20240717
🔝 The Public Investment Fund (PIF) has reported a significant 100% increase in revenue over the past year, reaching 331 billion Saudi Riyals ($88 billion). This impressive growth is attributed to the extensive investments and strategic projects undertaken as part of Saudi #Vision2030, which aims to enhance the non-oil economy and diversify income sources.
🥇 The fund has set ambitious goals to be achieved by 2025, including doubling its managed assets to 4 trillion Saudi Riyals ($1.07 trillion) from the current 2 trillion Riyals ($533 billion). Additionally, PIF aims to create 1.8 million direct and indirect jobs, invest at least 150 billion Riyals ($40 billion) annually in the local economy, contribute 320 billion Riyals ($85.3 billion) to the non-oil GDP, and increase the local content contribution to 60% in PIF and its portfolio companies.
🔆 PIF's management emphasized that these results are part of a long-term strategy to transform the fund into the world's largest sovereign wealth fund, focusing on sustainable and diversified economic development in Saudi Arabia.
🔆 According to the latest updates, PIF has achieved the following milestones:
🔝 Approximately $925 billion in Assets Under Management
🔝 Over 644,000 direct and indirect jobs created
🔝 94 PIF portfolio companies established
🔝 13 strategic sectors targeted
These achievements are part of PIF's long-term strategy to become the largest sovereign wealth fund globally, focusing on sustainable and diversified economic growth in Saudi Arabia.