PIF 2023 Annual Report EN

Custodian of the Two Holy Mosques His Royal Highness Prince
KING SALMAN BIN MOHAMMED BIN SALMAN

ABDULAZIZ AL SAUD BIN ABDULAZIZ AL SAUD
Crown Prince and Prime Minister
Chairman of the Council of Economic and Development Affairs
Chairman of the Public Investment Fund
01 02
ABOUT PIF
At a Glance 08
STRATEGIC REVIEW
Governor’s Statement
PIF History 18
A Year in Review 2023
PIF Vision Realization Program
Showcasing PIF
Portfolio Review 38
Performance Review
12
22
26
28
40
03
Saudi Investment Pools 46
International Investment Pools 82
Treasury Pool 92
Sustainability Review 94
Investing in People, Technology and Relationships 100
GOVERNANCE REVIEW
Governance Review 112
Board of Directors and Board Committee Members 114
Governance at Board Level 126
Managing PIF’s Investments 142
Executive Management 146
Organizational Structure 148
Consolidated Financial Statements 152
ABOUT PIF
AT A GLANCE
About PIF | At a Glance
AT A GLANCE INTERNATIONAL
SUBSIDIARY OFFICES
VISION
To be a global investment powerhouse
and the world’s most impactful investor,
enabling the creation of new sectors
and opportunities that will shape the
future global economy, while driving the
economic transformation of Saudi Arabia.
London
MISSION
To actively invest over the long term to
maximize sustainable returns, be the New York
investment partner of choice for global
opportunities, and enable the economic
development and diversification of the
Hong Kong
Saudi economy. Riyadh
PORTFOLIO PERFORMANCE
ANALYTICS
AuM Breakdown1 Management Type
76% 85%
20% 15%
3%
Assets Under Total Total Companies Jobs Created
Management Shareholders Employees Established in up to 20233
Return2 2023
SAR
Local Investments Internally Managed 2,871
BN 1
8.7% 2,553 23 730,249
International Investments Externally Managed
Treasury
8 | PIF Annual Report 2023 1-PIF level AuM includes receivables from other parties
worth SAR 20 BN.
2-Since Vision Realization
Program (VRP) inception P.A.
3-Direct and indirect jobs
created since 2018.
| 9
STRATEGIC
REVIEW
10 | PIF Annual Report 2023 | 11

Strategic Review | Governor’s Statement
GOVERNOR’S STATEMENT PROGRESS AND PERFORMANCE

With SAR 2.87 trillion in assets under management (AuM), an increase of 29% from SAR 2.23 trillion
as of year-end 2022, PIF delivered on its growth mandate in 2023.
Since 2015, when PIF refocused its resources and expertise to become Saudi Arabia’s primary
economic engine, it has propelled Saudi Arabia's economic growth and diversification. In less than
a decade, it has launched five giga-projects that have captured the world’s imagination, created over
90 portfolio companies and championed the development of strategic sectors, ensuring a robust
and diverse economic framework. With an annual average investment of SAR 150 billion in the local
economy.
PIF’s multifaceted approach to economic development and diversification is built upon the eight
H.E. Yasir Bin Othman strategic pillars of its VRP, which collectively maximize PIF’s impact and contribute to achieving
Al-Rumayyan Vision 2030’s second pillar of a prosperous economy.
Governor of the Public
Investment Fund The VRP propels local sectors by identifying and nurturing 13 strategic sectors critical to the domestic
market. The program prioritizes the five giga-projects’ development, while leveraging technology
and knowledge to stimulate the economy and diversify beyond oil.
INVESTMENT FOR IMPACT
PIF supports national development by enhancing supply chains, Saudization and private-sector
During a year of progress and widespread achievement, PIF has continued to deliver on its mandate engagement. On the global stage, PIF seeks to diversify its assets through international partnerships
as the driving force of Saudi Arabia’s sustainable economic transformation and diversification. With and investments, aligning with global trends and diversifying wealth sources. Additionally, PIF fosters
a bold vision and increasing global reach, PIF unveiled new giga-projects, launched new portfolio cooperation among its investment portfolios to create strategic value and improve sustainability
companies across strategic sectors, forged landmark strategic partnerships and accelerated ahead of and governance.
financial return targets – in line with the goals of its Vision Realization Program (VRP) 2021-2025. As a
Financially, it aims to diversify funding sources and strengthen its position to support high-growth
long-term investor and catalyst of change, PIF continues to invest in high-impact projects, companies
projects. Institutionally, enhancing PIF's structure ensures that it remains an engine of innovation,
and partners that are diversifying the Saudi economy, creating new opportunities for investment and
intellectual leadership and economic development, thus amplifying its contribution to Vision 2030's
shaping the global industries of the future.
objectives.
Through the effective execution of these priority areas, PIF ranked as the sixth largest sovereign wealth
RESILIENCE AND DIVERSIFICATION
fund (SWF) in the world by AuM as of year-end 2023, according to SWF Institute. PIF’s prominence on
Vision 2030 remained a guiding force in Saudi Arabia’s economic diversification, aiming to modernize the world stage has continued to rise alongside its asset portfolio, in line with its expansion strategy
the economy, stimulate innovation and establish Saudi Arabia as a leading global investment and international growth ambitions. This elevated standing was highlighted during the year as the
destination. Significant strides were made toward Vision 2030 objectives through strategic Global SWF ranking of PIF rose 64 places from 71st the previous year to seventh globally as of year-end
investments, economic diversification and focus on quality of life. 2023, according to Global SWFs Governance, Sustainability and Resilience (GSR) rating.
Saudi Arabia's economic performance in 2023 demonstrated resilience and adaptability amid a
challenging economic landscape. The outlook for the Saudi economy remains positive, supported by
strong non-oil GDP growth, robust consumption spending and expedited project implementation.
However, geopolitical risk, conflicts and economic uncertainty, both regionally and globally, have the
potential to affect oil prices and the wider financial landscape, and highlight the need to continue
2.87
building economic resilience and investing in economic diversification. With
SAR TN
PIF delivered on its growth
mandate in 2023

2023 HIGHLIGHTS AND ACHIEVEMENTS SUSTAINABILITY AND GOVERNANCE

The year 2023 offered significant growth and accelerated achievements across many of PIF’s strategic PIF reinforced its sustainability credentials during the year 2023, raising $5.5 billion through its second
pillars and sectors domestically, including the unveiling of Diriyah Company as the fifth giga-project, international green bond issuance. The funds will finance or refinance eligible green projects, aligning
the announcement of Riyadh Air as a new national airline and Lifera, an innovative investment with PIF's Green Finance Framework and the Saudi Green Initiative. The successful issuance, which
company poised to transform Saudi Arabia into a premier hub for pharmaceutical manufacturing, has received “Emerging Markets Loan of the Year” and the “Middle East Loan of the Year” awards,
and a new joint venture with Ma’aden, creating Manara Minerals. Furthermore, the newly announced underscores PIF’s robust financial health and strong credit profile. It also marks another funding
New Murabba Development Company that will oversee the development of the world’s largest source diversification milestone, and champions impactful green investments within Saudi Arabia.
modern downtown in Riyadh, is complemented by the launch of Al Balad Development Company,
Demonstrating its ongoing commitment to global governance best practices, PIF implemented
dedicated to transforming the historic Jeddah district of Al Balad into a global tourist destination.
voluntary compliance with CFA Institute’s Global Investment Performance Standards (GIPS®), which
These highlights are just a few examples of the many achievements involving the nation’s giga- encompasses all of PIF’s activities. PIF is one of the few SWFs globally to adhere to GIPS®, underscoring
projects and PIF’s 200-plus portfolio companies across the Middle East and North Africa. Overall, the high standards PIF sets for itself in reporting, transparency and integrity. This significant step
total net cash returns for both Saudi Sector Development (SSD) and Saudi Equity Holdings (SEH) follows the publication of PIF’s recent annual reports and bond prospectus, as well as its standalone
pools reached SAR 42 billion for the year, substantially exceeding the SAR 20 billion target. This credit rating1 , which was reaffirmed during 2023 as the second highest among SWFs globally.
performance contributed to 19.4% and 10.8% Total Shareholder Return (TSR) of the SSD and SEH
pools, respectively since the VRP’s inception in 2017, both significantly ahead of 2023 targets. The
Saudi Real Estate and Infrastructure Development (SREID) pool increased 15% year-on-year to reach FOCUS AND AMBITION
SAR 233 billion in AuM and launched 12 new companies during the year.
Building on the progress achieved over the first three years of the VRP 2021-2025, PIF is poised to
With respect to PIF’s international pools and program, total AuM reached SAR 586 billion as of year- deliver even greater economic impact. PIF will maintain its strategic focus to develop and diversify
end 2023, an increase of 14.3% compared to the previous year, well ahead of its 2023 target. The Saudi Arabia’s wealth by continuing to invest locally to unlock the growth potential of the nation’s
International Strategic Investments (ISI) pool plays a pivotal role in strengthening PIF's expansive priority sectors, and internationally to expand and diversify its asset base.
international portfolio. By deploying capital with a long-term perspective and a focus on impactful
investments, the ISI pool fosters strategic partnerships that generate substantial returns over time. PIF has set ambitious goals within its strategy, including: increasing its total AuM to approximately
This focus on long-term value creation contributes significantly to the stability and sustainability of SAR 4 trillion, driving PIF and its subsidiaries’ contribution to non-oil GDP to a cumulative SAR 1.2
PIF’s overall portfolio. Meanwhile, the International Diversified Pool (IDP) contributed to curating a trillion. Additionally, PIF and its subsidiaries aim to contribute to 60% of local content and increase
well-balanced, risk-weighted portfolio across a diverse array of asset classes in Saudi Arabia and the cumulative non-governmental investment to SAR 1.2 trillion, encompassing both local and foreign
world, and the International Capital Markets Program grew total AuM across its diversified portfolio direct investments. These ambitious targets reflect PIF’s strategic role in diversifying the Saudi
to SAR 190 billion. economy beyond oil, fostering economic growth and driving investment in Saudi Arabia’s future.
The launch of PIF’s inaugural Private Sector Forum was an important milestone in highlighting
opportunities for local businesses to align with and support PIF’s mandate. At the event, several PIF and its portfolio companies PIF reinforced its sustainability credentials
60 5.5
key initiatives were unveiled, including MUSAHAMA, the local content growth program, and the aim to contribute to during the year 2023, raising
Suppliers Development Program. The hub promises to offer private-sector companies enhanced
visibility into supplier and investment opportunities within PIF and its subsidiary companies.
% USD BN
of local content through its second international green
bond issuance
With respect to PIF’s international pools
586
and program, total AuM reached
SAR BN
as of year-end 2023
14 | PIF Annual Report 2023 1-Moody’s, 2023. | 15

ACKNOWLEDGEMENTS
As we reflect on another year of outstanding progress, I would like to take this opportunity to
express my deepest gratitude to the Board of Directors and its committees. Their strategic guidance,
unwavering support, and commitment to excellence were instrumental in achieving these remarkable
accomplishments. Under the wise leadership of the Custodian of the Two Holy Mosques King Salman
Bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al
Saud, Crown Prince, Prime Minister, Chairman of Council of Economic and Development Affairs, and
Chairman of the Public Investment Fund, the Board’s dedication has been truly invaluable.
I would also like to extend my appreciation to PIF’s executive management, employees and
stakeholders for their respective contributions and support in PIF’s continued march toward its
strategic ambitions.
PIF enters 2024 with strong momentum, a clear vision and confidence in our ability to deliver solid
growth and returns, as we seek to accelerate impact and value creation for Saudi Arabia, its people
and all stakeholders.
H.E. Yasir Bin Othman Al-Rumayyan

Governor of the Public Investment Fund

Strategic Review | PIF History
PIF HISTORY
For over five decades, the Public Investment Fund has been a catalyst for the
development, diversification and transformation of the economy. Over the years,
PIF’s mandate, stature and portfolio have steadily increased, both at home and
abroad, driving the evolution of strategic sectors and increasing value for Saudi
Arabia and its people.

Strategic Review | PIF History
1971 2014 2015 2017

PIF’s JOURNEY BEGINS SCOPE BROADENED CEDA OVERSIGHT THE FIRST PIF PROGRAM ANNOUNCED
PIF was established as part of the Ministry of PIF was authorized to establish new PIF oversight was transferred from the The PIF Program 2018-2020 was launched
Finance under Royal Decree No. M/24 dated companies inside and outside Saudi Arabia Ministry of Finance to the Council of to identify targets and initiatives through
25/6/1391H, corresponding to 16/08/1971 AD. without prior consent from the Council of Economic and Development Affairs (CEDA). which PIF contributes to realizing Vision
Ministers. 2030.
2022 2021 2019

PIF OBTAINED A CREDIT RATING THE SECOND PIF PROGRAM ANNOUNCED NEW PIF LAW INTRODUCED
PIF obtained its inaugural credit ratings of Building on the success of the first PIF A new law was introduced, granting PIF
‘A1’ and ‘A’, from global credit rating agency Program 2018-2020, PIF updates its five- broader authority and power to achieve its
Moody’s and Fitch respectively. In addition, year strategy, including its Vision Realization objectives and carry out its functions and
PIF's Euro Medium-Term Note (EMTN) Program (VRP) 2021-2025, was approved. duties.
Program received an 'A' Rating by Fitch. This maintains alignment with the updated
Vision 2030 plans and targets.

Strategic Review | A Year in Review 2023
A YEAR IN REVIEW 2023

The Public Investment Fund delivered significant growth and made strong progress
toward its Vision Realization Program objectives during 2023. Across Saudi Arabia
and around the world, PIF leveraged its scale, stature, reach and expertise to forge
landmark partnerships, accelerate strategic sectors, and diversify its expanding
asset base for continued growth and value creation.

Strategic Review | A Year in Review 2023
• HRH Crown Prince unveiled Diriyah • NEOM Green Hydrogen Company • A national champion in the Saudi Arabian • PIF’s inaugural $3.5 billion international
Project as the fifth giga-project. (NGHC) closed on the world’s largest steel industry was established in partnership sukuk-bond represented another significant
• PIF announced the establishment of green hydrogen production facility with with SABIC and Rajhi Invest. milestone in PIF’s capital-raising strategy.
Manara Minerals with Ma’aden, to invest a total investment value of $8.4 billion. • PIF announced the launch of SURJ Sports • PIF and Pirelli formed a joint venture to
globally in mining assets. • Red Sea Global launched Akun, a new Investment company to develop a world- localize tire production and technologies
• HRH the Crown Prince announced the adventure sports company. class sports sector in Saudi Arabia and as part of the Saudi automotive sector.
creation of New Murabba Development • PIF acquired a 30% share of Tamimi MENA. • ROSHN Group was the first in the region to
Company to develop the world’s largest Markets, one of Saudi Arabia’s leading • Asfar tourism investment company was achieve international Smart City certification.
modern downtown in Riyadh. grocery chains. launched to drive the growth of tourism • PIF-backed ADES Holding, a leading oil
• PIF issued its second international bond • PIF announced the establishment of projects and destinations across Saudi and gas driller, raised $1.22 billion in a
of $5.5 billion to finance or refinance Badael to reduce smoking prevalence Arabia. successful IPO.
eligible green projects. in Saudi Arabia. • Red Sea Global partnered with Zain KSA • Albalad Development Company was
• PIF announced Riyadh Air as a new national • Pharmaceutical Manufacturing Company, to launch the world’s first zero-carbon launched to develop Jeddah’s historic
carrier to expand Saudi Arabia’s aviation Lifera, was established to enable the 5G network. district, a UNESCO World Heritage Site.
ecosystem locally and globally. domestic healthcare ecosystem. • Regional Voluntary Carbon Market • PIF raised a syndicated term loan, covered
• ROSHN unveiled ALFULWA, its fourth • PIF announced the acquisition of 100% Company (RVCMC) sold over 2.2 million by K-SURE, for up to $5 billion.
residential community and first in the of the shares of Thiqah Business Services tons of carbon credits at the largest-ever • Diriyah Gate Company Limited launched
Eastern Province. Company. voluntary carbon credit auction event its first residential project: The Ritz-Carlton
• PIF announced the acquisition of a 30% • HRH the Crown Prince announced held in Kenya. Residences.
share of Saudi Tabreed, a leading district investment and privatization for sports • HRH the Crown Prince launched the • PIF announced Dan Company to specialize
cooling service provider. clubs in Saudi Arabia. master plan to develop Soudah and in agritourism and ecotourism, in partnership
• PIF announced the investment of $1.3 • PIF secured the first rank in the Middle parts of Rijal Almaa into Soudah Peaks, with local communities.
billion in four leading companies in Saudi East and seventh globally among 100 a luxury mountain tourism destination • Red Sea Global opened the Six Senses
Arabia’s construction services sector. sovereign wealth funds according to on Saudi Arabia's highest peak. Southern Dunes, The Red Sea, the first
• PIF launched the inaugural Private Sector the Global SWF ESG ratings, achieving • Lucid Group announced the opening of resort to open in the Red Sea.
Forum to showcase opportunities for a remarkable 92% increase in its ESG the first-ever car manufacturing facility • Rocco Forte Hotels signed an agreement
local businesses. index. in Saudi Arabia, which has the capacity with PIF, which saw PIF invest GBP 650
to assemble 5,000 vehicles per annum. million to acquire a 49.9% ownership
Additionally, Lucid aims to transition the stake of the London-headquartered hotel
facility to produce vehicles with an annual operator, which has 15 hotels and resorts
total capacity of 150,000 vehicles. across several European cities.

