Pif 2023 Annual Report En · Page 8

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14        |        PIF Annual Report 2023
Strategic Review  |  Governor’s Statement
1-Moody’s, 2023. 
SUSTAINABILITY AND GOVERNANCE
PIF reinforced its sustainability credentials during the year 2023, raising $5.5 billion through its second 
international green bond issuance. The funds will finance or refinance eligible green projects, aligning 
with PIF's Green Finance Framework and the Saudi Green Initiative. The successful issuance, which 
has received “Emerging Markets Loan of the Year” and the “Middle East Loan of the Year” awards, 
underscores PIF’s robust financial health and strong credit profile. It also marks another funding 
source diversification milestone, and champions impactful green investments within Saudi Arabia. 
Demonstrating its ongoing commitment to global governance best practices, PIF implemented 
voluntary compliance with CFA Institute’s Global Investment Performance Standards (GIPS®), which 
encompasses all of PIF’s activities. PIF is one of the few SWFs globally to adhere to GIPS®, underscoring 
the high standards PIF sets for itself in reporting, transparency and integrity. This significant step 
follows the publication of PIF’s recent annual reports and bond prospectus, as well as its standalone 
credit rating1 , which was reaffirmed during 2023 as the second highest among SWFs globally.
FOCUS AND AMBITION
Building on the progress achieved over the first three years of the VRP 2021-2025, PIF is poised to 
deliver even greater economic impact. PIF will maintain its strategic focus to develop and diversify 
Saudi Arabia’s wealth by continuing to invest locally to unlock the growth potential of the nation’s 
priority sectors, and internationally to expand and diversify its asset base.
PIF has set ambitious goals within its strategy, including: increasing its total AuM to approximately 
SAR 4 trillion, driving PIF and its subsidiaries’ contribution to non-oil GDP to a cumulative SAR 1.2 
trillion. Additionally, PIF and its subsidiaries aim to contribute to 60% of local content and increase 
cumulative non-governmental investment to SAR 1.2 trillion, encompassing both local and foreign 
direct investments. These ambitious targets reflect PIF’s strategic role in diversifying the Saudi 
economy beyond oil, fostering economic growth and driving investment in Saudi Arabia’s future.
USD5.5BN
PIF and its portfolio companies 
aim to contribute to
of local content
60%
PIF reinforced its sustainability credentials 
during the year 2023, raising
through its second international green 
bond issuance
With respect to PIF’s international pools 
and program, total AuM reached
as of year-end 2023
SAR 586BN
2023 HIGHLIGHTS AND ACHIEVEMENTS
The year 2023 offered significant growth and accelerated achievements across many of PIF’s strategic 
pillars and sectors domestically, including the unveiling of Diriyah Company as the fifth giga-project, 
the announcement of Riyadh Air as a new national airline and Lifera, an innovative investment 
company  poised to transform Saudi Arabia into a premier hub for pharmaceutical manufacturing, 
and a new joint venture with Ma’aden, creating Manara Minerals. Furthermore, the newly announced 
New Murabba Development Company that will oversee the development of the world’s largest 
modern downtown in Riyadh, is complemented by the launch of Al Balad Development Company, 
dedicated to transforming the historic Jeddah district of Al Balad into a global tourist destination.
These hi