Panoramic view of the city of Riyadh in early evening, May 28, 2025. (Credit: Hamad I Mohammad/Reuters)
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, posted a 60 percent decline in profits in 2024. The fund, which holds more than $1 trillion in assets, recorded a profit of $6.9 billion in 2024, down from $17.2 billion in 2023, according to its annual results. This decline was primarily due to a significant depreciation of the group’s non-financial assets, as several of the kingdom’s megaprojects have been scaled back. This dark spot on Saudi Arabia’s economic picture highlights the difficulties facing Vision 2030, launched by Crown Prince Mohammed bin Salman in 2016, with the PIF as its main financial vehicle. The plan underpins Riyadh’s ambitious bet to develop a diversified economy less dependent on crude oil. The sovereign fund is continuing to grow its assets, which rose by 18 percent between 2023 and 2024....
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, posted a 60 percent decline in profits in 2024. The fund, which holds more than $1 trillion in assets, recorded a profit of $6.9 billion in 2024, down from $17.2 billion in 2023, according to its annual results. This decline was primarily due to a significant depreciation of the group’s non-financial assets, as several of the kingdom’s megaprojects have been scaled back. This dark spot on Saudi Arabia’s economic picture highlights the difficulties facing Vision 2030, launched by Crown Prince Mohammed bin Salman in 2016, with the PIF as its main financial vehicle. The plan underpins Riyadh’s ambitious bet to develop a diversified economy less dependent on crude oil. The sovereign fund is continuing to grow its assets, which rose by 18 percent between 2023...
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