Saudi Arabia’s Public Investment Fund (PIF) assets grew 29% to 2.87 trillion riyals (US$765.2 billion) last year, driven by the sovereign wealth fund’s investments in domestic real estate, infrastructure and listed stocks, as well as foreign investments.
The asset growth was more than double the 12.62% gain in 2022, according PIF’s annual report published on August 19.
Its investments in domestic real estate and infrastructure development increased 15% year-on-year to 233 billion riyals in 2023.
PIF did not provide investment figures for stocks, saying only that the total net cash return from its holdings in listed companies focused on Saudi Arabia’s sector development was 42 billion riyals, more than double its 20 billion riyal target.
PIF’s foreign investments increased 14% to 586 billion riyals.
“The international investment portfolio plays a key role in enhancing PIF’s broad international portfolios and developing capital over the long term with a focus on impactful investments that generate significant returns over time,” the report says.
PIF says its average annualised total shareholder return was 8.7% since 2017, when the government launched its so-called vision realisation programme, a blueprint to tap into non-oil investment opportunities.
According to the wealth fund, it has made “significant progress” on its goal to deliver “long-term, sustainable returns and economic transformation in Saudi Arabia”.