Saudi PIF back in the black in 2023
The Public Investment Fund more than doubling earnings growth from 2022 and is also nearing the trillion-dollar mark in assets under management

PIF Governor Yasir Al-Rumayyan speaks on stage at the FII Priority conference in Rio de Janeiro. (Photo: FII / X)
Saudi Arabia’s Public Investment Fund swung into the black in 2023, recording revenues of SR 331 billion ($88.3 billion) and more than doubling earnings growth from 2022, according to an audit by KPMG.
The fund is also nearing the trillion-dollar mark in assets under management, surging 28% to $986 billion last year.
The PIF, the most active state-backed investor in the world, has been fueled by surging public equities; the receipt of a transfer of 4% of Aramco shares; a turnaround in fortunes at Softbank, which in previous years has been the source of losses; and a flurry of acquisitions including in technology and energy diversification.
The fund recorded a profit of SR 64 billion ($17 billion) compared to a loss of SR 17 billion ($4.5 billion) in the previous year.
The national purse is the foundation of Crown Prince Mohammed Bin Salman’s Vision 2030 economic diversification strategy, relied upon to drive tens of billions of dollars in investments to develop nascent sectors like tourism, technology and manufacturing in the kingdom.