The Public Investment Fund (PIF) revealed details of its financial performance during 2023, reported Ajel.SA.
PIF confirmed that revenues increased by 100% to 331 billion riyals during 2023, and in the same year it achieved net profits of 74 billion riyals.
The Fund has advanced to the fifth position among the largest sovereign wealth funds, reported Economic Events on X. This achievement came after its assets increased to reach $940.26 billion in March; according to the latest ranking by the Sovereign Wealth Fund Institute (SWF Institute).
Fund’s Vision in Diversifying Saudi Economy
The bold investment plan of PIF is key to Saudi Arabia’s goal of economic diversification. Led by Crown Prince Mohammed bin Salman, the Fund plans to invest heavily in various sectors. These include advanced tech like electric vehicles, semiconductors, luxury tourism, and sports.
This broad investment strategy aims to build new industries and position Saudi Arabia as a global innovation center. The recent Sukuk offering provides the needed funds for these projects. It ensures the Fund can fulfill its wide-ranging vision.
Through these strategic investments, the Fund is not just diversifying Saudi Arabia’s economic base but is also driving the Kingdom towards a future characterized by technological advancement, environmental sustainability, and economic resilience.
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