PIF’s Assets Grow to $3.42 Trillion by 2024-End

Accelerating Progress through the Vision Realisation Programme (VRP) during 2024, Saudi Arabia’s sovereign wealth fund – Public Investment Fund (PIF) said that it has steadily advanced towards the objectives of its VRP 2021-2025, reflecting effective execution across its strategic mandate.

The total assets under management (AUM) reached $3.424 trillion by year-end, up from $2.871 trillion in the previous year, reinforcing PIF’s position among the world’s largest and fastest-growing sovereign wealth funds.

Capital deployment across VRP priority sectors reached $213 billion in 2024, bringing cumulative investment since the program’s inception to more than $642 billion. These figures reflect not only the scale of PIF’s commitment, but also its consistency in delivering high-impact investments that fuel Saudi Arabia’s economic transformation.

Through strategic investments across high impact sectors – ranging from advanced manufacturing and technology to infrastructure and tourism – PIF has become a pivotal force in advancing the Kingdom’s development agenda by actively accelerating the transition to a diversified, knowledge-based economy.

Today, PIF represents 10% of Saudi Arabia’s non-oil economy – a testament to our expanding impact in enabling a balanced and future-ready economic structure, PIF said in its annual report for 2024.

PIF Governor Yasir Bin Othman Al-Rumayyan said that PIF has entered a new era of performance and innovation in 2024, one defined by the integration of artificial intelligence (AI), automation and advanced digital capabilities across every dimension of its operations.

“This transformation is not merely technological; it marks a fundamental shift in how PIF invests, operates and drives national and global impact. In this next stage of its journey, PIF is accelerating investment while also reshaping the future of investment itself – through intelligence, precision and agility,” Al-Rumayyan added.

The year was defined by strategic momentum and scaled ambition. From bolstering Saudi Arabia’s most vital sectors to expanding its global presence, PIF continued to lead with long-term vision and purpose.

Every milestone – from investment origination to financial execution – was enhanced by the deployment of next generation technologies that amplified speed, accuracy and resilience.

Through this transformation, PIF has deepened its impact domestically and internationally, setting a new global benchmark for what a future-ready sovereign investor looks like.

Sustained Economic Growth

Throughout the year, Saudi Arabia’s economy demonstrated resilience and continued progress toward the objectives of Saudi Vision 2030, underscoring the country’s commitment to economic diversification and modernisation.

The real gross domestic product (GDP) grew by 1.8% compared to the previous year, with non-oil activities expanding by 4.8% and government activities increasing by 2.3%. This growth was achieved despite a 4.4% decline in oil activities, highlighting effective diversification.

These achievements reflect the success of Saudi Vision 2030’s initiatives, which aim to diversify the economy, stimulate innovation and establish Saudi Arabia as a leading global investment destination.

The continued growth in non-oil sectors and strategic investments in infrastructure and technology have been pivotal in enhancing economic resilience and adaptability, the annual report said.