The Saudi Arabian Public Investment Fund (PIF) reduced its net profit by 60% in 2024, the fund’s financial statements show.
Last year, PIF’s net profit amounted to $25.8 billion Saudi riyals ($6.9 billion) against 64.4 billion riyals a year earlier, Reuters reports, citing documents filed by PIF on the London Stock Exchange.
Assets under the fund’s management increased by 18% last year, reaching 4.3 trillion riyals ($1.15 trillion).
PIF actively invests in companies around the world, and is also developing large-scale projects in Saudi Arabia as part of the Vision 2030 program, which involves reducing the local economy’s dependence on oil production and developing tourism, the technology sector and other industries in the country. In particular, PIF is involved in the development of a special industrial and technological zone on the border with Egypt and Jordan, NEOM.
According to Monica Malik, senior economist at Abu Dhabi Commercial Bank, the fund’s performance could have been negatively affected by the rising cost of such projects. As Reuters notes, other reasons for the decline in profits could be persistently high interest rates on loans and inflation.
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