RIYADH — Saudi Arabia's Public Investment Fund (PIF) raised $9.83 billion in 2024 through diversified financing instruments, strengthening its position as one of the world's largest sovereign wealth funds, Governor Yasir Al-Rumayyan said in the fund's annual report released Wednesday. Al-Rumayyan said the PIF entered "a new and promising phase of superior performance and qualitative innovation" last year, marked by the integration of artificial intelligence, smart automation, and advanced digital capabilities across all operations. These measures, he said, represent "a qualitative shift" in the fund's investment approach and operational management, enhancing its ability to create wide-ranging economic and social impact domestically and globally. By the end of 2024, the PIF ranked 11th among the world's sovereign wealth funds and was recognized as the strongest sovereign wealth fund brand worldwide. The fund secured $36.86 billion in financing, including $3.5 billion from sukuk issuances, $5.5 billion from conventional bonds, and $828 million from a sterling-denominated issuance that was oversubscribed six times. It also obtained a $15 billion revolving credit facility, reflecting strong market confidence in its long-term strategy. Al-Rumayyan said the PIF now contributes 10 percent of Saudi Arabia's non-oil GDP. In 2024, the Kingdom's real GDP grew by 1.8 percent, driven by a 4.8 percent expansion in non-oil sectors and a 2.3 percent increase in government activities, despite a 4.4 percent contraction in oil-related output. Strategic investments in infrastructure and technology have helped strengthen economic resilience and support Vision 2030 targets, he added.
