PIF generates 8.7 per cent shareholders’ return in 2023
The report shows a 29 per cent increase in assets under management
Dubai: The Public Investment Fund (PIF) released its annual report for 2023, highlighting strong financial performance of generating 8.7 per cent of shareholders’ returns in 2023, as well as a commitment to transparency and governance as well as adherence to GIPS international standards.
GIPS is short for global international financial standards and is a set of voluntary guidelines used by investment management firms throughout the world to ensure the full disclosure and fair representation of their investment performance.
The report shows a 29 per cent increase in assets under management (AuM), reaching $765 billion (Dh2.8 trillion) by the end of 2023, with AuM climbing to $925 billion (Dh3.3 trillion) by July 2024.
The AuM is the market value of the investments managed by the PIF on behalf of its shareholders.
PIF has achieved an average annual total shareholder return of 8.7 per cent, demonstrating significant progress towards its goals of sustainable returns and economic transformation in Saudi Arabia.
In 2023, PIF continued to support key domestic sectors, create high-value jobs, and strengthen the local private sector, while expanding its international investments to $156 billion (Dh572 billion), marking a 14 per cent increase from the previous year.
The Fund also bolstered its sustainability credentials by raising $5.5 billion (Dh20 billion) through its second green bond issuance and $3.5 billion (Dh12.8 billion) through its inaugural sukuk issuance.
PIF's financial stability was affirmed by ratings agency Moody's and Fitch, receiving ratings of A1 (positive outlook) and A+ (stable outlook), respectively. The PIF continues to maintain strong liquidity and a robust balance sheet, positioning itself to seize both domestic and international opportunities in line with its mandate.