Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) continued to deliver on its mandate as the driving force of the Kingdom’s sustainable economic transformation and diversification.

By the end of 2023, the sovereign fund’s gross assets under management (AUM) exceeded SAR 2.87 trillion, showing a year-on-year increase of 29%, according to the fund’s 2023 annual report.

The report delved into the milestones achieved by PIF's giga projects, portfolio companies, and partnerships, in addition to the financial results for the fiscal year.

With 2.87 trillion under management, the PIF’s investments have been diversified with international investments comprising 20%, local investments 79% (including treasury pool) of the total, with the remaining 1% pertaining to the receivables from other parties.

Yasir AlSalman, Chief Financial Officer of PIF, stated: "The annual report for 2023 underscores PIF's robust financial health and strategic acumen with our portfolio delivering an average total shareholder return of 8.7% per year since VRP inception date.”

He highlighted the PIF's continuous efforts to employ innovative financial strategies to drive significant economic transformation in the Kingdom, create jobs domestically and globally, and deliver its mandate in line with the goals of Vision 2030.

For his part, Saad Alkroud, Chief of Staff and Secretary General to the Board of Directors at PIF, noted that the fund unlocked many new sectors in 2023, establishing 23 new companies and bringing the total number of direct and indirect jobs created to over 730,000.

Moreover, the report stated that the PIF’s multifaceted approach to economic development and diversification is built upon the eight strategic pillars of its Vision Realization Program (VRP), which collectively maximize the fund’s impact and contribute to achieving Vision 2030’s second pillar of a prosperous economy.