Preliminary Saudi Budget Statement: 21% Increase in PIF Assets within 8 Months

The preliminary budget statement issued by the Ministry of Finance today revealed that the Public Investment Fund has achieved many accomplishments by the end of August of this year, most notably the remarkable increase in the volume of assets it manages to reach 3.47 trillion riyals, an increase of 21% compared to 2.87 trillion riyals at the end of 2023.

The statement explained that the increase in the volume of assets managed by the Public Investment Fund this year contributed to its classification as the sixth largest sovereign wealth fund in the world in terms of assets managed at the end of 2023 according to the (SWF Institute) Foundation. It also obtained the second place globally in partnership with a number of international funds, and the first place in the Middle East in the global governance, sustainability and resilience classifications from the (Global SWFK) Foundation, in addition to obtaining high results in the credit rating from the “Hoodies” and “Fitch” credit rating agencies, which reflects the fund’s creditworthiness and the quality of its portfolio Investment. The statement indicated that the fund aims during the year 2025 to continue with new projects locally, in addition to increasing the assets under its management to about 4 trillion riyals, and increasing the contribution of the fund and its affiliated companies to local content to reach 60%. The statement stressed that the Fund has contributed to the creation of more than 1.1 million direct and indirect job opportunities locally and globally in various strategic sectors in the Kingdom, in addition to establishing 95 local companies in many sectors since 2017. The statement explained that the Fund, within the framework of enhancing the role of the industrial sector to achieve the goals of the Kingdom’s Vision 2030, launched three new projects that enhance the localization of both the manufacturing and assembly of wind turbines, solar panels and their components to produce renewable energy through the “Tawteen Renewable Energy Company”, which aims to enhance the partnership between leading global companies and the private sector in the Kingdom to meet the growing demand locally and globally for renewable energy generation, in addition to securing and strengthening supply chains and contributing to reaching the optimal energy mix for electricity production and displacing liquid fuel used in the electricity production sector and other strategic sectors in the Kingdom, as part of efforts to achieve the goals of Saudi Vision 2030, referring to many major projects that the Fund is working on, most notably the NEOM project, the Red Sea, Qiddiya, Roshn, Diriyah, and others.