Strategic Review | PIF Vision Realization Program
PIF VISION SOURCE OF FUNDING

• Capital injections from the
STRATEGIC PILLARS
• Launch and grow domestic sectors
REALIZATION government
• Develop domestic real estate
PROGRAM
• Government assets transferred to PIF projects
• Loans and debts instruments
• Develop giga-projects
• Retained earnings from investments
The Public Investment Fund is a cornerstone In 2021, PIF launched its Vision Realization • Grow and diversify PIF’s assets
DIRECT OBJECTIVES internationally
in Saudi Vision 2030, tasked with driving Program 2021-2025, marking a critical step
sustainable and transformative economic in the Fund’s evolution and the alignment • Grow the assets of PIF • Support national development and
enable Vision 2030
change. Focused on strengthening the local of its investments with national priorities • Unlock new sectors through PIF
economy and building its international asset and ambitions. The VRP emphasizes PIF’s
• Build strategic economic partnerships
• Exploit portfolio synergies and
create strategic and operational
portfolio, PIF is dedicated to maximizing role in propelling Saudi Arabia toward a through PIF value
sustainable returns and fostering economic diversified and sustainable economic future,
• Localize cutting-edge technology and • Diversify funding and strengthen
diversification. positioning the Fund as a pivotal player in knowledge through PIF PIF’s balance sheet
Saudi Arabia’s broader economic narrative.
• Strengthen PIF as an institution
EXPECTED IMPACT BY 2025 2025 TARGETS
13 STRATEGIC SECTORS OF FOCUS
Utilities and Renewables

Strategic Review | Showcasing PIF
SHOWCASING PIF
MANARA MINERALS
BREAKING GROUND TOWARD GLOBAL MINING

LEADERSHIP
In an era when economic diversification and strategic resource management are
paramount, PIF and the Saudi Arabian Mining Company (Ma’aden) have established
Manara Minerals to set a new benchmark for global mining investments. This
innovative collaboration aims to secure essential minerals for Saudi Arabia and
the world.
Manara Minerals, which is 51% owned by Ma’aden and 49% by PIF, focuses on iron
ore, copper, nickel and lithium – all key elements driving the future of industry and
renewable energy technologies.
DEVELOPING THE MINING SECTOR AS SAUDI

ARABIA’S THIRD ECONOMIC PILLAR
At the heart of this initiative is a commitment to Saudi Arabia’s economic growth
and diversification, aligned with the goals of Vision 2030 as well as Ma’aden’s
2040 Strategy. The joint venture, underpinned by a $50 million capital investment,
strategically positions the country as a crucial player in global supply chain
resilience.
By taking minority equity positions in essential mining assets worldwide, the

partnership ensures a reliable supply of critical minerals, fostering domestic
downstream sectors.
A FUTURE FORGED IN STRATEGIC MINERALS

Focusing on minerals essential for renewable energy and battery storage, the
initiative addresses major supply constraints while meeting growing demand for
future metals.
51
Manara Minerals is owned
49
by Ma’aden and
%
by PIF

RIYADH AIR
A NEW HORIZON IN GLOBAL AVIATION

The launch of Riyadh Air, Saudi Arabia’s new national airline, marks local and
global milestones in the travel and aviation sector. It will position Riyadh as a
hub connecting the Saudi capital to over 100 destinations worldwide by 2030.
The vision is to leverage Saudi Arabia’s unique geographic location bridging Asia,
Africa, and Europe, and transform Riyadh into a global gateway for transportation,
trade, and tourism.
A GATEWAY TO SAUDI ARABIA

Riyadh Air will also act as a bridge to Saudi Arabia’s rich cultural and natural heritage,
offering tourists from around the globe the chance to explore an exceptional travel
experience enriched by unparalleled Saudi hospitality.
This move aligns perfectly with the Saudi National Transport and Logistics Strategy
and the National Tourism Strategy to enhance air transport, increase cargo capacity,
and boost international passenger traffic.
A CATALYST FOR DIVERSIFICATION AND GROWTH

A wholly owned PIF subsidiary, Riyadh Air boasts a leadership team of Saudi and
international experts, blending local insight and global expertise. Set to unlock
the potential of the aviation sector, it is poised to contribute $20 billion to non-
oil GDP growth and create over 200,000 direct and indirect jobs.
This ambitious project aligns seamlessly with Vision 2030, heralding a new era of
prosperity and sustainability for the nation. Alongside the King Salman International
Airport master plan, Riyadh Air is a testament to PIF’s commitment to enhancing
Saudi Arabia’s aviation ecosystem, ensuring its financial resilience and global
competitiveness.
20
Riyadh Air is poised to contribute
USD BN
200,000
to non-oil GDP growth and create over
direct and indirect jobs.

LIFERA
70
Lifera strategically acquired a
BRINGING A NEW PHARMACEUTICAL %

CHAMPION TO LIFE stake in SaudiBio
Lifera, a pioneering pharmaceutical investment company, is set to transform Saudi
Arabia as a hub for pharmaceutical manufacturing, marking a new era in medical
innovation and accessibility.
Addressing critical healthcare needs while bolstering national and global health
security, Lifera is a commercial-scale contract development and manufacturing
organization dedicated to the production of life-saving pharmaceuticals including
insulins, vaccines, plasma therapeutics.
LIFERA STRENGTHENS INSULIN PRODUCTION WITH 70%

SAUDIBIO ACQUISITION
To accelerate domestic insulin production and fortify national healthcare security,
Lifera strategically acquired a 70% stake in SaudiBio, a leading insulin manufacturer
in Saudi Arabia. This integration leverages SaudiBio's expertise and existing
partnerships, ensuring a dependable supply chain for this critical medication.
EMPOWERING LOCAL CAPACITY THROUGH

GLOBAL PARTNERSHIPS
Lifera will manufacture, stockpile, supply and ensure the availability of essential
medicines through cutting-edge facilities and strategic collaborations both locally
and internationally. By focusing on biologics, one of the pharmaceutical industry’s
fastest-growing segments, Lifera is poised to make a substantial impact in Saudi
Arabia and beyond.
The company’s approach to forging partnerships and attracting investments is

designed to amplify local manufacturing capabilities, and drive the development of
the domestic biopharmaceutical sector to new heights.
A VISIONARY APPROACH TO HEALTHCARE

INNOVATION AND ECONOMIC GROWTH
Lifera heralds a new chapter in healthcare in Saudi Arabia, promising a future where
access to essential medicines and treatments is secured for all. Lifera offers high-value
formulation development, medicine manufacturing and testing services for sterile
pharmaceutical products. It is aligned with the global healthcare market’s trajectory,
anticipated to see rapid advancements in medicine, therapies and treatment
modalities over the next decade.
PIF’s vision for Lifera is to catalyze the growth of the local healthcare ecosystem,
creating vast opportunities for the private sector. By investing in Lifera, along with other
key healthcare initiatives like the National Unified Procurement Company (NUPCO),
it aims to enhance Saudi Arabia’s supply chains and access to pharmaceuticals while
also fostering job creation, skill development and technology transfer, reinforcing
Saudi Arabia’s position on the global healthcare map.

ARDARA
BUILDING THE FUTURE OF TOURISM AND URBAN

DEVELOPMENT
The launch of Ardara in the Aseer Region promises to redefine urban development
and tourism in Saudi Arabia and is set to transform Saudi Arabia’s southwest region
into a vibrant urban center and premier tourist destination.
Drawing on Aseer Region’s unique architectural style and rich heritage, Ardara will
become a model of sustainable development and cultural celebration, aligning
with Vision 2030 goals.
SUSTAINABILITY AND COMMUNITY AT THE HEART OF

DEVELOPMENT
Spanning 2.5 million square meters, Ardara is designed with sustainability and
quality of life as its guiding principles. The project dedicates over 30% of its area
to lush green spaces, featuring more than 16 kilometers of waterfront and 17
kilometers of sports trails, fostering a community-centered lifestyle rich in cultural
and recreational activities.
With plans to introduce five distinct districts, Ardara will offer residential, hospitality
and leisure facilities, including 2,000 modern apartments and villas, luxury hotels,
and commercial spaces, all thoughtfully integrated with the region’s identity and
historical significance.
A NEW ERA FOR ASEER REGION AND BEYOND

Ardara will act as a gateway for local and international investors to explore diverse
opportunities in such sectors as hospitality, the arts, culture, food, agriculture,
retail and entertainment. In line with PIF’s strategy to invigorate key sectors and
diversify Saudi Arabia’s economy, Ardara is set to enable the private sector, creating
substantial job opportunities for the local community and injecting SAR 19 billion
into Saudi Arabia’s non-oil GDP by 2030.
As Ardara evolves into a flagship destination, it embodies the future of Saudi Arabia’s
tourism and urban development and will elevate Aseer Region’s appeal as a global
tourist destination, while setting a new benchmark for innovative, sustainable urban
planning and cultural enrichment.
30 19
Ardara dedicates over Ardara is set to inject
% SAR BN
of its area to lush green spaces. into Saudi Arabia’s non-
oil GDP by 2030.

SECOND GREEN BOND
ADVANCING SAUDI ARABIA’S GREEN VISION

PIF once again demonstrated its pioneering role in sustainable finance by completing its second
green bond issuance on February 10, 2023. The $5.5 billion issuance is integral to financing eligible
green projects, marking a significant step in aligning with PIF’s Green Finance Framework.
Following the success of its inaugural green bond in October 2022 – the first by a sovereign wealth
fund and a groundbreaking 100-year green bond – PIF continues to underscore its commitment to
a green economy in Saudi Arabia and beyond.
OVERWHELMING STRONG GLOBAL INTEREST

The latest issuance attracted unprecedented interest, being more than six times oversubscribed
with book orders exceeding $33 billion. This enthusiasm reflects the global investment community’s
confidence in PIF’s financial strength and its strategic vision for economic transformation.
Issued in three tranches of 7, 12, and 30 years, the bonds garnered attention from a diverse group
of institutional investors worldwide, showcasing the widespread support for Saudi Arabia’s green
initiatives.
FUNDING A SUSTAINABLE FUTURE

PIF’s green bond issuances are catalysts for driving impactful green investment across Saudi Arabia.
The funds raised are earmarked for a range of eligible projects under PIF’s Green Finance Framework,
including renewable energy, energy efficiency, sustainable water management, pollution prevention
and control, green buildings, clean transportation, and sustainable management of living natural
resources and land use. This framework aligns with the International Capital Market Association’s
Green Bond Principles and the Loan Market Association’s Green Loan Principles, ensuring best
market practices.
PIF’s continued success in the green finance arena sets a benchmark for sustainable investment,
showcasing Saudi Arabia’s proactive approach to environmental stewardship and economic
diversification.
The latest issuance attracted unprecedented interest,

being more than six times oversubscribed with book
orders exceeding
USD 33 BN

Strategic Review | Portfolio Review
PORTFOLIO REVIEW
Over five decades of increasing investment, the Public Investment Fund established
itself as one of the world’s preeminent sovereign wealth funds, renowned for its
pioneering leadership, perceptive capital allocation, and significant contributions
to the Saudi economy and global markets.
PIF actively manages a broad, diversified investment portfolio, encompassing a

wide range of sectors, asset classes, and geographies. This multifaceted investment
strategy has solidified PIF’s status as a global investment powerhouse.
The impact of PIF’s investments extends far beyond financial gain to touch the
lives of millions of people across Saudi Arabia and beyond. As a dynamic force for
transformative change, PIF’s Vision Realization Program delivers meaningful and
tangible economic and social benefits – today and for generations to come.
By the end of December 31, 2023, PIF delivered an annual average total portfolio
return of 8.7% since the VRP’s inception in 2017. This return was primarily driven by
investments within Saudi Arabia, as well as international portfolio growth, as PIF
continued to forge strong partnerships and enhance shareholder value.
38 | PIF Annual Report 2023 | 39| 39

Strategic Review | Performance Review
PERFORMANCE REVIEW
The Public Investment Fund’s broad and diversified investment portfolio is divided
into the following six investment pools, in addition to its International Capital
Markets Program and Treasury Pool:
• Saudi Sector Development
• Saudi Equity Holdings
• Saudi Real Estate and Infrastructure Development
• Saudi Giga-Projects
• International Strategic Investments
• International Diversified Pool
In line with PIF’s Strategy 2021-2025 and Vision 2030, investments are guided by
the following principles:
• Diversifying and enhancing wealth by investing across a balanced and broad

portfolio to increase return on investments.
• Transforming the domestic economy through cornerstone investments in

projects and companies across four domestic investment pools.
• Enabling some of the world’s most innovative and transformational sectors

and companies in PIF’s international investment pools, as a global investment
powerhouse.

