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What’s behind Saudi Public Investment Fund’s $17.2B profit?

The sovereign wealth fund’s turnaround following the loss in 2022 is due in large part to the stock market rebounding.
The Public Investment Fund, PIF, presence during the BNP Paribas Open at Indian Wells Tennis Garden on March 13, 2024, in Indian Wells, California.

Saudi Arabia’s Public Investment Fund reported a significant profit for 2023, after posting a loss the previous year due to market decline and the tech downturn. The sovereign wealth fund's turnaround could bode well for the kingdom’s economic diversification plans, though the fund faces significant financial commitments, in part due to the kingdom’s megaprojects.

The PIF, which has more than $900 billion in assets, reported a 2023 profit of 64.432 billion Saudi riyals ($17.2 billion) in a filing with the London Stock Exchange on Monday, compared to a loss of 14.7 billion riyals ($3.9 billion) the year prior.

The fund’s assets at the end of 2023 were a whopping $976.9 billion, per the filing.

Market turnaround

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