PIF ranks among world’s largest sovereign wealth funds, to continue growth: Al-Rumayyan

PIF Governor Yasser Al-Rumayyan

The Public Investment Fund (PIF) made profits of SAR 85.7 billion in 2021, with assets under management growing to SAR 1.980 trillion.

Yasir Al-Rumayyan, the PIF’s Governor, commented on the fund’s 2021 annual report, saying, “PIF once again demonstrated its exceptional strength and resilience during 2021. The Fund successfully launched its five-yearstrategy, fostered a proactive investment approach to capitalize on emerging opportunities, locallyand abroad and established an ESG roadmap towards a more sustainable future, as it overcame market challenges to accelerate growth of its asset base  and fulfill its mandate for Saudi Arabia and its people.”

Under the wise leadership of The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman Al Saud, Saudi Arabia has distinguished itself through the clarity of its vision and the strength of its resolve, as it emerges from the extraordinary challenges of the last two years with unprecedented momentum.

As a central force in driving the Kingdom's development and diversification, PIF takes great pride in faithfully fulfilling its critical mandate. This year, it not only successfully navigated changing market dynamics and volatility but also maintained a proactive approach to capitalize on the opportunities that presented themselves, while laying the strategic foundation for the next phase of its journey towards the goals of Vision 2030 and beyond.

During 2021, the Fund succeeded in increasing its assets under management (AUMs) by over 20% to almost SAR 1,980 Bn, the highest annual growth since the first PIF Program was launched, thereby powering the Fund to rank in the top global sovereign wealth funds by AUMs.

Its broader impact continued to expand within the Kingdom and across global markets as well, as it took several of its portfolio companies public, launched new strategic partnerships, created 12 new companies in Saudi Arabia’s strategic sectors, and generated approximately 77,000 new jobs across the portfolio.

The PIF Program 2021-2025 will see the Fund striving to accelerate its impact across Saudi Arabia and around the world, as it seeks to capture these opportunities by leveraging the full force of its resources, capabilities and partnerships. PIF aims to drive the private sector's growth, create new jobs and improve quality of life in the country. Beyond Saudi Arabia’s borders, PIF will also continue to invest and grow, while executing its ESG Roadmap and strategy for responsible investing and sustainable impact, in full alignment with Vision 2030.

He added that building on the considerable success in implementing PIF’s strategy and exceeding the targets of its first PIF Program (2018-2020), the new PIF Program (2021-2025) was launched in January 2021. With a clear framework and ambitious targets, it sets out to solidify PIF’s central role as a catalyst for achieving Vision 2030 objectives.

During this critical period, the Fund aims to increase its AUMs to around SAR 4 trillion by the end of 2025, while progressively increasing its contribution to the Kingdom’s non-oil GDP, spurring growth of strategic sectors and growing local content.