PIF getting more selective with investments, despite faster growth rate
The PIF reported assets under management increased to $765 million at the end of 2023, a growth rate of 8.7%
Public Investment Fund Governor Yasir Al-Rumayyan at FII Priority Summit in Miami (Photo: FII/X)
Amid indications that Saudi Arabia’s Public Investment Fund is tightening its belt, the sovereign wealth fund’s coffers grew at a higher rate last year than in 2022.
The PIF, which bankrolls a wide range of the kingdom’s investments including Neom, Riyadh Airlines and LIV Golf, reports that assets under management increased to $765 billion at the end of 2023, a growth rate of 8.7% compared to 8% in the previous year.
Reviewing the fund’s performance in its annual report released on Monday, Chairman Yasir Al-Rumayyan said the PIF “has continued to deliver on its mandate as the driving force of Saudi Arabia’s sustainable economic transformation and diversification.”
After years in which the fund became a go-to source for bankers, venture capitalists and dealmakers pitching investments around the world, the PIF is narrowing its focus to concentrate on priorities closer to home, the Financial Times reports.
With oil prices slumping, Saudi officials are applying more conditions when dispensing cash, often demanding the hiring of local employees and investment in domestic companies and projects, the newspaper said.