Saudi Arabia’s Wealth Fund PIF earns profit of $36.8bn in
2023
Saudi Arabia's Public Investment Fund (PIF) reported a
profit of $36.81 billion (SAR 138.1 billion) in 2023, a significant turnaround
from the $15.6 billion loss recorded the previous year.
Total revenues for the PIF more than doubled, reaching $88.3
billion in 2023, up from $44 billion in 2022, according to a regulatory filing.
This surge in revenue was driven by improvements in both investment and
non-investment activities across various sectors such as banking,
telecommunications, and gaming, along with increased dividend payouts.
Read More Saudi
Arabia's Public Investment Fund supporting Vision 2030
With assets under management totaling approximately $925
billion, the PIF is a crucial instrument for Crown Prince and Prime Minister
Mohammed bin Salman's Vision 2030 initiative. This ambitious economic plan aims
to diversify Saudi Arabia’s economy away from oil dependency.
Under Vision 2030, Saudi Arabia has funneled hundreds of
billions of dollars through the PIF into a variety of projects, including NEOM,
an extensive urban and industrial development nearly the size of Belgium,
located along the Red Sea coast.
The PIF's diverse investment portfolio ranges from local
date farms to global conglomerates. Its funding sources include retained
earnings from investments, capital injections from the government, transferred
government assets, and various loans and debt instruments.
Source: https://gulfbusiness.com/
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