Saudi Arabia’s Public Investment Fund (PIF) announced a significant financial turnaround, reporting a profit of 138.1 billion riyals ($36.81 billion) for 2023, following a loss of $15.6 billion the previous year.
Total revenues for the PIF more than doubled, reaching $88.3 billion in 2023, up from $44 billion in 2022, according to a regulatory filing. This impressive growth was driven by improvements in both investment and non-investment activities across sectors such as banking, telecommunications, and gaming, along with increased dividends.
With approximately $925 billion in assets under management, PIF is the primary vehicle for Crown Prince Mohammed bin Salman’s ambitious “Vision 2030” initiative, which aims to diversify Saudi Arabia’s economy away from oil dependency. The fund has channeled vast sums into transformative projects like NEOM, an extensive urban and industrial development along the Red Sea coast.
PIF’s diverse portfolio ranges from local agricultural investments to stakes in multinational conglomerates. Its funding sources include retained earnings, capital injections from the government, transferred government assets, and various loans and debt instruments.