PEFORMANCE REVIEW 2023
GROSS ASSETS GROSS ASSETS GROSS ASSETS

UNDER MANAGEMENT1 UNDER MANAGEMENT1 UNDER MANAGEMENT1
PERCENTAGE OF AuM
SAR 1,980BN SAR 2,234BN 2

SAR 2,871BN 3
BN
390 234 249 10% 9%
66 109 146 5% 5%
121 169 190 8% 7%
483 718 777 32% 27%
318 470 943 21% 33%
SAR
170 204 233 9% 8%
35 121 241 5% 8%
397 204 72 9% 3%
With SAR 2,871 Bn under management, the investments have been diversified with
International investments comprising 20%, Local investments 79% (Including Treasury
Pool) of the total, with the remaining 1% pertaining to the receivables from other parties.
42 | PIF Annual Report 2023 1-Totals may not be identical to sums due to rounding. 2-PIF AuM includes receivables from other parties worth SAR 5 | 43
BN.
3-PIF AuM includes receivables from other parties worth
SAR 20 BN.
THE PUBLIC INVESTMENT FUND’S PERFORMANCE IN 2023 The investments have been spread over a wide range of industries,
and according to the Global Industry Classification Standard (GICS),
they are represented as follows:
23.1
Energy
% 17.0
Real Estate
% 9.4
Information
%
Technology
7.3
Financials
% 6.9
Communication
% 5.5
Utilities
%
Services
Total Shareholder
Return Since VRP
Inception (Per Annum)1
4.6 3.1 2.5

8.7%
% % %
Materials Industrials Consumer
Discretionary
1.2
Consumer
% 0.4
Health Care
% 18.9
Unclassified 2
%
Staples
44 | PIF Annual Report 2023 1-The total shareholder returns since the start of the Vision Realization Program 2-Unclassified represents multisector funds/mandates, and | 45
on September 30, 2017 until end of 2023 (on an annual basis). cash and money markets.
Strategic Review | Saudi Investment Pools
SAUDI INVESTMENT POOLS

SAUDI EQUITY HOLDINGS (SEH)
PIF is a key enabler for established and emerging Saudi businesses in key
growth sectors, and invests strategically to enable their growth and the sectors
overall. It acts as a bridge between companies, sectors and the nation’s priorities,
catalyzing economic development and driving progress toward Vision 2030 goals.
PIF’s SEH portfolio consists of over 15 publicly listed Saudi companies with a
combined market cap of over SAR 634 billion. It also includes two private sector
Saudi companies, as well as other local funds focused on Saudi Stock Exchange
listed equities.
The SEH pool supports this broad and growing portfolio of established leaders
and high-growth companies to fulfill their potential as regional and global
leaders in their sectors, thereby optimizing and maximizing value for PIF.
SEH portfolio consists of over
15
publicly listed Saudi companies with a
combined market cap of over
634
SAR BN

SAUDI SECTOR DEVELOPMENT (SSD)

Over the past five decades, the Public Investment Fund has powered the Saudi
economy’s development and diversification, deploying strategic capital into
high-priority sectors and growing industry champions.
In line with the objectives of PIF’s VRP, the SSD investment pool is focused on
establishing and promoting the growth of high-priority sectors in the Saudi
economy. By investing in promising domestic sectors, it aims to accelerate
diversification and dynamism in the economy and unlock potential through
direct and indirect investments in new and emerging sectors and companies.
With over 100 companies1 valued at over SAR 943 billion, PIF’s SSD portfolio
continued to achieve remarkable milestones and create value for PIF, their
industries, their customers and the wider society in 2023, driving economic
development, localizing cutting-edge talent, and creating private sector
employment opportunities for Saudis – today and for the future.
2023 PERFORMANCE
SAR 943 BN
(an increase of 101% in AuM compared to the previous year)
33
representing
%
of PIF’s Total AuM
48 | PIF Annual Report 2023 1-Includes establishment, JVs and M&A | 49

SEH AND SSD POOL

ACHIEVEMENTS IN 2023
AEROSPACE AND DEFENSE
⚫ PIF invested in Saudia Technic to advance the maintenance, repair and overhaul
(MRO) of aircraft in Saudi Arabia, including the development of an approximately
1 million square meters MRO in public and private village that features a state-of-
the-art jet propulsion center.
⚫ AviLease signed a deal with Avolon to acquire a portfolio of 13 aircraft valued at
$725 million from Avolon and raised $1.1 billion in unsecured debt from a consortium
of international and local banks. In a separate transaction, AviLease also acquired
Standard Chartered's aircraft leasing platform (FASTNET) for SAR 3.6 billion,
marking one of the largest acquisitions in 2023 by a PIF portfolio company.
⚫ Saudi Arabian Military Industries (SAMI) launched the SAMI Land Systems Industrial
Complex, a new industrial complex that will build local capabilities in the
manufacturing, engineering, testing, and maintenance, repair and overhaul of
defense land systems.
⚫ SAMI with Ministry of Defense and the support of the General Authority of Military
industry, announced the inauguration of a new production line dedicated to
software-defined multi-band radio systems in Riyadh. The production line, in
collaboration with L3Harris Technologies and the SAMIL3Harris Joint Venture will
be a national leader in the field of electronic manufacturing capabilities.
⚫ The Helicopter Company expanded its Leonardo AW139 twin-engine fleet by

adding seven helicopters to reach a total of 16. It also acquired six additional Airbus
H145s helicopters, to reach a total of 11. Overall, its fleet expanded to 46 helicopters
as of the end of 2023 to better serve its customers. In addition, the THC air medical
service program, carried out in cooperation with SRCA, saved 1,523 lives during
2023.
⚫ The National Security Services Company (SAFE) acquired the Cash Management
Services Business unit of ABANA Enterprises Group, expanding SAFE’s services
offering in local and regional markets by providing services for the transit of cash
and valuable goods.
AviLease signed a deal with Avolon to

acquire a portfolio of valued at
13 aircraft USD 725 MN

AUTOMOTIVE
⚫ PIF and Hyundai Motor Company signed a joint venture establishing a new
automotive manufacturing plant in Saudi Arabia to manufacture 50,000 vehicles
per year, including both internal combustion engines and electric vehicles.
⚫ PIF and Pirelli signed a joint venture to establish a leading tire manufacturing
facility in Saudi Arabia, localizing production, capabilities and technologies to
create a national and regional champion.
⚫ PIF and the Saudi Electricity Company signed a Joint Venture launch the Electric
Vehicle Infrastructure Company (EVIQ), with the aim of building best-in-class
infrastructure and creating a nationwide network of fast-charging hubs for
electric vehicles around Saudi Arabia.
⚫ PIF announced TASARU Mobility Investments to enable the developmental of

Saudi Arabia’s automotive and mobility ecosystem.
BUILDING CONSTRUCTIONS, MATERIALS AND

SERVICES
⚫ PIF announced the investment of a total of $1.3 billion in four leaders of Saudi
Arabia’s construction services sector: Nesma & Partners Contracting Company,
ElSeif Engineering Contracting Company, AlBawani Holding Company, and
Almabani General Contractors Company.

CONSUMER GOODS AND RETAIL

⚫ Noon increased efficiency due to a stronger focus on business sustainability that
led to the profit contribution of SAR 607 million per year.
⚫ PIF became a shareholder with 30% ownership of Tamimi Markets Company

LLC, one of Saudi Arabia’s leading grocery store chains, by way of a capital
increase and subscription for new shares.
ENTERTAINMENT, LEISURE AND SPORTS

⚫ SURJ Sports Investment acquired a minority equity ownership stake in PFL and
will invest in a new regional league due to launch in 2024, PFL MENA, as well as
supporting PFL’s expansion in Saudi Arabia and the wider MENA region.
⚫ Savvy Games Group launched VoV RFM and finalized a $4.9 billion acquisition
of Scopely, a leading games publisher and developer with a track record of
innovation and catalog of successful mobile first titles.
⚫ Sela announced Kingdom Arena, a multi-purpose venue that accommodates

over 26,000 people, and hosts a large number of sport and music events during
the year.
⚫ PIF acquired 75% ownership of four Saudi football clubs: Al Hilal, Al Nasser, Al
Ahli, and Al Ittihad.
⚫ Cruise Saudi unveiled a new 335 meter vessel by AROYA Cruises, reflecting
Saudi Arabia’s commitment to global tourism and maritime competitiveness.
⚫ Asfar announced Baheej, a diversified asset development and destination

management firm, to enhance Yanbu through lifestyle and wellness offerings,
and KMC Company to develop attractions in the Al-Baha region through two
primary assets focusing on nature, adventure, recreation, and entertainment.

FOOD AND AGRICULTURE

⚫ SALIC acquired 180 million shares of the Brazilian company (BRF), a global
leader in the poultry sector, won a tender for General Food Security Authority
(GFSA) first batch of 2023 to supply 355,000 tons of wheat, acquired 42.4%
of National Aquaculture Group (NAQUA), and raised its stake in the National
Agricultural Development Company (NADEC) from 32.46% to 38.65%.
⚫ Saudi Coffee Company unveiled its Jazean specialty coffee brand, launched its
first retail pop-up store, signed an MoU for farming with the Jazan Mountains
Development Authority, and signed an investment contract for a second model
farm, 2.1 million square meters in Jazan .
⚫ PIF announced the Sawani Company to grow the Saudi camel farming industry
and actively contribute to its sustainable development.
⚫ PIF announced Al Madinah Heritage Company to develop and enhance

production of Saudi Ajwa Dates. The new company will play a key role in
improving the quality and production capacity of Ajwa dates in the Madinah
region.
⚫ Halal Products Development Company (HPDC) signed a strategic partnership

with Halal Development Corporation Berhad to amplify the Halal industry’s
growth within Saudi Arabia and globally.
⚫ Halal Products Development Company (HPDC) forged a strategic partnership

with U.S.-based Eat Just Inc., a pioneer in innovative food products, to help
Eat Just obtain certification and approvals needed to operate as a Halal food
distributor.

FINANCIAL SERVICES
⚫ The Saudi Exchange (Tadawul) launched the Tadawul Size and IPO Indices.
⚫ The GCC Exchanges Committee, chaired by The Saudi Exchange (Tadawul),

published a unified set of ESG Disclosure Metrics, comprising 29 standards
aligned with the World Federation of Exchanges and Sustainable Stock
Exchanges Initiative.
⚫ Tadawul Advanced Solutions Company (Wamid), the innovation arm of the listed
Saudi Tadawul Group Holding Company, launched a meeting management
platform under the name Liqaa, and completed the acquisition of DirectFN, an
award-winning capital markets data solutions provider.
⚫ Jada Fund of Funds Company invested in Iliad Partners venture capital initiative,
Iliad Partners “Tech Ventures Fund I,”Aliph Capital’s GCC-focused “Aliph Fund I,”
eWTP Arabia’s $1 billion fund, and Ruya Partners’ $250 million fund.
⚫ Saudi Real Estate Refinance Company (SRC) completed its largest refinancing
deal with Alrajhi Bank for more than SAR 5 billion, and completed a sukuk
issuance of SAR 3.5 billion.
⚫ Saudi Tadawul Group (STG) announced its first M&A transaction, the acquisition
by WAMID of a 51% stake in DirectFN. It also introduced new indices and Single
Stock Options.
⚫ Saudi National Bank (SNB) delivered 10% growth in total assets to exceed SAR
1 trillion.
⚫ Gulf International Bank (GIB) KSA successfully raised SAR 1.5 billion through a
debut issuance of a 10-year Tier 2 sukuk under the bank’s inaugural SAR 3 billion
Tier 2 Sukuk program.
⚫ Sanabil Investments continued to serve and develop the Saudi Arabian

startup ecosystem through their innovative Venture Studio in partnership with
Stryber, in which $14 million in capital has been deployed during the first year
of operations.
⚫ Regional Voluntary Carbon Market Company (RVCMC) sold over 2.2 million
tons of carbon credits at largest-ever voluntary carbon credit auction event in
Nairobi, Kenya.

HEALTHCARE
⚫ PIF announced Badael to produce innovative new reduced-risk alternatives
to combat smoking-related diseases, aiming to help nearly 1 million people in
Saudi Arabia quit smoking by 2032.
⚫ PIF announced the Pharmaceutical Investment Company (Lifera), a commercial-

scale contract development and manufacturing organization, to enable the
growth of the local biopharmaceutical industry, strengthen national resilience,
and support Saudi Arabia’s position as a global pharmaceutical manufacturing
destination.

METALS AND MINING

⚫ PIF, Aramco and Baosteel entered a shareholders’ agreement for the
establishment of the first integrated steel plate manufacturing complex in
Saudi Arabia.
⚫ PIF, SABIC and Rajhi Invest signed agreements upon the completion of which
PIF and Rajhi Invest will become sole shareholders of the Saudi Iron & Steel
Company (Hadeed), which as part of the transaction will also acquire Rajhi Steel,
thereby forming a national champion to lead the transformation of the Saudi
steel sector.
⚫ PIF signed an agreement to invest in Alkhorayef Petroleum, the leading GCC-

based artificial lift systems manufacturer and services provider.
⚫ TAQA completed the acquisition of UAE-based AlMansoori Petroleum Services,

the GCC’s leading well testing and slickline services provider.
⚫ Offshore contract drilling company ADES successfully completed its initial

public listing on Tadawul.
⚫ In a significant move to bolster its domestic mining capabilities and future

production pipeline, Ma’aden has undertaken three key initiatives. First,
Ma’aden acquired 9.9% of the shares of Ivanhoe Electric Inc. and formed a
50/50 joint venture to undertake one of the largest exploration programs ever
conducted. Second, Ma’aden entered a framework agreement with Metso and
Thyssenkrupp Uhde for the development and licensing of Ma’aden’s Integrated
process concept, aiming for greenfield facilities at Ras Al Khair in Saudi Arabia.
Finally, Ma’aden discovered significant gold resource potential extending along
a 100 km strike from the existing Mansourah Massarah gold mine, the first find
from the company’s extensive exploration program launched in 2022 to build
Ma’aden’s production pipeline.

TELECOM, MEDIA AND TECHNOLOGY

⚫ The Saudi Company for Artificial Intelligence (SCAI) invested SAR 776 million in
SenseTime Group through a joint venture to establish SenseTime MEA to build
a sophisticated AI lab, create highly skilled jobs for Saudis, and contribute to
positioning Saudi Arabia as the region’s leading AI-tech hub.
⚫ PIF announced the acquisition of 100% of the shares of Thiqah Business Services
Company.
⚫ Saudi Information Technology Company (SITE) announced a new joint venture

with U.S.-based Privafy Inc. under the commercial brand METRAS, focused
on the localization of world-class, next-generation cybersecurity solutions,
including the launch of an innovative Extended Detection and Response (XDR)
offering. SITE and Fortanix launched a dedicated Saudi-based node SaaS data
security solution serving the MENA region.
TRANSPORT AND LOGISTICS

⚫ Bahri, the National Shipping Company, increased its capital from SAR 4.9 billion
to SAR 7.3 billion through the capitalization of retained earnings and statutory
reserves to strengthen its balance sheet to support future growth. It also
increased its equity stake in Petredec Group Limited, a leading LPG integrated
player with a fleet of over 20 very large gas carriers, from 30% to 40%.
⚫ Bahri successfully transported 60,000 tons of barley, marking the first shipment of
Saudi Agricultural and Livestock Investment Company (SALIC) to be transported
with Bahri.
⚫ Bahri Logistics entered a three-year international freight forwarding service

agreement with Saudi Arabia Railways (SAR) to serve as SAR’s primary provider
for both imports and exports.
⚫ Bahri Line, a business unit under Bahri Logistics, announced a new pendulum
service line between Asia and Europe.
⚫ PIF completed the acquisition of 40% of Zamil Offshore Services Company

(ZOSCO), one of the leading Saudi offshore support vessel and construction
service providers in the Arabian Gulf.
⚫ Saudi Public Transport Company (SAPTCO) was successfully awarded the

contract to operate the transportation network in the city of Tabuk. Through
its 85% owned subsidiary, SAPTCO ALSA for Transportation (SAT), it was also
awarded the contract to operate the inter-city bus network in the Southern
Region of Saudi Arabia.

UTILITIES AND RENEWABLES

⚫ Water and Electricity Holding Company (Badeel), a wholly owned portfolio
company of PIF, reached financial close on more than 7GW of renewable
projects in 2023.
⚫ PIF announced the completion of the acquisition of a 30% stake in Saudi

Tabreed, the leading Saudi district cooling service provider.
⚫ National Energy Services Company (Tarshid) achieved more than 5 TWh of

energy savings in the government sector, equating to around SAR 1.7 billion
in monetary savings, which translates to more than 10.5 million barrels of oil
equivalent and more than 3.9 million tonnes of CO2 emissions in 2023.
⚫ PIF successfully closed the sale of a 10.92% stake in National Gas and
Industrialization Company (GASCO) to Jadwa Investment Company for SAR
491 million.
⚫ PIF contributed SAR 132 million to the capital increase of GCC Labs to support
the company’s expansion plans, providing testing, inspection and certification
services to customers in Saudi Arabia and the region.
⚫ PIF is actively expanding its investments in the green hydrogen sector in

support of Saudi Arabia’s commitment to lowering its carbon emissions and
contributing to the offering of clean and sustainable solutions to global energy
markets. PIF entered separate memorandums of understanding with Marubeni,
JERA and Engie to develop large-scale green hydrogen projects in Saudi Arabia,
with the intention to export green hydrogen and its derivatives to international
markets.

