Saudi Arabia’s Public Investment Fund (PIF) reported an 18% year-on-year increase in total assets, reaching $1.51 trillion at the end of 2024, up from $976.94 billion in 2023. According to its annual performance report, the sovereign wealth fund also recorded a 25% rise in total revenues, reaching $110 billion.

The revenue growth was largely driven by higher earnings from key portfolio companies, including Savvy Games Group, Ma’aden, STC, NCB, AviLease, and Gulf International Bank. Additional gains came from increased dividends from Aramco and improved returns from major projects that began generating stronger revenues.

Net profit for the year stood at $6.9 billion, with the Fund noting that the figure was impacted by global economic headwinds, including high interest rates, inflation, and impairment charges related to revised operational plans and cost estimates. These impairment losses accounted for less than 2% of total assets.

Despite the challenging global environment, PIF maintained cash reserves of $84 billion, while loans and facilities rose slightly to nearly $152 billion.

The Fund highlighted its success in diversifying funding sources through several key transactions in 2024, including a $2 billion dollar-denominated sukuk issuance, its debut £650 million ($892 million) bond offering in British pounds, and a $15 billion refinancing of revolving credit lines.

The Fund’s debt-to-asset ratio remained steady at 13%, reflecting what it described as disciplined financial management and sustained investor confidence in its long-term strategy.

PIF also highlighted progress across several key sectors. In tourism, Red Sea Global launched multiple luxury hotels, including The St. Regis Red Sea Resort and the Ritz-Carlton Reserve, and introduced a new local hotel brand, Adeera.

In Diriyah, new cultural zones were unveiled to strengthen heritage tourism, while the housing sector saw the development of branded residential communities. The Fund also reported continued growth in retained earnings and reiterated its focus on expanding investments.