Economy

Saudi Investment Fund's Managed Assets Exceed 2.23 Trillion Riyals

Saudi Investment Fund's Managed Assets Exceed 2.23 Trillion Riyals

The Saudi Public Investment Fund announced on Sunday its annual report for 2022, revealing that its managed assets exceeded 2.23 trillion riyals ($594.43 billion) in 2022. In 2021, the kingdom's sovereign fund managed assets worth 1.98 trillion riyals. The fund stated it achieved a total return for shareholders of eight percent and established 25 companies in 2022, which created 181,000 jobs and injected 120 billion riyals into strategic sectors that year.

The fund noted that 23 percent of its managed assets are international investments, 68 percent are local investments, and the remainder is in the treasury portfolio. It added that 17 percent of its assets are managed externally while 83 percent are managed internally. The investment fund is the tool selected by Saudi Crown Prince Mohammed bin Salman to drive an economic agenda aimed at reducing dependence on oil.

The fund remarked that the ongoing expansion in its three subsidiary offices in London, New York, and China will support the fund's continued growth and make it a preferred partner for global investors.

Funding sources for the fund include retained earnings from investments, capital injected by the government, assets transferred to the fund by the government, as well as loans and debt instruments. The fund raised $5.5 billion in February from the sale of green bonds, following an initial offering of green bonds in October that raised $3 billion. The Crown Prince announced in February of last year the transfer of four percent of shares of the giant oil company Aramco, valued at about $80 billion, to the Public Investment Fund. In April, another four percent of Aramco shares, also valued at around $80 billion, was transferred to the Sanabil Investment Company owned by the Public Investment Fund.

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