SAUDI REAL ESTATE

AND INFRASTRUCTURE
DEVELOPMENT POOL (SREID)
Aligned with the Vision 2030 objectives of diversifying the economy, and improving quality of life in
Saudi Arabia, PIF’s SREID investment pool deploys strategic capital to develop real estate and crucial
infrastructure within Saudi Arabia.
With AuM of over SAR 233 billion, the SREID pool’s initiatives are designed to optimize land use and
increase the value of its existing land bank. PIF is committed to pioneering new infrastructure projects
in major urban areas to spur economic development. PIF’s efforts include developing residential and
tourism projects, and attracting investments from both domestic and international real estate firms.
By undertaking these real estate and infrastructure projects across Saudi Arabia, PIF fosters
sustainable commercial growth and opens new investment avenues. Through its contributions, PIF
aims to bolster local economies, enrich community well-being, and ultimately support Saudi Arabia’s
overarching prosperity.
2023 PERFORMANCE

SAUDI GIGA-PROJECTS
ECONOMIC POWERHOUSES RISING IN THE SAUDI
DESERT
In the coming decades, Saudi Arabia’s landscape will be transformed by its bold
giga-projects destined to reshape Saudi economy and establish new sustainability
benchmarks.
To date, PIF has launched five giga-projects NEOM, ROSHN, Qiddiya, Red Sea Global,
and Diriyah Project. PIF created wholly owned vehicles to channel financing to
these projects, while also inviting global investors and multinational enterprises to
participate.
PIF’s overarching aim is to unlock the potential of promising sectors to establish

Saudi Arabia as a leading tourism and cultural destination.
The five giga-projects will establish new industrial and business hubs, enhance areas
of outstanding beauty with conservation and ecotourism ventures, develop thriving
communities, and promote multiple opportunities for Saudi entrepreneurs.

26,500
NEOM is a first-of-its-kind
Km2
Global Hub
NEOM
BRINGING A SINGULAR VISION TO REALITY
NEOM, a groundbreaking 26,500 square km global hub in Saudi Arabia’s northwestern Tabuk
province, is rapidly transforming from vision to reality.
This project encompasses The Line, a linear urban development powered by renewable energy, and
Oxagon, a futuristic city focused on advanced and clean logistics and industries. NEOM also boasts
diverse tourist destinations like Sindalah and Trojena, catering to a variety of preferences.
As a wholly owned company of PIF, NEOM is spearheaded by a team of experts tasked with leading
the region's development across 14 key economic sectors. Supporting this mission is the NEOM
Investment Fund (NIF), NEOM's strategic investment arm, which fuels the project's growth.
NEOM prioritizes cutting-edge technology at its core. Through its subsidiary TONOMUS, NEOM
recently announced a significant collaboration aimed at implementing advanced artificial
intelligence capabilities across both NEOM and Saudi Arabia as a whole.
This commitment to innovation extends to sustainability, with a prime example being NEOM’s
achievement of financial close for the world’s largest carbon-free green hydrogen plant and
establishing a logistics joint-venture.
NEOM’s intention of becoming the new standard-setter in sustainability was furthered by agreements
to develop the aquaculture industry in an environmentally responsible way.
Further, the establishment of Topian, a food company, will embed innovative solutions geared to
bolstering Saudi Arabia’s food security goals, while tackling issues from population growth and
changing consumption patterns to climate change and natural resource depletion.
NEOM will see new communities established around various developments, providing an opportunity
for Saudis to capitalize on emerging entrepreneurial opportunities. It will also foster a vibrant lifestyle
through its new immersive arts and entertainment destination.
NEOM envisions a vibrant lifestyle and boasts a new immersive arts and entertainment destination.
Visitors will be treated to a broad spectrum of tourism attractions and experiences. Several global
hotel developers and operators announced plans in 2023 to build new properties within NEOM,
further solidifying its vision as a premier tourist destination. Additionally, a new coastal tourism and
residential development launched in 2023 promises to set new global benchmarks in hospitality
and architecture.

70
ROSHN is set to contribute to Vision 2030’s goal of
%
home ownership for Saudis.
ROSHN ROSHN signed eight new contracts worth
8
more than
EMPOWERING HOMEOWNERSHIP
ROSHN Group is Saudi Arabia’s most trusted multi-asset class real estate developer. As a wholly- SAR BN
owned PIF subsidiary, it has been mandated to build 200 million square meters of integrated to provide its new communities
communities that reflect Saudi Arabia’s rich heritage and aspirations of its people, and to contribute
to the Vision 2030’s goal of 70% home ownership for Saudis.
ROSHN’s integrated developments offer a vibrant new way of living, supported by amenities including
green spaces, sports hubs, and retail and entertainment facilities within walking distance. To date,
ROSHN has launched five residential developments: SEDRA and WAREFA in Riyadh, ALAROUS and
MARAFY in Jeddah, and ALFULWA in the Eastern Region.
In 2023, ROSHN unveiled WAREFA and ALFULWA, and the third phase of SEDRA. The announced
projects will encompass communities accommodating an initial 23,000-plus quality homes across
Saudi Arabia, and public spaces that embrace sustainability.
Also during the year, ROSHN signed eight new contracts worth more than SAR 8 billion to provide
its new communities with vital infrastructure, schools, and mosques, as well as retail, entertainment,
and sporting facilities to be built by leading domestic and international construction and real estate
companies.
As a wholly owned PIF subsidiary, ROSHN

has been mandated to build
200 MN M2
of integrated communities

Construction is well underway following
10
the award of contracts worth
SAR BN
QIDDIYA Qiddiya will boast
BUILDING A GLOBAL SPORTS, CULTURE, AND ENTERTAINMENT

DESTINATION
60,000
buildings in an overall area of 360 km²
Only 40 minutes from Riyadh, Qiddiya is a new city poised to become the world’s foremost
entertainment, sporting, and cultural destination. Located in the Tuwaiq Mountains, Qiddiya includes
25 distinct districts, with masterplans combining experiences and more than 400 tourist attractions
with mixed-use areas, residential communities, and nature. It is connected to Riyadh via major
highways and will be integrated into the capital’s public transport network.
Construction is well underway following the award of contracts worth SAR 10 billion. Qiddiya will
boast 60,000 buildings in an overall area of 360 square km and is expected to deliver an annual
economic output of SAR 135 billion.
In 2023, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince,
Prime Minister and Chairman of the Board of Directors of the Qiddiya Investment Company (QIC),
launched the urban design for the city and brand. The year also saw the announcement of a new
gaming and e-sports district that will position Saudi Arabia as the global epicenter of this rapidly
growing industry.
Home to a projected 600,000-plus residents and a must-see destination for an expected 48 million
tourists each year, Qiddiya City will generate more than 325,000 permanent jobs. As a wholly owned
PIF subsidiary, Qiddiya Investment Company is responsible for the new giga-project’s overall strategic
direction, as well as all its for-profit investments.
The new city will boost Saudi Arabia’s international standing and make a substantial economic
contribution. The attendant positive impact on Riyadh’s quality of life and GDP output will elevate
the capital into one of the top 10 global city economies.

RSG strengthened its financial

foundation in 2023, reaching commercial
1.1
close on a
SAR BN
RED SEA GLOBAL
financing agreement for a joint venture.
DEVELOPING A NEW MODEL OF SUSTAINABILITY

Red Sea Global (RSG) is a visionary Saudi Arabian developer that has innovated a new model of
sustainable development. Putting people and planet first, RSG leverages unique concepts and
technologies to deliver projects that actively enhance the well-being of customers, communities,
and the environment.
As part of its mandate, RSG oversees a growing portfolio of projects stretching the length of Saudi
Arabia’s Red Sea coast, with the potential to expand beyond Saudi Arabia in the future. Additionally,
RSG is establishing subsidiary businesses to boost the Saudi tourism sector and associated industries.
RSG’s flagship initiative is the Red Sea, an ambitious regenerative tourism program and luxury
destination centered on the world-renowned natural wonders of the Red Sea. RSG is also developing
Amaala, which, alongside the Red Sea Project, will become a key feature of Saudi Arabia’s luxury
tourism segment and sustainability agenda to protect the natural environment for future generations.
By the close of 2023, RSG had successfully launched 21 subsidiaries, reflecting its exceptional growth
and expanding its contribution to Vision 2030.
This achievement reflects RSG’s determination to drive economic growth, create job opportunities,
and deliver memorable guest experiences.
RSG strengthened its financial foundation in 2023, reaching commercial close on a SAR 1.1 billion
financing agreement for a joint venture.
RSG awarded a number of contracts for Amaala’s primary infrastructure and utilities, as well as the
world’s first fully immersive experiential marine life center and yacht club.
New ventures included the launch of the first RSG hotel and the signing of new luxury resorts with
additional multinational hotel brands. Six Senses Southern Dunes, the Red Sea Project's first guest
welcomed property and a world-leading hotel brand, launched in late 2023.
On the sustainability front, RSG established a partnership to create more than 20 acres of new
wetlands in line with Saudi Arabia’s climate action. Additionally, RSG opened its first mangrove
nursery to support planting 50 million mangrove trees by 2030. This effort is aligned to the Saudi
Green Initiative as well as RSG’s commitment to conserving and revitalizing the Red Sea coast, which
aims to deliver a 30% net conservation benefit by 2040.

This newest giga-project will ultimately

be home to
DIRIYAH PROJECT
THE HERITAGE AND CULTURE PROJECT
In 2023, the Diriyah Project was unveiled as PIF’s fifth giga-project, a SAR 64 billion mixed-use historic,
cultural, and lifestyle destination. Diriyah Project is aligned with PIF’s strategy of unlocking the
capabilities of promising sectors, including tourism and culture.
Diriyah Project was conceived to boost Saudi Arabia’s position regionally and internationally as a
leading tourism and cultural destination, showcasing Saudi Arabia’s 300-plus years of history in an
array of engaging heritage, hospitality, education, retail, and dining experiences for residents and
visitors.
Diriyah is of particular significance as the home of the UNESCO World Heritage Site of At-Turaif and
the unique nature of Wadi Hanifah. It is also regarded as the first Saudi capital and recognized as
Saudi Arabia’s symbolic birthplace.
During the year, the contract for the design and development of Diriyah’s Northern Cultural District’s
project was awarded. This newest giga-project will be home to 100,000 residents and attract
25 million visitors every year for its cultural attractions, plazas, more than 100 restaurants, luxury
residential developments, and international hotels.
In 2023, the Diriyah Project was unveiled as

PIF’s fifth giga-project, with the value of
SAR 64 BN
historic, cultural, and lifestyle destination.
| 81
Strategic Review | International Investment Pools
INTERNATIONAL
INVESTMENT POOLS
INTERNATIONAL STRATEGIC INVESTMENTS (ISI)
The Public Investment Fund has a broad and diversified international portfolio, which it continues
to develop through strategic investments carried out both independently and alongside carefully
selected partners. Through the deployment of impactful, long-term capital, the ISI pool continues
to generate substantial returns over medium- to long-term horizons, thereby contributing to PIF’s
portfolio stability and sustainability.
The ISI pool’s continued development is a testament to PIF’s clear strategic focus, risk-weighted
approach, and effective execution. With a portfolio of direct and indirect investments across a
spectrum of leading global brands, high-growth unicorns, and industry giants, the ISI pool plays a
key role in diversifying PIF’s assets globally, while strengthening its ever-expanding relationships with
leading public and private sector organizations and institutions around the globe.
The ISI pool supports PIF’s strategic objectives by:
• Growing and diversifying PIF’s assets and returns.
• Strategic partnerships with innovative companies, investment managers and influential investors,
allowing Saudi Arabia to extend its global reach and influence.
• Investing in cutting-edge technology and/or shaping the future global economy by enabling
new sectors and opportunities.
• Bolstering Saudi Arabia’s leading position on the world stage and building its international
reputation as a preferred investor and partner of choice.
• Supporting the creation of opportunities to attract foreign investment and localize content and
technologies, where possible.
• Supporting government-to-government relationships.
In 2023, the ISI pool continued to develop and diversify through direct and indirect investments,
including:
• Rocco Forte Hotels
• Brazilian Toll-Roads Platform
• Aman

INTERNATIONAL STRATEGIC
INVESTMENTS (ISI)
SELECTED INVESTMENTS
In October 2021, PIF led an investment group, also comprising PCP Capital
Partners and RB Sports & Media, to complete the 100% acquisition of Newcastle
United Football Club. Following the PIF-led purchase, the club has been achieving
sporting and commercial success. New sponsorship agreements are in place,
while on the pitch the club reached its first cup final since 1999 and secured a
A memorandum of understanding was signed with AFIC in June 2015 to invest $2
place in the 23/24 Champions League.
billion with French asset managers, whereby PIF, until the end of 2023, committed
to 14 investments in 15 Funds and one co-investment vehicle.
In October 2019, during the Future Investment Initiative, PIF announced its
intention to invest up to $10 billion in the Federative Republic of Brazil. PIF is
PIF is the major investor in SoftBank Vision Fund, one of the largest technology
currently building relationships to help execute this program in accordance with
focused investment Funds, after allocating $45 Bn. Since its inception, the
PIF’s goals and strategy. To date, PIF has committed to four funds in private equity
SoftBank Vision Fund continues to invest across many technology sectors, such
and infrastructure.
as Internet of Things (IoT), Artificial Intelligence, Healthtech and Fintech.
HAPAG LLOYD
Since 2018, PIF has invested in multiple tranches in Lucid Group, Inc., a US-based
PIF owns ~10% of Hapag-Lloyd, a leading container shipping company with
technology and automotive company that specializes in the manufacturing of
operations across multiple regions globally.
technology-enabled and advanced luxury electric vehicles.
ROCCO FORTE HOTELS

PIF has acquired a significant minority stake in Rocco Forte Hotels, which is a
PIF invested $3.5 Bn in Uber Technologies. Uber is a global leader in the transportation
collection of 15 luxury landmark properties across major European cities including
and technology sectors, and is transforming mobility.
London, Edinburgh, Rome, Munich, Brussels and St. Petersburg.
LIV GOLF
In 2021, PIF established LIV Golf, an international professional golf tour which
aims to improve professional golf for all stakeholders, including fans, players, and
owners. Since then, LIV Golf was able to successfully complete its invitational
series in 2022, and the first full season in 2023 season.
BLACKSTONE
US INFRASTRUCTURE INVESTMENT PROGRAM
PIF has committed up to $20 billion to the “Blackstone Infrastructure Fund
Program,” one of the largest dedicated infrastructure Fund programs in the
world, which mainly aims to modernize U.S. infrastructure at scale.
AMAN
In 2022, PIF invested in Aman Group, a privately-held luxury hotel group. Aman
Group currently operates over 35 hotels and branded residences spread across
+20 countries. PIF’s investment aims to support Aman’s global expansion strategy
for ultra-luxury hotels and branded residences.

ISI POOL ACHIEVEMENTS IN

2023
Aman’s global expansion has continued in 2023, marked by the announcement Newcastle United FC reached the final of the Carabao Cup and ended the 22/23
of the upcoming launch of Janu Tokyo scheduled for 2024, the initiation of season in fourth place, qualifying for the Champions League. Additionally, NUFC
residential unit sales in Aman Tokyo as well as signing contracts for upcoming signed a multi-year agreement with Sela as a shirt sponsor, extended its sleeve
new hotel openings in Bangkok, Singapore, Seoul, and the Maldives under Aman
sponsorship with Noon and signed multi-year partnership with Adidas and Saudia.
and Janu brands.
The club also launched the “We Are Newcastle United” documentary on Amazon
Prime Video and Noon’s platform.
Brazilian Toll-Roads Platform saw a consortium comprised of PIF, Patria and GIC
successfully awarded a 30-year concession to develop, own, and operate major new
brownfield toll road projects for a total expected capital expenditure of $1.2 billion. Hapag-Lloyd In 2023, Hapag-Lloyd continued to achieve around 10% global market
share (excluding Intra-Asia). Hapag-Lloyd also expanded its strategic terminal
interests and further strengthened its liner shipping business in Latin America
through the acquisition of 100% of the terminal business of the South American
company SAAM.
LIV Golf successfully completed its 2023 season with 14 events worldwide. It secured
a broadcasting deal with CW in the U.S. and other broadcasters internationally. LIV
Golf has also successfully signed top golfer Jon Rahm, to join the LIV Golf League
ROCCO FORTE HOTELS PIF entered a strategic partnership with Rocco Forte Hotels,
for its 2024 season.
a London-based hotel operator with a presence in key European cities. The Public
Investment Fund acquired a significant minority stake in the company. Rocco Forte
Hotels currently manages 15 hotels and resorts across Europe.
Lucid Group announced the opening of the first-ever car manufacturing facility
in Saudi Arabia, which has the capacity to assemble 5,000 vehicles per annum.
Additionally, Lucid aims to transition the facility to produce vehicles with an annual
total capacity of 150,000 vehicles. Lucid Air was named the 2023 World Luxury
Car of the Year at the New York International Auto Show. Lucid and Aston Martin
entered into a long-term strategic technology partnership worth $450 million,
where Lucid will supply the Company’s proprietary EV powertrain technology and
battery systems to Aston Martin. Lucid and the Saudi Ministry of Finance signed
an Electric Vehicles Purchase Agreement. Under this agreement, the MoF and its
entities and corporate subsidiaries agreed to purchase 50,000 to 100,000 electric
vehicles over a 10-year period.

