Latest news with #YasirA.AlSalman
Daily Tribune
2 days ago
- Business
- Daily Tribune
PIF Grows $913bn Global Portfolio
TDT | Manama Saudi Arabia's Public Investment Fund (PIF) closed 2024 with a 19% surge in assets under management (AuM), reaching $913 billion, while expanding its global investment footprint and reinforcing its role as a driver of the Kingdom's economic transformation. Strong performance According to its 2024 Annual Report, PIF posted a 25% increase in total revenue and maintained a strong cash balance. Since 2021, cumulative investments in priority sectors have exceeded $171 billion, contributing $243 billion to Saudi Arabia's real non-oil GDP between 2021 and 2024. Chief Financial Officer Yasir A. AlSalman said the results were underpinned by solid financial health and robust capital deployment of $56.8 billion in 2024 alone. Economic diversification Acting Chief of Staff and Secretary General to the Board Maram Al Johani said PIF now accounts for 10% of the nation's non-oil economy. By year-end, it held stakes in 225 portfolio companies, having created and established 103 of them. The fund also marked a transition from digital transformation to digital leadership, completing 58 digital projects, launching 15 new applications, and automating more than 477 processes. Global recognition PIF's international portfolio expanded through strategic partnerships and investments in cutting-edge technology. In 2024, it raised $9.83 billion in public debt and $7 billion in private debt, with Moody's upgrading its rating to Aa3 and Fitch affirming an A+ rating, both with stable outlooks. The fund achieved a 96% score on Global SWF's 2024 Governance, Sustainability and Resilience Scoreboard and, in 2025, tied for first place globally with a score of 100%. Brand Finance ranked PIF the most valuable and fastest-growing brand among sovereign wealth funds, with an A+ rating.
The Star
3 days ago
- Business
- The Star
Saudi sovereign fund reports 25 pct revenue jump in 2024
RIYADH, Aug. 13 (Xinhua) -- Saudi Arabia's Public Investment Fund (PIF) on Wednesday reported a 25 percent rise in total revenues for 2024 and said its assets under management grew 19 percent to 913 billion U.S. dollars as the sovereign wealth fund continues its drive to diversify the kingdom's economy. According to its 2024 annual report released on Wednesday, the fund's total revenues reached 413.4 billion Saudi riyals (around 110.2 billion dollars), a significant increase from 331.4 billion riyals in 2023. The PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030, a sweeping economic agenda aimed at weaning the world's top oil exporter off its dependence on crude by building new industries and mega-projects at home and making major investments abroad. "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," Yasir A. AlSalman, the fund's chief financial officer, said in the report. The fund stated its cumulative contribution to the kingdom's real non-oil GDP reached 243 billion dollars between 2021 and 2024, and it has maintained an annual average total portfolio return of 7.2 percent since 2017.
