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Saudi: PIF assets soar 37% to over $42bln in Q3 2024

RIYADH — The value of Public Investment Fund (PIF) assets — both domestic and foreign — in the Saudi financial market recorded an annual growth of 37 percent, increasing by nearly SR43 billion by the end of the third quarter of 2024, bringing the total to SR160.087 billion, compared to SR117.117 billion during the same period in 2023.

Quarterly, the asset value grew by 10.4 percent, representing an estimated increase of SR15.120 billion, compared to SR144.967 billion at the end of the second quarter of this year, according to data from the quarterly statistical bulletin of the Capital Market Authority for 2024.

The number of subscribers recorded a 51 percent increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of the same period last year.

This growth was supported by an increase in domestic investment assets, which grew annually by 42 percent, at SR39.598 billion, bringing the total to approximately SR134.431 billion. These assets represent 84 percent of the total asset value.

Meanwhile, foreign investment assets recorded an annual growth of 15.1 percent, increasing by over SR3 billion to reach SR25.656 billion, which accounts for 16 percent of the total asset value. The number of public investment funds grew annually by 10 percent, with an increase of 27 funds, bringing the total to 310 funds.

The PIF assets were distributed across 14 investment types, with the highest value being the money market fund assets, valued at SR44.868 billion and representing 28 percent of total assets. Equity fund assets ranked second in value at SR34.767 billion, accounting for 27.3 percent of total assets. Real estate investment fund assets were third, reaching SR29.263 billion and representing 18.3 percent of total assets. Debt instrument fund assets were fourth, valued at SR22.236 billion, making up 14 percent of total assets.