INTERNATIONAL DIVERSIFIED
POOL (IDP)
The IDP supports PIF’s strategic goals by broadening PIF’s investments across a
diverse array of asset classes and geographies, and curating a well-balanced, risk-
weighted portfolio. The IDP underpins PIF’s asset diversification, employing a long-
term, strategic asset allocation model aimed at robust wealth accumulation and
revenue generation.
With a focus on long-term returns, the IDP invests in international assets, in

alignment with PIF’s specific risk tolerance and objectives. It is focused on deep
global asset pools, including fixed income, public equities, private equities, real
estate, infrastructure, alternative investments (such as hedge funds) and direct
investments – carefully selected to reinforce PIF’s financial foundation and advance
its global investment footprint.
The IDP follows a stringent governance and investment methodology, including:
• Being a long-term institutional investor that benefits from investment

opportunities and market inefficiencies.
• Adding value through strategic asset allocation, manager and security

selection, and portfolio titles that take advantage of economic themes.
• Adopting and practicing a risk management approach centered on

diversification, detailed due diligence, and downside protection.
IDP investments include:
• Skyborn Renewables: In 2022, PIF invested alongside GIP in Skyborn

Renewables, one of the leading offshore developers globally with operations
across Europe, Asia Pacific and North America. Skyborn has over 20 years of
offshore development experience and currently has over 1.6 GW of capacity
under operation or construction, along with a pipeline of more than 20 GW
spread globally.
• Vantage Towers: In 2023, PIF invested alongside a consortium led by KKR and
GIP in the take-private transaction of the Vantage Towers AG, second largest
TowerCos in Europe, with operations across Germany, Spain, Greece, Romania,
Hungary, Czech Republic, Portugal and Ireland. Vantage operates over 46,000
fully owned sites and over 84,000 total sites including joint ventures.

INVESTMENTS IN INTERNATIONAL
CAPITAL MARKETS PROGRAM (ICMP)
The ICMP takes a strategic approach to capitalizing on emerging global trends, targeting specific
regions and sectors, while remaining agile to seize opportunities as they arise, and further diversifying
and developing PIF’s asset base. This approach bolsters long-term investment returns, solidifying
PIF’s position in the global investment landscape.
Its diversified portfolio includes investments in communication services, energy, consumer goods,
finance, healthcare, information technology and other key sectors across a range of countries
including the U.S., U.K., Japan and China.

Strategic Review | Treasury Pool
TREASURY POOL
(NON-INVESTMENT POOL)
As the custodian of PIF’s liquidity, the Treasury Pool safeguards PIF through the vigilant management
of risks while generating returns through strategic deployment of capital. Through this dual mandate,
the Treasury Pool ensures sufficient capital is always available to support PIF’s strategic goals, aligning
financial stewardship with PIF’s broader objectives.
The Fund’s Treasury function supports overall investment and growth strategies by optimizing the
use of available liquidity to generate targeted returns within defined benchmarks and investment
guidelines. The Treasury Pool provides continuous assessment and projections of PIF’s liquidity profile,
identifying any shortfalls and funding requirements.
The Treasury Pool’s investments are guided by the following principles:
• Preserve capital by investing in assets with low probability of principal loss.
• Manage PIF liquidity to meet discretionary and non-discretionary financial obligations

identified through budgeting and cash flow management.
• Minimize foreign currency exposure risk by optimizing investments in SAR, USD, and other
recognized reserve currencies.
PIF’s Treasury investments are categorized into three liquidity tiers, with distinct investment
guidelines for each tier and its subcomponents:
• Tier 1: Working capital portfolio.
• Tier 2: Medium term investments.
• Tier 3: Investments in bonds, loans, and sukuk in local markets.
As of year-end 2023, total assets in

the Treasury portfolio amounted to
SAR 72
Treasury represents
BN
3 %
of PIF's Total AuM

Strategic Review | Sustainability Review
SUSTAINABILITY REVIEW
Long-term sustainability is a fundamental focus for PIF, as outlined in Vision 2030
and PIF’s Strategy 2021-2025. As a leading global investor, PIF is committed to
having a positive impact on the world while maximizing returns. Achieving its
ambitious targets requires PIF to integrate sophisticated sustainability metrics in its
investments, policies, and procedures, and align with international best practices.
PIF’s Sustainability roadmap drives value creation and minimizes risk exposure,
while its Sustainability Integration Steering Group, represented by key internal
stakeholders, supports the roadmap and the principles’ inclusion in business
processes and decisions. Meanwhile, PIF’s Sustainability and Stewardship section
oversees PIF’s performance in these areas, with a mandate encompassing internal
and external activities and stakeholders, ensuring consistency and connectivity.

ESG Performance Management GOVERNANCE, SUSTAINABILITY, AND RESILIENCE SCORE

In 2023, PIF ranked seventh globally and first in the Middle East among 100 SWFs assessed on
Framework Governance, Sustainability and Resilience performance by Global SWF1 . PIF was also recognized as
the world’s most improved SWF1, improving its global ranking from 71st in 2021 to seventh in 2023.
This progress over just two years reflects PIF’s efforts to advance sustainability and ensure sound
Fourteen sector-specific ESG performance management frameworks allow regular reporting,
governance, which is highlighted by PIF’s sustainability score improving in 2023 and the Fund being
assessment, monitoring, and improvement of the portfolio companies’ ESG performance. In 2023,
named Global SWF’s “Champions in Sustainability” in 2023.
PIF conducted more than 50 ESG assessments using public and private data to identify risks, highlight
opportunities, and enhance transparency and disclosure. NET ZERO TRANSITION
PIF is committed to managing its investments’ environmental impact and supporting Saudi Arabia’s
As a responsible steward of capital, PIF drives better ESG performance across its investment portfolio
sustainability commitments, including PIF's intention to achieve net zero emissions by 2050 by
by actively communicating PIF’s sustainability priorities and expectations with companies. In addition,
adhering to Saudi Arabia’s circular carbon economy approach. PIF was the first MENA sovereign
the sustainability team regularly fosters collaboration and enhanced performance with them.
wealth fund – and one of the first sovereign wealth funds in the world – to publicly commit to a net
PIF encourages portfolio companies to develop sustainability expertise within their boards and zero target. Numerous PIF portfolio companies such as ACWA Power, STC, and Ma'aden have already
managements to ensure effective oversight. In 2023, PIF engaged with over 30 companies on ESG announced their net zero ambitions.
strategy, reporting and policy, and best sustainability practices.
PIF continuously refines its data gathering and analysis methodologies to manage its investments’
PIF reviews its policies and investment procedures to enhance adherence to sustainability standards ESG performance and their exposure to climate risks. Last year, PIF endorsed the One Planet Climate
across PIF. In 2023, a new PIF ESG Risk Framework was introduced, allowing assessments to be Disclosure Guidance for Private Markets to improve the quality of climate financial information and
performed as part of the risk process for the SEH and SSD Portfolio’s new deals and portfolio company strongly encourage private markets asset managers to estimate their carbon footprint by 20232 .
reviews.
In 2023, PIF conducted two comprehensive assessments to identify its corporate and financed
emissions, as a prelude to developing a net zero transition strategy. The baselining exercises
In 2023, PIF engaged with over
enhanced PIF’s understanding of its operations’ emissions and those of its investments across
sectors, geographies, and industries. In addition to assessing current emissions, PIF projected
future emissions based on the current portfolio’s growth plans and its investment pipeline. It also
developed preliminary emission reduction plans and future pathways. A comprehensive net zero
transition strategy will be developed in 2024.
In 2023, PIF conducted more than
In 2023, PIF launched its Sustainability Award championing the best performing portfolio companies.
The award recognizes companies that have launched successful sustainability initiatives, gaining
international recognition, driving positive change, and aligning with PIF’s net zero target.
ESG assessments
1
In 2023, PIF ranked
st
7
in the Middle East and
th
globally among 100 SWFs
96 | PIF Annual Report 2023 1-https://globalswf.com/ 2-The One Planet Climate Disclosure Guidance for Private Markets https://oneplanetswfs.org/ | 97
reports/2023gsr wp-content/pdfjs/web/viewer.html?file=/download/157/dec-2022/2206/opswf_cdg-2.pdf
GREEN FINANCE
PIF applies its Green Finance Framework as the basis for issuing green bonds and other green debt
instruments in line with international best practices. Its implementation is intended to contribute
materially to Saudi Arabia’s net zero commitment, following the G20-endorsed circular carbon
economy concept.
As of year-end 2023, PIF has raised $8.5 billion by issuing two highly successful green bonds – setting
benchmarks for the first green bond issued by a sovereign wealth fund and the first 100-year green
bond ever issued. PIF completed its second green bond issuance which raised $5.5 billion in February
2023, which was more than six times oversubscribed, with books exceeding $33 billion.
PIF also published its first “Allocation and Impact Report” in 2023, illustrating the two landmark green
bonds’ respective contributions to Saudi Arabia’s sustainable future. This impact assessment has been
carried out by a leading independent impact consultant, and verified by a leading global provider of
audit and assurance. As of June 30, 2023, USD 1.3 billion was deployed and invested from the USD 8.5
billion issued, contributing to 35 eligible projects across seven green sectors categories. The report also
disclosed PIF’s currently available green-eligible CAPEX amount of USD 11.7 billion1. The eligible green
projects are expected to avoid 10.6 million metric tons of carbon dioxide equivalent and expected to
treat 49.4 million cubic meters wastewater1.
98 | PIF Annual Report 2023

1-Allocation and Impact Report - September 2023; PIF Green Finance
Framework https://www.pif.gov.sa/en/our-financials/capital-markets-program/ | 99
Strategic Review | Investing in People,Technology & Relationships
INVESTING IN PEOPLE, TECHNOLOGY PIF WORKFORCE TALENT DEVELOPMENT

BREAKDOWN IN 2023
AND RELATIONSHIPS
In 2023, PIF demonstrated its commitment to continuous improvement and impact, focusing on
workforce development, organizational enhancements, and positive social contributions. Through
its role as a transformation catalyst in Saudi Arabia and beyond, PIF undertook targeted initiatives
cultivating a diverse and dynamic team, leveraging cutting-edge technology for operational
excellence and engaging in sponsorships that align with Vision 2030’s objectives.
NATIONALITIES
OF PIF EMPLOYEES
NURTURING WORLD-CLASS TALENT
In 2023, PIF significantly enhanced its organizational framework and empowered its workforce,
reflecting a deep commitment to both internal development and broader economic goals under
Vision 2030.
The Fund continued to refine its organizational structure, incorporating robust design principles
and cascading functional clarity to every level of the organization. This updated organizational
structure increased the number of departments and sections, aiming to streamline operations and
foster a more efficient working environment. To ensure it has the right talent in place to execute
its ambitious strategy, PIF has incorporated annual workforce planning into its annual operational
planning process. This data-driven approach helps identify the skills and expertise needed to achieve
the Fund's objectives and proactively address any talent gaps. By anticipating future workforce
requirements, PIF can develop targeted recruitment, training, and retention strategies, fostering a
more agile and future-proof organization.
The year also saw a significant expansion of PIF’s team, with 812 new employees joining the
organization. This growth further diversified the talent pool in addition to strengthening the Fund’s
expertise across various sectors. This influx of talent was complemented by efforts to maintain a low
turnover rate, underscoring PIF’s strategic focus on the right talent at every level of the organization
to execute its Strategy 2021-25.
Professional development was a particular focus, with a substantial number of employees engaging
in certification programs. Training initiatives were extensive, including both internal and external
opportunities, reflecting PIF's investment in continuous learning and skill enhancement. In addition,
the "Life in Saudi" expat program was introduced, enhancing the integration and experience
of international employees. Further enriching the professional development landscape, PIF had
previously established the NOMU International initiative. This program allows eligible employees
to embark on temporary and official development assignments with PIF's international business
partners. These placements facilitate knowledge transfer and equip participants with valuable global
exposure.
Noteworthy talent development initiatives, including the Leadership Development Program,

Graduate Development Program, PIF Talk and the College Preparation Program, showcased the
Fund’s dedication to nurturing future leaders and promoting a culture of excellence and innovation.
The Access to Digital Learning initiative provided employees with resources for self-improvement,
while the Ehtiraf Program encouraged professional qualification through financial support and
recognition.

PIF TALK COLLEGE PREPARATION

Informal learning plays an important role in creating connections across PIF’s PROGRAM
different functions and allowing PIF’s extended teams to access worldwide expertise
42
from outside of the business. PIF Talks, is an informal learning platform that provides CPP 1 concluded with
an informal learning opportunity which allows elite speakers to share their expertise
and experience with PIF employees.
students
During 2023, a range of PIF Talks were delivered encompassing a variety of interesting
54
CPP 2 launched with
and practical topics including sessions with Abdulrahman Trabzoni, Tolga Sezer
representing Badael, and Andrew Liveris. These sessions have been livestreamed to
all PIF employees and those working for portfolio companies. students
Three Talks These efforts collectively underscore PIF’s strategic approach to talent development,
• Abdulrahman Trabzoni • Tolga Sezer (Badeal) • Andrew Liveris enhancing operational efficiency and fostering professional growth, while
contributing to the transformative goals of Saudi Arabia’s Vision 2030.
GRADUATE DEVELOPMENT
PROGRAM
GDP 6 completed with
138 Saudi graduates
GDP 7 launched with
162 Saudi graduates

in 4 Specialty tracks

INVESTING IN OPERATIONAL EXCELLENCE

In 2023, PIF made substantial progress in operational excellence through organizational
improvements, digitization and technological advancements. The Digital and Technology
Department successfully completed 50 significant projects, which included introducing the Tier
4 Data Center and the Asset Managers Gate, alongside launching the SANAM and Public Markets
Investments Performance Platform. These initiatives were pivotal in streamlining operations and
enhancing investment performance analysis.
In the realm of planning and governance, PIF opened its subsidiary office in New York, contributing
to the Fund's global expansion and asset management efficiency. Contracts and Procurement
saw remarkable savings of SAR 300 million through strategic negotiations and prioritizing local
suppliers, which accounted for 80% of PIF’s total expenditure. This localization effort was bolstered
by registering 300 new vendors, demonstrating PIF's commitment to supporting the local economy.
Demonstrating its commitment to efficient record management and secure facilities, the Records
Administration and Facilities Center successfully achieved ISO certifications – ISO 41001:2019 for
World Parts Manufacturer Identifier (WPMI) and ISO 25001:2014 for Systems and Software Quality
Requirements and Evaluation (SQuaRE). These certifications ensure standardized practices for
identifying parts and managing assets, respectively. ISO 25001:2014 specifically helps in establishing
a framework for high-quality software development, leading to reduced defects, improved customer
satisfaction, and enhanced operational efficiency. Together, these certifications contribute to
improved traceability, operational efficiency, and overall risk mitigation.
The Shared Services Center for portfolio companies sourced over 45,000 square meters of office
space, supporting more than 90 projects and new companies, with 28 new companies going live
on the Company-in-a-box platform, improving time-to-operationalize company launches by 15%
compared to 2022, in addition to significantly enhancing PIF’s portfolio company infrastructure.
Digitization and technology solutions launched in 2023 included the second phase of SWIFT, the
External Beneficiary Platform, and various enhancements in front-office operations, due diligence
platforms, data hubs, and investment management applications. These initiatives, spanning disaster
recovery enhancements to integrated operations centers and digital workplace transformations,
were instrumental in PIF's move towards a more digitized, efficient, and paperless environment.
Overall, PIF’s investment in operational excellence through organizational enhancements,

digitization and technology in 2023 was a testament to continuous improvement, efficiency and
innovation, positioning PIF as a leader in global investment and asset management.
104 | PIF
Annual
Annual
Report
Report
2023
2023 | 105
CREATING VALUE THROUGH DIGITIZATION AND

