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. ■