Saudi Arabia’s Public Investment Fund (PIF) has raised its total assets to SR4.32 trillion ($1.15 trillion) by the end of 2024, marking an 18 percent increase from the previous year. This information was disclosed in a report filed with the London Stock Exchange.

The sovereign wealth fund reported gross revenues of SR413 billion for 2024, reflecting a substantial 25 percent year-on-year rise. This growth was driven by strong performances from various portfolio companies, including Savvy, Ma’aden, stc, Saudi National Bank, AviLease, and Gulf International Bank, along with dividend income from Saudi Aramco.

PIF, often referred to as the financial engine of Saudi Arabia, plays a crucial role in promoting the Kingdom’s Vision 2030 goals aimed at diversifying the economy and decreasing reliance on oil revenues. The disclosure document noted that “long-term projects, that are beginning to mature, are also now generating significantly more revenue.”

Despite facing global macroeconomic challenges such as high interest rates, inflation, and certain asset impairments, the fund reported a net profit of SR26 billion in 2024. The filing clarified that these impairments were largely due to changes in operational plans and increases in budgeted costs, representing less than a 2 percent reduction in total assets.

PIF’s cash reserves remained stable at SR316 billion, while loans and borrowings increased slightly to SR570 billion. This trend reflects the continued diversification of its funding sources through international capital markets.

In 2024, the fund issued $2 billion in dollar-denominated sukuk and launched its first-ever sterling bond worth £650 million ($825.5 million). It also refinanced a $15 billion revolving credit facility, which underscores market confidence in its creditworthiness and long-term investment prospects.

The PIF’s debt ratio held steady at 13 percent by the end of the year. The document emphasized that “over 2024, PIF continued to advance its position as one of the world’s most impactful investors, while driving economic transformation in Saudi Arabia.”

Additionally, it highlighted strategic advancements in sectors such as leisure and tourism, industrial capabilities, capital markets, and the development of new industries. Among notable achievements, AviLease reported a remarkable 350 percent increase in net profit to SR228 million and a 306 percent rise in revenue to SR2.1 billion. The aircraft leasing company has expanded its fleet to 189 aircraft, which includes 163 owned, 22 managed, and four on order.

Furthermore, Alat, another firm backed by PIF, invested SR401 million to establish an AI-driven robotics manufacturing facility in the Kingdom through a joint venture with SoftBank Robotics.