20250904 Pif Ar24 Public English Interactive Pdf · Page 13

A Year in Review 2024
In 2024, PIF accelerated its transformation through AI, automation and innovation, 
launching new national champions, forging global partnerships and unlocking 
high-impact sectors – advancing its Vision Realization Program while shaping the 
future of investment and development.
• PIF launched National Interactive 
Entertainment Company (QSAS) to 
deliver immersive experiences that leverage 
advanced storytelling technologies, inspired 
by Saudi Arabia’s culture, rich history and 
Islamic heritage.
• PIF signed six MoUs worth up to ª 187.5 
billion with major Chinese financial 
institutions during the China-Arab 
Business Conference.
• Riyadh Air announced a purchase 
agreement 60 Airbus A321neo aircraft at 
the Future Investment Initiative conference.
• PIF launched three new joint ventures to 
localize the manufacturing and assembly 
of renewable energy components in 
partnership with global leaders.
• PIF acquired a 15% stake in FGP TopCo, the 
holding company of Heathrow Airport, 
one of the world’s premier aviation hubs. 
The investment strengthens PIF’s exposure 
to critical infrastructure assets, reinforcing 
its strategy of long-term, value-driven 
investments in essential global transport 
networks.
• PIF increased its stake in Aman Group, 
reinforcing its commitment to the ultra-
luxury hospitality sector. The group 
launched Janu, its sister brand, with a 
successful debut in Tokyo, marking a 
significant step in its global expansion and 
brand diversification strategy.
• PIF announced Smart Accommodation for 
Residential Complexes Company (SARCC) 
to deliver comprehensive housing solutions 
for workers across major construction and 
development projects throughout Saudi 
Arabia.
• PIF launched Adeera to create homegrown 
Saudi hospitality brands and manage 
hotels ranging from midscale to luxury 
across Saudi Arabia.
• PIF acquired a significant minority interest 
in Selfridges Group as part of a strategic 
partnership with Central Group, with the 
aim to enhance Selfridges Group’s position 
as an iconic luxury retail leader and support 
its long-term growth.
• PIF and Google Cloud partnered to establish 
an advanced AI hub in Saudi Arabia, 
enabling local and international innovation.
• Moody’s Ratings upgraded PIF’s long-term 
issuer rating to Aa3, from A1.
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• PIF announced the launch of Alat, a PIF-
owned company focused on advanced 
technology sectors, including semi-
conductors, smart devices and industrial 
automation.
• The Board of Directors of Qiddiya 
Investment Company announced the 
launch of the new main stadium in Qiddiya 
City, which will bear the name of HRH 
Crown Prince Mohammed bin Salman.
• Red Sea Global has officially opened the 
St. Regis Red Sea Resort on Ummahat 
Island, offering a new benchmark in luxury 
hospitality. Situated amidst pristine natural 
beauty, the resort blends eco-friendly 
practices with world-class amenities, 
reflecting the Red Sea destination’s 
commitment to sustainability and 
refinement. By adding St. Regis to its 
portfolio, Red Sea Global elevates Saudi 
Arabia’s tourism appeal, reinforcing the 
Kingdom’s vision of becoming a global 
hotspot for premium travel experiences.
• Diriyah Company announced Zallal, a major 
mixed-use office and retail development in 
the Bujairi District slated to open in early 
2025. The project will introduce premium 
workspaces, stylish retail, and modern 
amenities, enhancing Diriyah’s reputatio