TECHNOLOGY
In 2023, PIF focused on leading projects with the potential to significantly enhance its operations
and create substantive value for its broader ecosystem. These projects underscore PIF’s commitment
to leveraging advanced technologies to achieve strategic goals, resulting in a more efficient and
dynamic ecosystem. Achievements included:
• Completion of 54 projects • Launch of 15 applications
• Creation of more than 48 management information reports • Saving of over 15,000 hours
• Automation of over 300 business processes
PIF aimed to set a benchmark for becoming a highly advanced digital organization. It made significant
strides in infrastructure and security by implementing a Tier-4 Data Center and achieving Class C
Cloud classification, the highest security standard both locally and globally. This upgrade bolstered
PIF's cybersecurity, operational resilience, and data integrity, stopping cyber-attacks.
To streamline PIF’s investment processes, innovative solutions were developed. The SANAM Platform
was introduced to transform and support the investment division, featuring collaborative tools,
electronic approvals and over 110 automated processes. Additionally, through the SWIFT Alliance
Access, PIF connected to over 11,000 financial institutions worldwide, facilitating secure and seamless
financial transactions.
Operational efficiency was enhanced in human capital and procurement systems, revolutionizing
the employee experience and automating over 11,000 invoice generations for more than 2,000
vendors. This effort resulted in a 91% reduction in operational efforts across various HR processes.
PIF leveraged artificial intelligence (AI) to process over 7,000 employee requests, serving more than
1,500 users. This initiative significantly boosted team efficiency and underscored PIF’s commitment
to using cutting-edge technology for better decision-making, operational efficiency and customer
experience.
In terms of ecosystem support, PIF automated over 50 key processes, enhancing the efficiency and
reliability of its financial reporting. The automated system now consolidates and analyzes financial
data across more than 250 entities in real-time, improving report generation time and accuracy.
Looking forward, PIF is committed to becoming fully digital, focusing on executing ambitious
projects. The goal is to further digitize operations, leverage data, foster collaboration and explore
innovative technologies to enhance and empower its teams and ecosystem. This vision highlights
PIF’s dedication to not just adapting to but actively shaping the digital future, ensuring it remains at
the forefront of technological innovation and strategic growth.

POWERING POSITIVE CHANGE

Throughout 2023, PIF demonstrated its commitment to economic growth and diversification in Saudi
Arabia through strategic sponsorships across various sectors. PIF’s sponsorship portfolio included
prominent events that enhanced its global presence and aligned with Vision 2030.
The Aramco Team Series, presented by PIF, spotlighted women’s golf, promoting diversity and female
empowerment in sports. This high-profile tournament, which included both individual and team
competitions, attracted top athletes and ambassadors with social, environmental and economic
impacts globally. Similarly, the Aramco Saudi Ladies International, also presented by PIF, raised
the profile of women’s golf with a substantial prize fund, marking a significant step toward gender
equality in sports.
PIF’s support extended to the Saudi Open and the PIF Saudi International, events that showcased
Saudi Arabia as a premier golf tourism destination and contributed to the development of local talent
and the sports industry. These tournaments also engaged schools and communities, furthering the
sport’s reach and impact.
The Future Investment Initiative (FII) served as a global platform for discussing economic trends and
investment opportunities in emerging sectors. The seventh edition of FII, under the theme “The New
Compass,” facilitated dialogues on sustainable growth and inclusive economic development and
attracted an array of speakers and attendees from around the world.
The Global South Carbon Market Conference, a new initiative in 2023, brought together international
leaders to discuss carbon markets and climate action to foster equitable climate solutions ahead
of COP28. This conference underscored PIF’s commitment to sustainability and climate change
mitigation.
In addition, the Project Management Institute’s Global Management Forum and the National
Automotive and Vehicles Academy (NAVA) highlighted PIF’s dedication to professional development
and EV sector advancement in Saudi Arabia.
These sponsorships reflect PIF’s strategic approach to investment, focusing on sectors that promise
long-term growth, sustainability and social impact, in alignment with Saudi Arabia’s broader
economic objectives.

GOVERNANCE
REVIEW
Governance Review
GOVERNANCE REVIEW
The Public Investment Fund follows a disciplined governance model that
encompasses all its activities to ensure strong, transparent and informed
decision-making.
Steered by a Board of Directors and chaired by His Royal Highness Prince

Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister
and Chairman of the Council of Economic and Development Affairs, the Fund
comes under the purview of the Council of Economic and Development
Affairs, a branch of the Saudi Cabinet. The Board and Board Committees
are comprised of seasoned ministers with experience in different fields. In
addition, there are members external to the Board who serve on the Board
sub-committees.
The diversity of knowledge brought by the members ensure that a wide

range of perspectives are considered before decisions are made. This process
is vital, as the Fund’s activities play a leading role in Saudi Arabia’s economic
development, ensuring proper alignment with other government entities
and initiatives.

Governance Review | Board of Directors and Board Committee Members
BOARD OF DIRECTORS AND

BOARD COMMITTEE MEMBERS
PIF’s GOVERNANCE FRAMEWORK, BRINGING AUTHORITY AND
ACCOUNTABILITY WHILE ENABLING STRATEGIC DECISION MAKING,
FORMS AN IMPORTANT TOOL FOR EFFECTIVE BOARD OVERSIGHT.
The Public Investment Fund’s Board of Directors has oversight of PIF’s affairs
and ensures the realization of its goals and implementation of its powers as
per PIF bylaws. With the amendment to its operating structure approved by
the Board, it has been given greater powers and authority to approve and
issue internal rules and guidelines.
FORMATION OF THE BOARD OF DIRECTORS OF THE

PUBLIC INVESTMENT FUND
In accordance with Article Five of the Public Investment Fund Law
approved by Royal Decree No. (M/92), dated 12/08/1440 AH (18/04/2019):
“The Fund shall have a board of directors to be chaired by the President of
the Council of Economic and Development Affairs. Its membership shall
include the Governor, as well as a minimum of four experts and specialists,
provided they include representatives from relevant agencies; they shall
be appointed pursuant to a royal order for a renewable term of five years.”
His Royal Highness Prince

MOHAMMED BIN SALMAN BIN ABDULAZIZ AL SAUD
Crown Prince
Prime Minister
Chairman of the Council of Economic and Development Affairs
Chairman of the Public Investment Fund

H.E. DR. IBRAHIM BIN H.E. DR. MAJID BIN

ABDULAZIZ AL-ASSAF ABDULLAH AL-QASABI
BOARD MEMBER BOARD MEMBER

CHAIRMAN OF THE INVESTMENT COMMITTEE CHAIRMAN OF THE AUDIT AND COMPLIANCE COMMITTEE
CHAIRMAN OF THE REMUNERATION COMMITTEE
H.E. Dr. Al-Qasabi currently serves as the Minister of Commerce, and a member of the Board of
H.E. Dr. Al-Assaf currently serves as the Minister of State and a member of the Council of Ministers. Directors of the Public Investment Fund. Chairman of the Board’s Audit and Compliance Committee.
He is also a member of the Board of Directors of the Public Investment Fund, chairman of the He also leads prominent organizations, serving as a member of the Council of Economic and
Investment Committee and Chairman of the Remuneration Committee of the Board of Directors Development Affairs and the Strategic Committee, Chairman of the Board of Directors of the
of the Public Investment Fund, Vice Chairman of the Board of Directors of Saudi Aramco, and National Competitiveness Center (NCC), Chairman of the Board of Directors of the Saudi Business
member of the Council of Political and Security Affairs and the Council of Economic and Development Center, Chairman of the Board of Directors of the Saudi Standards, Metrology and Quality Organization,
Affairs. Chairman of the Board of Directors of the Saudi Organization for Chartered and Professional
Accountants (SOCPA), and Chairman of the Board of Directors of the Small and Medium Enterprises
H.E. Al-Assaf previously served as Minister of Foreign Affairs, Minister of Finance, Deputy Governor
General Authority.
of the Saudi Arabian Monetary Authority, member of the Board of Directors of the World Bank
Group and Board Chair, Deputy Executive Director of the International Monetary Fund, Assistant Previously, H.E. Dr. Al-Qasabi served as the Minister of Social Affairs, and the Acting Minister of the
Professor and Head of Administrative Sciences at King Abdulaziz Military College, and Governor Ministry of Municipal Rural Affairs & Housing and the Ministry of Media. H.E. Al-Qasabi served as
for the Kingdom in various organizations such as the Islamic Development Bank Group, Arab Fund Head of Private Affairs Office of His Royal Highness the Crown Prince, Director-General of the Sultan
for Economic and Social Development, and the Organization of the Petroleum Exporting Countries bin Abdulaziz Al Saud Charitable Foundation, Secretary-General of the Jeddah Chamber, and
(OPEC) Fund’s Ministerial Council. Assistant Professor at the Department of Industrial Engineering at King Abdulaziz University. H.E.
H.E. Al-Assaf holds a doctorate in economics from the University of Colorado, and a master’s degree Al-Qasabi held the position of Director of a family-owned real estate and infrastructure company.
in economics from the University of Denver, and bachelor’s degrees in economics and political H.E. Al-Qasabi holds doctorate and master’s degrees in engineering management with honors
science from King Saud University. from the University of Missouri, a master’s degree in civil administration with honors from the
University of Berkeley, and a bachelor’s degree in civil administration with honors from the University
of Portland.

H.E. MOHAMMAD BIN H.E. AHMED BIN AQEEL

ABDULMALEK AL-SHAIKH AL-KHATEEB

MEMBER OF THE REMUNERATION COMMITTEE
H.E. Al-Shaikh currently serves as a Minister of State and a member of the Council of Ministers. He
is a member of the PIF Board of Directors, the General Committee of the Council of Ministers, the H.E. Al-Khateeb currently serves as Minister of Tourism, and is a member of the board of directors
Council of Economic and Development Affairs and the Financial Committee of the Royal Court. of the Public Investment Fund, a member of its Remuneration Committee, board member of
He previously served as the Board Chairman of the Saudi Authority of Intellectual Property. NEOM, and board member of the National Development Fund. He is also chairman of the Tourism
He previously served as the acting, Chairman of the Board for the General Entertainment Authority, Development Fund, the Saudi Tourism Authority, Saudi Fund for Development, Saudi Arabian
General Sports Authority and the Capital Markets Authority (CMA). Additionally, he was a Board Military Industries, Quality of Life Program Committee, and the Saudi Red Sea Authority. H.E.
member of World Bank and the Government of Saudi Arabia’s representative at the World Bank, Al-Khateeb also serves as Secretary General of the Diriyah Gate Development Authority board of
among other Board memberships in several Saudi Companies. H.E. Al-Shaikh is also a partner at directors, similarly serving in Jeddah Central Development Company (JCDC), the Events Investment
a number of international law firms. Fund and Al-Diriyah Company.
H.E. holds a Master of Laws degree from Harvard Law School, and a Bachelor of Arts from Umm H.E. previously served as the Minister of Health, chairman of the General Entertainment Authority,
Al-Qura University. and advisor to His Royal Highness the Crown Prince at the Royal Court, the General Secretariat of
the Council of Ministers, and the Minister of Defense. He also established private investment banking
services at Riyad Bank, and was the founder of both the Jadwa Investment Company and Islamic
Banking (Amanah) at Saudi Awal Bank (SAB).
H.E. holds a Bachelor of Business Administration degree from King Saud University, and a Certificate
in Wealth Management from Dalhousie University.

H.E. ENG. KHALID BIN H.E. MOHAMMED BIN

ABDULAZIZ AL-FALIH ABDULLAH AL-JADAAN

CHAIRMAN OF THE RISK COMMITTEE
H.E. Al-Jadaan currently serves as the Minister of Finance, and a member of the Council of Ministers,
H.E. Al-Falih currently serves as the Minister of Investment, and he holds memberships on the the Council for Economic and Development Affairs and the Board of Directors of the Public
following Boards: The Council of Ministers, the Public Investment Fund, the Saudi-Emirati Coordination Investment Fund. Within the government apparatus, he chairs the boards of several key authorities:
the General Authority for Awqaf, the Authority for Special Economic Zones and Cities, the Zakat,
Council, and the India-Saudi Arabia Strategic Partnership Council. He is also chairman of PIF Risk
Tax and Customs Authority, the Center for Achieving Efficiency of Government Spending and
Committee, the Joint Group for Saudi-Japan Vision 2030, the Joint Saudi-Canadian Council, the
Projects, and the Saudi Authority for Accredited Valuers. Additionally, he leads the National Center
Saudi-Russian Joint Committee, Economic Cities and Special Zones Authority, Saudi Investment
for Government Resources Systems, the General Authority for Social Insurance, and the National
Promotion Authority, and National Incentive Committee.
Centers for Privatization, Debt Management, and Non-Oil Revenue.
Previously, H.E. Al-Falih served as the Minister of Energy, Industry and Mineral Resources, Minister He chairs the Boards of the General Authority for State Real Estate, the Financial Sustainability
of Health, Chairman of the Board of Directors of Ma’aden Company, Chairman of the Board of Program Committee, the Privatization Program Committee, the Financial Sector Development
Directors of Saudi Aramco and CEO of Saudi Aramco, among other Aramco positions. Program Committee. He is a member of the Boards of the Digital Government Authority, the Royal
Commission for Makkah City and Holy Sites, the General Authority for Statistics, the Saudi Authority
H.E. Al-Falih holds an honorary doctorate from the Korea Advanced Institute of Science and
for Data and Artificial Intelligence, the Royal Commission for the City of Riyadh, the National
Technology, an MBA from King Fahd University of Petroleum and Minerals, and a Bachelor of Science
Development Fund, the General Authority for Military Industries, and the General Organization for
Degree in Mechanical Engineering from Texas A&M University. Military Industries. He serves on the Board of Governors for the Islamic Development Bank, the
International Monetary Fund, the World Bank, the Arab Fund for Economic and Social Development,
the Arab Monetary Fund, the Arab Bank for Economic Development in Africa the Asian Infrastructure
Investment Bank, the Arab Authority for Agricultural Investment and Development, and a member
of the Board of Directors of the Arab Corporation for Investment and Export Credit Guarantee.
H.E. Al-Jadaan previously served as the Acting Minister of Economy and Planning and Chairman
of the Capital Market Authority (CMA), and is a founding partner of Al-Jadaan & Partners Law Firm.
H.E. holds a Higher Diploma in Legal Studies from the Institute of Public Administration, and a
Bachelor of Islamic Economics degree from Imam Mohammad Ibn Saud Islamic University.

