RIYADH: The Saudi Public Investment Fund saw its assets under management grow by over 20 percent in 2021 to reach SR1.980 trillion ($526.8 billion), according to its annual report.
This makes the PIF one of the largest sovereign wealth funds in the world in terms of the volume of assets under management, Argaam reported.
The PIF’s governor Yasir Al-Rumayyan is keen for the growth to continue, and is targeting AUMS of around SR4 trillion by end of 2025,
Commenting on the fund's 2021 annual report, he said: “During 2021, the Fund succeeded in increasing its AUMs by over 20 percent to almost SR1.980 trillion, 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.”
The Fund aims to increase its AUMs while progressively increasing its contribution to the Kingdom’s non-oil GDP, spurring growth of strategic sectors and growing local content, he said.
The PIF made profits of SR85.7 billion in 2021, according to the report.
The Saudi sovereign fund also achieved 25 percent return from its investment pools in 2021, driven by the International Strategic Investments, Saudi Equity Holdings and Saudi Sector Development assets.
The total return implies the realized and unrealized profits and losses from change in the market capitalization of the investment capital, net profits and dividends.
The PIF 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, Al-Rumayyan said.
The fund's total employees amounted to 1,457 employees from both genders, of whom 83 percent are Saudis.
As many as 77,700 direct and indirect jobs were created in 2021, while 45 companies were established.
“PIF once again demonstrated its exceptional strength and resilience during 2021,” the PIF governor said.
The Fund successfully launched its five-years strategy, fostered a proactive investment approach to capitalize on emerging opportunities, locally and abroad and established an ESG (Environmental, Social and Governance) 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,” he said.
