Learn about PIF’s key milestones in 2024

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) announced today, June 30, its key milestones for 2024, after scaling tangible progress in expansion efforts within the entertainment and tourism sectors, in addition to more support towards advancing the Kingdom’s industrial capabilities and local economic growth.

Among the key milestones were the development of Saudi financial markets and the launch of new sectors, as well as the continued growth and expansion of PIF’s successful ecosystem.

Details of the PIF’s key milestones in 2024:

First: Tangible progress in expanding the entertainment and tourism sectors:

- PIF-owned Red Sea Global (RSG) has expanded its portfolio by rolling out additional new hotels, including St. Regis Red Sea Resort, Nujuma Resort, and Ritz-Carlton Reserve.

- PIF launched hotel management company, Adeera, to operate and manage a new generation of Saudi hotel brands.

- Several new projects were launched in Diriyah, including new cultural and heritage zones. The housing sector also saw significant growth, with several residential projects launched by high-profile brands in 2024.

- The first voyage of AROYA Cruises (a subsidiary of PIF-owned Cruise Saudi) set sail last year, marking a major milestone in the Saudi growing luxury cruise industry.

- PIF-owned national carrier Riyadh Air is on track to kick off its commercial operations in 2025, aiming to link Saudi Arabia to 100 global destinations. The Saudi airline signed a series of strategic global partnerships with some industry heavyweights, including GE Aerospace, IBM, Artefact, and Sabre Global.

Second: Investments in key infrastructure to support Saudi economic growth:

- PIF signed an agreement with stc Group to merge its telecommunications tower assets and create the largest tower company in the region.

- In the last quarter of 2024, PIF established Smart Accommodation for Residential Complexes Co. (sarcc), in order to meet the growing demand for accommodation solutions for both public and private projects Kingdom-wide.

Third: Supporting the development of Saudi Arabia’s financial markets:

- Saudi Tadawul Group Holding Co. (Tadawul Group) launched the TASI 50 Index, a new market index reflecting the performance of the 50 top listed companies by liquidity in the Saudi Exchange (Tadawul). This should help to enhance market transparency and strengthen the Kingdom’s position as a leading financial hub in the region.

- PIF accelerated the development of the Kingdom’s capital markets through a strategic partnership with BlackRock to set up a new multi-asset investment management platform.

Fourth: Investing in advanced technologies and AI infrastructure:

- In early 2024, PIF-owned sustainable technology manufacturing arm, Alat Co., was launched to develop local manufacturing capabilities in strategic sectors, including semiconductors, smart devices, robotics, AI infrastructure, and next-generation electric energy technologies.

- In 2024, Saudi Company for Artificial Intelligence (SCAI) capitalized on its position as a leader in applied AI solutions by launching SportNative, an AI-powered solution package for the sports sector.

- PIF contributed to strengthening Saudi Arabia’s leadership in AI through a strategic partnership with Google Cloud to establish a global AI hub in Dammam.

- PIF founded Neo Space Group to lead the commercial satellite and geospatial data industries in Saudi Arabia.

- PIF became the first institution in the GCC market to adopt an AI-powered valuation platform for private equity investments, launched a large language model (LLM) for investment reporting, and deployed AI tools for asset manager analytics.

Fifth: Continued growth and expansion of PIF’s ecosystem and its portfolio companies, with increased retained earnings enabling new investments:

- Aircraft leasing firm AviLease announced a 382% year-on-year (YoY) increase in its 2024 net profit to SAR 228 million, and a more than 350% leap YoY in revenue to SAR 2.1 billion. Its fleet also grew to 189 aircraft, including 163 owned, 22 managed, and four outsourced aircraft.

- ROSHN launched thousands of new residential units in Makkah, Jeddah, and Dhahran.

- Alat invested SAR 401 million to develop an AI-powered robotics manufacturing facility in the Kingdom through its joint venture with SoftBank Group.