Saudi Arabia’s Public Investment Fund doubles revenues in a year

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, announced on Monday that its revenues will rise by 100% in 2023 to 331 billion riyals ($88.5 billion).

The fund recorded profits of 138.08 billion riyals ($36.81 billion) for the year ending December 31, 2023, compared to losses of 58.55 billion riyals a year earlier. It revealed that the value of assets owned at the end of the fiscal year amounted to 2.871 trillion riyals.

He pointed out that investment portfolio revenues jumped to 98 billion riyals in 2023, compared to losses of 41 billion in 2022.

He revealed that general reserves and profits from investments will increase by 21% in 2023 to reach 707 billion riyals. (Agencies)