Riyadh – Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) closed 2024 with assets under management (AUM) rising 19% to $913 billion, according to its newly released annual report.

The sovereign wealth fund also delivered a 25% jump in revenue and maintained strong liquidity, reinforcing its standing among the world’s largest and fastest-growing SWFs.

The fund’s cumulative contribution to Saudi Arabia’s real non-oil GDP between 2021 and 2024 reached $243 billion, now representing 10% of the Kingdom’s non-oil economy.

Yasir A. AlSalman, PIF’s Chief Financial Officer, described 2024 as “marked by significant growth underpinned by solid financial health,” noting that PIF deployed $56.8 billion in priority sectors during the year, bringing total investments since 2021 to more than $171 billion.

Maram Al Johani, PIF’s Acting Chief of Staff and Secretary General to the Board, highlighted the fund’s diversification drive, with 225 portfolio companies by year-end, 103 of which PIF created. Commenting on the Fund’s digital transformation process, she added: “The 2024 results highlight PIF’s transition from digital transformation to digital leadership, with artificial intelligence and automation together becoming a vital part of operations. In 2024, PIF completed 58 digital projects, launched 15 new applications and automated more than 477 processes, enabling insights, strategy and the creation of economic value.”

The report also showcased PIF’s growing global footprint, expansion of funding sources, and recognition for governance excellence. Moody’s upgraded its rating to Aa3, while Brand Finance named PIF the world’s most valuable and fastest-growing SWF brand.