H.E. FAISAL BIN FADEL H.E. YASIR BIN OTHMAN

AL-IBRAHIM AL-RUMAYYAN

MEMBER OF THE INVESTMENT COMMITTEE MEMBER OF THE INVESTMENT COMMITTEE
MEMBER OF RISK COMMITTEE
H.E. Al-Ibrahim is Minister of Economy and Planning and holds an array of prominent positions
GOVERNOR OF PIF
guiding Saudi Arabia’s economic landscape. He sits on the Council of Ministers and the Public
Investment Fund Board, and is a member of the Investment Committee of PIF, actively shaping H.E. Al-Rumayyan currently serves as the Governor of the Public Investment Fund, and is a member
investment strategies. As chair of the General Authority for Statistics and member of the board of of its Board, and a member of both the Investment and the Risk Committees. He is also chairman
directors of the Supreme National Committees for Investment and Industry, he plays key roles in of the Royal Court Decision Support Center, Saudi Aramco, the Saudi Arabian Mining Company
data-driven decision-making. His expertise extends to high-level committees like National Incentives, (Ma’aden) and Sanabil Investment Company, among other roles.
Privatization Programs, and National Transformation, shaping economic development across various
Previously H.E. served as a board member of Uber Technologies, CEO and board member of Saudi
sectors. H.E. Al-Ibrahim serves as a member of the board in the National Development Fund, the
Fransi Capital, director of Corporate Finance at the Capital Market Authority, and Head of International
Royal Commission for Riyadh City, and Cultural Development Fund further demonstrate his influence.
Brokerage at Saudi Hollandi Bank.
Prior to his ministerial role, H.E. Al-Ibrahim led mergers and acquisitions at Saudi Aramco, managed
H.E. holds a bachelor’s in accounting from King Faisal University, and is a graduate of the Harvard
the Aramco Development Company and spearheaded major projects.
Business Administration School’s General Management Program. H.E. Al-Rumayyan is also a Fellow
He brings an impressive academic background to his roles, holding an MBA from MIT and dual of the Saudi Organization for Chartered and Professional Accountants (SOCPA).
undergraduate degrees in economics and accounting with a management information systems
minor from Pennsylvania State University.

H.E. MOHAMMED BIN

MAZYAD AL-TUWAIJRI
BOARD MEMBER
MEMBER OF THE RISK COMMITTEE
MEMBER OF THE REMUNERATION COMMITTEE
H.E. Al-Tuwaijri currently serves as a Royal Court Advisor. He serves on the Public Investment Fund
board of directors and is a member of PIF’s Risk Committee and Remuneration Committee. He is
also a member of the Council of Economic and Development Affairs, Saudi Aramco, and Royal
Commission for Makkah City and Holy Sites boards. Additionally, he is Deputy Chairman of National
Development Fund, chairman of the National Transformation Program (NTP) Committee, Chairman
of Saudi Royal Aviation, a member and supervisor of the Secretariat of the Financial Committee of
the Royal Court, and member of the Board of Trustees of King Abdullah University of Science and
Technology (KAUST), and member of KAUST’s Executive and Investment Committee.
Previously H.E. served as the Minister of Economy and Planning, Vice Chairman of HSBC, CEO of
HSBC MENA and Turkey, and Director and CEO of J.P. Morgan in Saudi Arabia.
H.E. holds a Master of Business Administration degree with honors from King Saud University and
a Bachelor of Aviation Science degree from King Faisal Air Academy.
| 125
Governance Review | Governance at Board Level
GOVERNANCE AT
BOARD LEVEL
The PIF Board of Directors assumes full oversight of.PIF, encompassing management,
operations, and the fulfillment of its objectives. To achieve this, the Board is
vested with all necessary authorities and powers. Additionally, the Board has the
responsibility to approve and issue the Fund's Bylaws and Policies, including:
1. Investment Strategy and Oversight: Establishing investment policies,

procedures, and targeted returns. This includes mechanisms for approving,
monitoring, and exiting investments.
2. Financial Management: Determining accounting standards, approving loans

and debt instruments, and overseeing the preparation and auditing of the
Fund's financial statements.
3. Risk Management: Implementing robust risk management procedures and

systems.
4. Governance and Administration: Setting policies for profit distribution, tax

matters, board representation, delegating signing authority, and establishing
policies and procedures for tax liability.
5. Organizational Structure and Budget: Approving the Fund's organizational

structure, function allocation, annual budgets, and annual reports.
OVERSIGHT
Under the Chairmanship and guidance of HRH Prince Mohammed bin Salman bin
Abdulaziz Al Saud, the Crown Prince of the Board is responsible for overseeing PIF’s
long-term strategy, investment policy and overall performance.

BOARD REMUNERATION COMMITTEE MEMBERS OF THE REMUNERATION COMMITTEE

This committee has oversight of the overall remuneration pool relating to each FROM THE BOARD OF DIRECTORS
senior management member, the compensation policy for external members of
PIF committees and the compensation and benefits scheme linked to employee
performance management.
H.E. DR. IBRAHIM BIN

ABDULAZIZ AL-ASSAF1
BOARD MEMBER
CHAIRMAN OF THE
REMUNERATION COMMITTEE
H.E. AHMED BIN AQEEL H.E. MOHAMMED BIN

AL-KHATEEB2 MAZYAD AL-TUWAIJRI3
MEMBER OF THE REMUNERATION MEMBER OF THE REMUNERATION
COMMITTEE COMMITTEE
128 | PIF Annual Report 2023 1-Summary of profile on page 116 2-Summary of profile on page 119 3-Summary of profile on page 124 | 129
BOARD INVESTMENT COMMITTEE MEMBERS OF THE INVESTMENT COMMITTEE

This committee reviews PIF investment activities and makes decisions in light of the
FROM THE BOARD OF DIRECTORS
approved Delegation of Authority. The Board Investment Committee mainly covers
the investments and governance of portfolio companies, new direct and indirect
investments, the establishment of new companies, asset transfers and investment
policy. The members, except for H.E. the Governor, are all non-executive members
with local and international expertise in different fields.
H.E. DR. IBRAHIM BIN

ABDULAZIZ AL-ASSAF1
BOARD MEMBER
CHAIRMAN OF THE INVESTMENT
COMMITTEE
H.E. FAISAL BIN FADEL H.E. YASIR BIN OTHMAN

AL-IBRAHIM2 AL-RUMAYYAN3
MEMBER OF THE INVESTMENT MEMBER OF THE INVESTMENT
COMMITTEE COMMITTEE
EXTERNAL INVESTMENT COMMITTEE MEMBERS
H.E. AYMAN BIN ENG. KHALID BIN

MOHAMMED AL-SAYARI HASHEM AL-DABBAGH
MEMBER OF THE INVESTMENT COMMITTEE MEMBER OF THE INVESTMENT COMMITTEE
H.E. Al-Sayari currently serves as the Governor of the Saudi Central Bank and Chairman of SAMA’s Eng. Al-Dabbagh currently chairs the Board of Directors of Saudi Basic Industries Corporation
Board of Directors and holds various memberships including the Board Investment Committee at (SABIC), and is a member of the Investment Committee of the Public Investment Fund, Saudi
the Public Investment Fund, the Board of Directors for the Saudi Development Fund, and he chairs Aramco’s board of directors, the GCC Institute of Directors board of governors, the Committee of
the Nominations and Awards Committee for the National Center for Public Debt Management. Chairmen of the Boards of Directors of the World Economic Forum, and a member on the Advisory
Board of the King Abdulaziz Award for Excellence.
Previously, he held positions as Deputy Governor for Investment in the Saudi Central Bank, Vice
Governor of SAMA for Investment and Research, and a financial analyst at the Saudi Industrial Prior to his current positions, Al-Dabbagh served as Senior Vice President for Finance, Strategy and
Development Fund. H.E. was also seconded to the World Bank Group in 2003 for three years to Development at Saudi Aramco, while also holding the critical role of Chief Financial Officer. His
work in the Global Financial Markets Department at the International Finance Corporation (IFC). leadership extended to various key positions within the company, including Controller and Treasurer.
He also led different sectors at Saudi Aramco, encompassing corporate planning, development
He holds a master’s degree in business administration from George Washington University, and a
and management of joint ventures, and marketing. He held the position of CEO of Saudi Aramco
bachelor’s degree in accounting from King Fahd University of Petroleum and Minerals. He also
International in New York and Managing Director of Saudi Aramco Limited in Tokyo.
completed the General Management Program at Harvard Business School and is a CFA Charter
holder (Chartered Financial Analyst). He also chaired the board of directors for both Saudi Aramco Development Company (SADCO)
and Wasaya Investment Company. He also actively participated in shaping corporate governance
policies within Aramco Trading Company by serving as a member of their Board of Directors and
chairing their Audit Committee. He held memberships on the boards of various other companies
such as Showa Shell in Japan, Sadara Chemical Company (Sadara), Arlanxeo Holding BV in the
Netherlands, Fujian Refining and Petrochemical Marketing Joint Venture in China, and Pervekim
Refining and Petrochemical Joint Venture in Malaysia.
He holds a Bachelor of Science degree in Industrial Engineering from the University of Toledo and
completed numerous executive leadership programs, including the prestigious Senior Executive
Program at London Business School.

BOARD AUDIT AND COMPLIANCE COMMITTEE EXTERNAL AUDIT AND COMPLIANCE COMMITTEE MEMBERS
Approves the internal and external audit plans, and reviews audit reports and
financial statements. It also exercises oversight of PIF’s compliance with all
applicable laws and regulations and adherence to international standards of
conducting business. All members of this committee are non-executive members,
who offer their knowledge in the fields of audit, compliance and internal control to
ensure PIF operations are on the right track and match global best practices.
MEMBERS OF THE AUDIT AND COMPLIANCE

COMMITTEE FROM THE BOARD OF DIRECTORS
H.E. ABDULAZIZ SALEH

AL-FURAIH
MEMBER OF THE AUDIT AND COMPLIANCE COMMITTEE
H.E. Al-Furaih currently serves as chairman of the Steering Committee of the Ministry of Finance
and is an Adviser to the Minister of Finance. He is also the Director of the Transformation Program
at the Ministry of Finance, overseeing strategic initiatives. Additionally, he is a member of the Audit
and Compliance Committee for the Public Investment Fund. He holds positions on the boards of
several prominent companies, including NEOM, The Red Sea, Qadiyah, Amaala, the Royal Commission
H.E. DR. MAJID BIN for AlUla, and the Saudi Electricity Company, where he chairs the Audit Committee. He is also a
ABDULLAH AL-QASABI1 member of the Tadawul board and Chairman of its Audit Committee.
CHAIRMAN OF THE AUDIT AND He has held various roles in auditing and finance, including Deputy Governor of the Saudi Arabian
COMPLIANCE COMMITTEE Monetary Authority (SAMA) and partner responsible for auditing services at a major national
accounting firm. H.E. has led several operations in the field of consulting, and was the first to lead
performance monitoring of accounting offices operating in Saudi Arabia.
He held several positions at Riyad Bank, the last of which was Assistant CEO, and worked at the
Saudi Industrial Development Fund. He has a master’s degree in accounting science from Paul
State University and a bachelor’s degree in the same discipline from San Diego State University.
He is certified as part of the American Accountants’ Fellowship.
134 | PIF Annual Report 2023 1-Summary of profile on page 117 | 135
H.E. DR. NAJM BIN TARIQ BIN ABDULRAHMAN

ABDULLAH AL-ZAID AL-SADHAN
MEMBER OF THE AUDIT AND COMPLIANCE COMMITTEE MEMBER OF THE AUDIT AND COMPLIANCE COMMITTEE
H.E. Al-Zaid currently serves as the Deputy Minister of Justice and a member of the Audit and Al-Sadhan serves as the Chief Executive Officer and board member of Saudi National Bank and is
Compliance Committee of the Public Investment Fund Board. He also chairs the Saudi Electricity a member on both the Audit and Compliance Committee of the Public Investment Fund Board,
Company Board of Directors. He is a Vice Chairman of the Board of Directors of the Gulf International and on the Audit and Compliance Committee of the Zakat, Tax, and Customs Authority. He is also
Bank, and a member of the Board of Directors of the Royal Commission for Riyadh City, the Regulatory member of the Board of Trustees of the Financial Academy.
and Supervisory Policy Committee of the Saudi Tadawul Group, and the Permanent Steering
He previously worked as the Chief Executive Officer of Riyadh Bank, and a member of the Board
Committee for the Higher Diploma Program in Legal Sciences at the Institute of Public Administration.
of Directors of Riyadh Financial, an advisor to the Chairman of the Saudi Development Fund, and
Previously, he served as an Advisor to the Royal Court and was the Founding Partner of Al-Zaid, served as the Acting Director General of the Zakat, Tax, and Customs Authority, as well as the Deputy
Al-Sheikh & Al-Rashid Law Firm, established in cooperation with Hogan Lovells International. He Governor for Supervision at the Saudi Central Bank. He has over 18 years of experience at KPMG,
was Head of the Governance and Legal Group at Al Rajhi Bank; a member of the Capital Market the last position of which was Managing Director (CEO). He was also a member of the Supervisory
Authority Board; and a member of the Board of Directors of the National Center for Privatization. Board of the World Economic Forum 2020 for the Middle East and North Africa.
He was also a legal advisor in the Islamic Development Bank Group and the World Bank in the
He holds a Master of Business Administration degree from Ecole de Pont Business School in France,
United States of America, and a member of the Bureau of Investigation and Public Prosecution, in
a diploma in Board Effectiveness from IMD Business School in Switzerland, a bachelor’s degree in
addition to membership in several boards of directors of companies and their committees.
accounting from King Saud University, and is certified by the American Institute of Chartered
He holds a doctorate of law from George Washington University Law School, a Master of Laws degree Accountants and the Saudi Authority of Chartered Accountants.
from the University of Minnesota Law School, a Bachelor of Laws degree from Umm Al-Qura
University, and a Diploma in the systems program from the Institute of Public Administration. He
is also a graduate of the Executive Program in Leadership from Harvard University, the Executive
Management Development Program from London Business School.

