimates.

Total revenues jumped by 25% to SR413 billion ($110.1 billion), up from SR331 billion ($88.3 billion) in 2023. This was largely due to strong performance by key portfolio companies including Savvy Games Group, Ma’aden, STC, the National Commercial Bank, AviLease, and Gulf International Bank.

The fund also benefited from Aramco dividends and the operational maturity of several major projects.

Liquidity remained stable at SR316 billion ($84.3 billion), while debt increased slightly to SR570 billion ($152 billion) as PIF continued to diversify funding sources through global debt markets.

The fund issued $2 billion in USD-denominated sukuk and £650 million in its first GBP bond issuance, in addition to refinancing a $15 billion revolving credit facility. The fund’s debt ratio remained steady at 13% of total assets.

PIF made significant strides in tourism and entertainment. Red Sea Global opened several resorts including St. Regis Red Sea, Nujuma, and Ritz-Carlton Reserve. Ad Diriyah saw new heritage and cultural projects, while the launch of “Adira” marked a milestone in developing and operating Saudi hotel brands.

Cruise Saudi launched its inaugural Aroya Cruise voyages, and Riyadh Air continued preparations for its commercial debut in 2025, signing global partnerships with GE, IBM, Sabre, and others to link the Kingdom to 100 destinations worldwide.

In infrastructure, PIF partnered with stc Group to merge telecom tower assets, creating the region’s largest tower company. It also launched “sarcc” to build smart residential compounds for workers, addressing growing demand for modern housing solutions.

To boost the Saudi financial market, PIF-backed Saudi Tadawul Group launched the “TASI 50” index, enhancing market transparency and appeal. It also partnered with BlackRock to launch a new multi-asset investment platform.

On the technology front, PIF launched “Alat,” a company focused on advanced manufacturing, semiconductors, robotics, and smart power systems.

Its AI subsidiary SCAI continued its growth with smart sports solutions, while a strategic partnership with Google Cloud was signed to establish a global AI hub in Dammam.

Portfolio companies reported robust financial performance. AviLease grew its net profits by 382% to SR228 million ($60.8 million) and revenues by over 350% to SR2.1 billion ($560 million), expanding its fleet to 189 aircraft.

In real estate, ROSHN launched thousands of residential units in Makkah, Jeddah, and Dhahran. Meanwhile, Alat invested SR401 million ($107 million) in an AI-driven robotics manufacturing facility in partnership with SoftBank.