BOARD RISK COMMITTEE MEMBERS OF THE RISK COMMITTEE FROM THE

To emphasize the importance of risk management, a resolution was passed in
BOARD OF DIRECTORS
2018 stipulating that the scope of risk management must ensure that proper
controls are in place and their implementation is strictly monitored. This ruling
led to establishing the Risk Committee as a stand-alone not linked with the Audit
and Compliance Committee. The Committee ensures that investments comply
with risk management policies. It also prepares a risk appetite statement and
formulates mitigation plans to avoid any risks PIF might encounter through its
investment and non-investment activities.
H.E. ENG. KHALID BIN

ABDULAZIZ AL-FALIH1
BOARD MEMBER
CHAIRMAN OF THE RISK COMMITTEE
H.E. YASIR BIN OTHMAN H.E. MOHAMMED BIN

AL-RUMAYYAN2 MAZYAD AL-TUWAIJRI3
MEMBER OF THE RISK COMMITTEE BOARD MEMBER
EXTERNAL RISK COMMITTEE MEMBERS
DR. KHALID BIN DAWOOD

AL-FADDAGH
Dr. Al-Faddagh is currently a member of various boards and committees, including the Risk
Committee of the Public Investment Fund Board. He serves as a board member and chairman of
the Audit and Risk Committee of the Vision Invest Company.
He is also an independent member of the Audit Committee for SPIMACO and Rou'a Al-Haram.
Additionally, he is the Chairman of the Audit Committee for Luberef, as well as a member of the
audit committee of Banque Saudi Fransi, and a member of the risk committee of the General
Organization for Social Insurance (GOSI). In over 30 years of experience at Saudi Aramco, he held
the position of auditor general and secretary of the Internal Audit Committee of the Board of
Directors.
He was CEO of Petron, a joint company between Aramco and the Philippines. He served as a
member of the Advisory Board of the Eastern Health Cluster Chairman of the Audit Committee,
Chairman of the Risk Committee of the Board of Directors of Bupa Arabia, Chairman of the Risk
and Compliance Committee of the Board of Directors of ACWA Power Company, Member of the
Audit Committee of the Board of Directors of SABIC, an independent member of the Audit Committee
of the Saudi Telecom Company (STC), and Vice Chairman of the Audit Review Committee of King
Fahd University of Petroleum and Minerals. He holds a doctorate in mechanical engineering from
Imperial College London and a master’s degree from the Manchester Institute of Science and
Technology. He has also completed the Executive Directors Program for Leadership and Business
Strategy at Harvard University and received the “Distinguished Lifetime Achievement” Award from
the UAE Internal Audit Association in 2015.
|| 141
141
Governance Review | Managing Pif’s Investments
MANAGING PIF’S INVESTMENTS

GOVERNANCE MANAGEMENT COMMITTEE
Robust investment policies are in place to provide more detailed instructions about the management Monitors the strategy, business plan execution and annual operation budget from an institutional
of PIF investment portfolios and to ensure that the best global investment practices are followed perspective. The Management Committee makes the necessary decisions within its framework of
by identifying the objective of each investment portfolio, providing details on the allowed asset authority and review non-investment related proposals that will be issued to the Board of Directors
categories, and allocating targets, performance standards and risk tolerance. The governance model and its sub-committee.
in the Board of Directors falls under the executive management level with five committees that
review strategic and operational activities and evaluate investment and non-investment proposals MANAGEMENT INVESTMENT COMMITTEE
before filing them to the Board and its committees to take the proper resolutions.
The committee is chaired by His Excellency the Governor, and delegated to the Deputy Governor,
The head of international Investments Division, with limited authority. The committee reviews all
investment proposals before submission to the Board and its sub-committees, in addition to utilizing
BOARD OF DIRECTORS the investment powers granted to the Executive Management through delegation of authority by
the Board.
INVESTMENT COMMITTEE
PORTFOLIO COMPANIES NOMINATION COMMITTEE
Proposes candidates to represent PIF in its portfolio companies, reviews the representatives’
RISK COMMITTEE
performance and ensures proper governance practices are in place to maintain integrity and control.
AUDIT AND COMPLIANCE COMMITTEE

MANAGEMENT RISK COMMITTEE
REMUNERATION COMMITTEE The committee is chaired by the Deputy Governor, the head of MENA Investment Division. The
Committee Monitors risks and PIF compliance with its risk policies, proposes mitigating actions
GOVERNOR to potential risks and updates the internal guiding documents that match best practices. This
committee also identifies business continuity plans to ensure business resilience.
MANAGEMENT COMMITTEE MANAGEMENT LIQUIDITY COMMITTEE

The committee is chaired by the Deputy Governor, the head of International Investments Division.
MANAGEMENT INVESTMENT COMMITTEE
The Committee reviews and recommends PIF financing strategy and lending activities to portfolio
PORTFOLIO COMPANIES NOMINATIONS companies, monitors PIF’s liquidity, develops the capital structure within the desired state and
COMMITTEE maintains the pace of its activities as desired. This committee also ensures that funding plans are in
place and within aspired targets.
DEPUTY
GOVERNORS
MANAGEMENT RISK COMMITTEE
MANAGEMENT LIQUIDITY COMMITTEE

Governance Review | Managing Pif’s Investments
REPORTING HRH CHAIRMAN OF THE BOARD OF DIRECTORS REPORT

This report is issued bi-weekly to HRH the Chairman of the Board of Directors. It provides key updates
To further ensure a strong governance model, PIF issues periodic reports in various formats that cover
on investment activities relevant to PIF’s projects and deals, portfolio company performance and
all activities conducted through the delegated authority, whether investment or non-investment
governance, and liquidity and progress made on the investment program’s KPIs. The report covers
related. These reports are issued weekly, quarterly or annually to the Board and Board Committees.
the period under PIF review during the year.
The purpose of such reports is to ensure transparency in decision-making and highlight challenges
faced during execution. Key PIF reports are as follows: PUBLIC INVESTMENT FUND BOARD OF DIRECTORS QUARTERLY
REPORT
This quarterly report keeps the Board of Directors informed of PIF’s latest activities, performance and
achievements in both investment and non-investment matters, liquidity, and status of the Board of
Directors’ resolutions and directives.
THE VISION REALIZATION PROGRAM REPORT

This quarterly report shares with the Strategic Management Committee (SMC) PIF’s progress on a
range of developments and initiatives and its most prominent achievements against assigned KPIs.
During the year under review, four such reports were issued and submitted to the SMC.
PUBLIC INVESTMENT FUND ANNUAL REPORT

The Public Investment Fund Annual Report is a mandatory document that is submitted to CEDA.
The Report at a minimum should contain the following topics as per PIF by-laws:
• The audited Annual Financial Statements relating to the preceding financial year.
• A statement of the assets and investments of PIF detailing the performance of such assets and
investments during the preceding financial year.
• A statement detailing all compensation received by members of the Board.
• Any other information or statements requested by the Council of Economic and Development
Affairs.

Governance Review | Executive Management
EXECUTIVE MANAGEMENT
TURQI A. AL-NOWAISER YAZEED A. AL-HUMIED AIMAN M. AL-MUDAIFER YASIR A. AL-SALMAN BANDER A. MOGREN FAHAD AL-SAIF
Deputy Governor, Head of Deputy Governor, Head of Head of Local Real Estate Head of Finance Division Head of Shared Services Head of Global Capital
International Investments MENA Investments Division Investments Division Division Finance Division
Division
RANIA NASHAR SAAD AL-KROUD KEVIN FOSTER JERRY TODD MIKE CHENG
Head of Compliance and Chief of Staff and Secretary Head of Corporate Affairs Head of National Head of Internal Audit
Governance Division General to the Board Division Development Division Division
FETA ZABELI BRIAN GILLESPIE
Head of Risk Division Head of Legal Division &

General Counsel

ORGANIZATIONAL STRUCTURE
SECRETARY GENERAL TO
THE BOARD AND BOARD
COMMITTEE
BOARD OF
DIRECTORS
INVESTMENT REMUNERATION RISK COMMITTEE AUDIT AND

COMMITTEE COMMITTEE COMPLIANCE
COMMITTEE
SPECIAL ADVISOR
H.E. THE
GOVERNOR
CHIEF OF STAFF INTERNAL AUDIT
SHARED LOCAL REAL ESTATE INTERNATIONAL MENA NATIONAL FINANCE

SERVICES INVESTMENTS INVESTMENTS INVESTMENTS DEVELOPMENT
INVESTMENT COMPLIANCE AND RISK LEGAL CORPORATE GLOBAL CAPITAL

STRATEGY AND GOVERNANCE AFFAIRS FINANCE
ECONOMIC INSIGHTS

Governance Review | Organizational Structure
ORGANIZATIONAL STRUCTURE
INTERNATIONAL INVESTMENTS SHARED SERVICES

Manages all activities related to international investment portfolios, which include listed securities, Manages all administrative and operational activities related to investment operations, human capital
international real estate and infrastructure investment portfolios, direct investments; including investments management, contracts and procurement, information technology, administrative affairs, and the
with influential ownership in listed or private companies, and international private equity and credit information preservation and archiving center. Also provides operational and logistical support for new
investment portfolios. companies, as well as services to the Fund’s portfolio companies and new projects.
MENA INVESTMENTS NATIONAL DEVELOPMENT

Manages all activities related to local investment portfolios as well as investments in the MENA, including Cooperates with all investment divisions to implement development plans and studies to achieve the
investments in private and listed companies and funds. Also manages the establishment of new required economic and social value to the local economy by providing guidance regarding structuring,
companies in the sectors included in the Fund’s program and enhances the operational performance evaluating, and analyzing investment decisions, as well as raising recommendations to decision-makers.
of the Fund’s portfolio companies.
LOCAL REAL ESTATE INVESTMENTS INVESTMENT STRATEGY AND ECONOMIC INSIGHTS

Oversees all activities related to real estate investment portfolios and local infrastructure projects, Determines the strategy of long-term portfolios, balances the allocation of different assets of all kinds,
including establishing and launching new companies and monitoring them through asset management develops vision and strategies, and identifies opportunities between portfolios for different sectors.
services, providing support and technical recommendations, developing strategies and managing Also, follows up on and evaluates the macroeconomic trends for the development of the Fund’s
projects. economic database and the extent of the trends’ effects on the Fund’s investment strategy.
GLOBAL CAPITAL FINANCE RISK

Prepares a comprehensive financing strategy for the Fund to meet and ensure long-term investment Analyzes and covers investment and operational risks, advises on credit risks, provides decision support
and liquidity needs, supporting the Fund’s subsidiaries in designing and implementing a financing to investment holders, and supervises work related to information security to ensure the protection of
strategy and managing investor and financial institutions relations. the Fund’s assets and information systems.
CHIEF OF STAFF CORPORATE AFFAIRS

Provides support to H.E. the Governor and the Fund’s different departments in developing strategies Manages media relations across all platforms, following up on media coverage and preparing related
and business plans, managing institutional projects, establishing new companies and overseeing the reports, managing marketing activities, representing the corporate brand identity, managing and
affairs of the Fund’s portfolio companies, stakeholders, committees, and related reporting activities. leading internal corporate communication, as well as promoting and nurturing the Fund’s corporate
culture internally and enhancing the Fund’s position through social responsibility.
INTERNAL AUDIT LEGAL

Provides independent assurance to the board and executive management to ensure the effectiveness Manages all legal affairs and activities, including providing recommendations, advice, and legal services
of operations, controls, and risk management activities related to domestic and international investments, concerning legislation, deals and partnerships for all investment and financial activities in the Fund.
information technology, information security, operational and financial support services, and other Additionally, manages disputes and claims, cases, and investigations at the Fund’s institutional level.
related operations.
COMPLIANCE AND GOVERNANCE FINANCE

Strengthening PIF’s adherence to laws, regulations, and internal policies by advising on compliance Manages treasury investments and fixed-income assets, ensuring that the targeted returns are achieved
risks and assessing and monitoring risks of financial crime, regulatory compliance, and business conduct as specified in the Fund’s investment policy. Manages the performance evaluation of investment
through a comprehensive compliance program. Building a robust and efficient governance structure portfolios, and supervises the work of accounting, financial control, taxes, financial evaluation, consolidation
to empower informed decision-making by setting high standards for PIF and its portfolio companies. of financial statements and accounting consultancy.
Continuously monitoring global developments and adopting best practices.

CONSOLIDATED
FINANCIAL
STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

(BALANCE SHEET) OTHER COMPREHENSIVE INCOME
(AMOUNTS IN MILLION SAR) (AMOUNTS IN MILLION SAR)
% %
2023 2022 CHANGE 2023 2022 CHANGE
CHANGE CHANGE
Assets Income/(Loss) from investment

93,785 (41,550) 135,335 326%
activities
Fixed assets 508,637 359,010 149,627 42%
Revenue from non-investment
Investment securities and derivatives 1,754,315 1,266,369 487,946 39% 237,575 206,602 30,973 15%
activities
Investment in associates and joint Total Revenue 331,360 165,052 166,308 101%
165,049 147,315 17,734 12%
ventures
Cost of revenue (152,598) (117,983) (34,615) 29%
Financial assets and Other assets 576,888 551,592 25,296 5%
Administrative and selling expenses (118,023) (70,775) (47,248) 67%
Financing and advances 658,759 592,244 66,515 11%
Share of profit of associates and joint
9,201 8,913 288 3%
Total Assets 3,663,648 2,916,530 747,118 26% ventures, net
Liabilities and Equity Operating profit/(loss) 69,940 (14,793) 84,733 573%
Liabilities Finance income, net 1,105 3,689 (2,584) (70%)
Loans and borrowings 466,039 321,773 144,266 45%
Profit/(Loss) before zakat and
Customer deposits 685,397 607,002 78,395 13% 71,045 (11,104) 82,149 740%
income tax
Trade and other liabilities 299,377 219,152 80,225 37%
Zakat and income tax expense (6,613) (5,652) (961) 17%
Total Liabilities 1,450,813 1,147,927 302,886 26%
Profit/(Loss) before zakat and
Equity 64,432 (16,756) 81,188 485%
income tax
Total Equity 2,212,835 1,768,603 444,232 25% Profit from discontinued operations,
- 2,034 (2,034) (100%)
Total Liabilities and Equity 3,663,648 2,916,530 747,118 26% net of zakat and income tax
Profit/(Loss) for the year 64,432 (14,722) 79,154 538%
Other Comprehensive Income/(loss)
Total other comprehensive profit/

73,646 (43,823) 117,469 268%
(loss) for the year
Total comprehensive income/(loss)
138,078 (58,545) 196,623 336%
for the year

CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS

(AMOUNTS IN MILLION SAR)
%
2023 2022 CHANGE
CHANGE
Net cash generated from / (used in) operating activities 98,170 (63,464) 161,634 255%
Net cash used in investing activities (111,163) (30,434) (80,729) 265%
Net cash generated from financing activities 70,747 65,749 4,998 8%
Net increase / (decrease) in cash and cash equivalents 57,754 (28,149) 85,903 305%
Net foreign exchange differences (975) (479) (496) 104%
Cash and cash equivalents at the beginning of the year 186,657 215,285 (28,628) (13%)
Cash and cash equivalents at the end of the year 243,436 186,657 56,779 30%

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PIF 2023 Annual Report EN

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Custodian of the Two Holy Mosques His Royal Highness Prince

KING SALMAN BIN MOHAMMED BIN SALMAN

AuM Breakdown1 Management Type

10 | PIF Annual Report 2023 | 11

GOVERNOR’S STATEMENT PROGRESS AND PERFORMANCE

12 | PIF Annual Report 2023 | 13

2023 HIGHLIGHTS AND ACHIEVEMENTS SUSTAINABILITY AND GOVERNANCE

14 | PIF Annual Report 2023 1-Moody’s, 2023. | 15

H.E. Yasir Bin Othman Al-Rumayyan

16 | PIF Annual Report 2023 | 17

18 | PIF Annual Report 2023 | 19

1971 2014 2015 2017

2022 2021 2019

20 | PIF Annual Report 2023 | 21

A YEAR IN REVIEW 2023

22 | PIF Annual Report 2023 | 23

24 | PIF Annual Report 2023 | 25

PIF VISION SOURCE OF FUNDING

EXPECTED IMPACT BY 2025 2025 TARGETS

13 STRATEGIC SECTORS OF FOCUS

Utilities and Renewables

26 | PIF Annual Report 2023 | 27

BREAKING GROUND TOWARD GLOBAL MINING

DEVELOPING THE MINING SECTOR AS SAUDI

By taking minority equity positions in essential mining assets worldwide, the

A FUTURE FORGED IN STRATEGIC MINERALS

28 | PIF Annual Report 2023 | 29

A NEW HORIZON IN GLOBAL AVIATION

A GATEWAY TO SAUDI ARABIA

A CATALYST FOR DIVERSIFICATION AND GROWTH

direct and indirect jobs.

30 | PIF Annual Report 2023 | 31

BRINGING A NEW PHARMACEUTICAL %

LIFERA STRENGTHENS INSULIN PRODUCTION WITH 70%

EMPOWERING LOCAL CAPACITY THROUGH

The company’s approach to forging partnerships and attracting investments is

A VISIONARY APPROACH TO HEALTHCARE

32 | PIF Annual Report 2023 | 33

BUILDING THE FUTURE OF TOURISM AND URBAN

SUSTAINABILITY AND COMMUNITY AT THE HEART OF

A NEW ERA FOR ASEER REGION AND BEYOND

34 | PIF Annual Report 2023 | 35

SECOND GREEN BOND

ADVANCING SAUDI ARABIA’S GREEN VISION

OVERWHELMING STRONG GLOBAL INTEREST

FUNDING A SUSTAINABLE FUTURE

The latest issuance attracted unprecedented interest,

36 | PIF Annual Report 2023 | 37

PIF actively manages a broad, diversified investment portfolio, encompassing a

38 | PIF Annual Report 2023 | 39| 39

• Saudi Sector Development

• Saudi Equity Holdings

• Saudi Real Estate and Infrastructure Development

• International Strategic Investments

• International Diversified Pool

• Diversifying and enhancing wealth by investing across a balanced and broad

• Transforming the domestic economy through cornerstone investments in

• Enabling some of the world’s most innovative and transformational sectors

40 | PIF Annual Report 2023 | 41