Saudi Arabia's Public Investment Fund, the kingdom’s sovereign investment arm, said its assets under management jumped 29 per cent to 2.87 trillion Saudi riyals ($765 billion) in 2023 as it continues to build its Saudi holdings and diversify its international portfolio of assets.
The annualised returns for the sovereign wealth fund since 2017 rose to 8.7 per cent in 2023, up from 8 per cent a year earlier, the PIF said in its annual report published on Monday.
The shareholders' returns were “primarily driven by investments within Saudi Arabia, as well as international portfolio growth, as PIF continued to forge strong partnerships and enhance shareholder value”, the fund said.
The jump in the value of the PIF’s assets was supported by the transfer of a 4 per cent Saudi Aramco stake to one of its subsidiaries, as well as the appreciation in its equity portfolio driven by the rally in global stocks last year.
“During a year of progress and widespread achievement, PIF has continued to deliver on its mandate as the driving force of Saudi Arabia’s sustainable economic transformation and diversification,” PIF governor Yasir Al Rumayyan said.
“As a long-term investor and catalyst of change, PIF continues to invest in high-impact projects, companies and partners that are diversifying the Saudi economy, creating new opportunities for investment and shaping the global industries of the future.”
The fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme (VRP) 2021-2025”, he added.
The fund is the central plank of the kingdom’s Vision 2030 programme, which aims to cut its dependence on oil. The PIF, along with its related organisations, is driving investment into key areas including finance, health care, sport, renewables, technology, the automotive industry, property, aerospace, defence, entertainment, leisure, retail and mining.
The PIF’s investment push has also gained momentum abroad where it holds stakes in companies including Meta and Alphabet.
The fund’s international portfolio last year reached 586 billion riyals, a 14 per cent year-on-year rise, with international strategic investments climbing to 249 billion riyals, its diversified international assets reaching 146 billion riyals and international equity portfolio jumping to 190 billion riyals, according to the fund's annual report.
The PIF said it was “well ahead” of its target for international investments.
The fund in-house managed 85 per cent of its investment portfolio, while the remaining 15 per cent was handled by external managers.
The PIF’s international investments accounted for 20 per cent of its aggregate portfolio, as opposed to 76 per cent for investments in the domestic market. The fund’s treasury holdings accounted for about 3 per cent of its investments at the end of 2023.
The fund is a major stakeholder in public and private companies at home. Its domestic holdings include Saudi mining and mineral giant Maaden, petrochemicals major Sabic and the kingdom's biggest lender, Saudi National Bank.
In aggregate, the PIF launched 23 companies by the end of last year and helped create more than 730,000 jobs in the Saudi economy.
Last year, the fund continued to make significant investments in the domestic market including the launch of Riyadh Air – Saudi Arabia’s new national carrier.
It also launched the Electric Vehicle Infrastructure Company (EVIQ), which aims to boost the adoption of EVs in Saudi Arabia. The fund also launched Lifera, a new pharmaceutical investment company. Al Balad Development and Ardara were new additions to the kingdom’s real estate sector.
“These highlights are just a few examples of the many achievements involving the nation’s giga-projects and PIF’s 200-plus portfolio companies across the Middle East and North Africa,” the fund said.
The PIF’s total net cash returns in 2023 for both its Saudi sector development investments and its Saudi equity holdings reached 42 billion riyals, exceeding its 20-billion riyal target.
“Saudi Arabia's economic performance in 2023 demonstrated resilience and adaptability amid a challenging economic landscape,” Mr Al Rumayyan said.
“The outlook for the Saudi economy remains positive, supported by strong non-oil GDP [gross domestic product] growth, robust consumption spending and expedited project implementation.”
However, geopolitical risk, conflicts and economic uncertainty, both within the region and globally, can potentially affect oil prices and the wider financial landscape, which highlights the need to “continue building economic resilience and investing in economic diversification”, he added.
Building on the momentum achieved over the first three years of the kingdom’s Vision Realisation Programme, PIF said it aims to deliver “even greater economic impact”.
The sovereign fund has set ambitious goals of increasing its total assets under management to approximately 4 trillion riyals, driving PIF and its subsidiaries’ contribution to non-oil GDP to a cumulative 1.2 trillion riyals.
“PIF and its subsidiaries aim to contribute to 60 per cent of local content and increase cumulative non-governmental investment to 1.2 trillion riyals, encompassing both local and foreign direct investments,” the PIF said.
“These ambitious targets reflect PIF’s strategic role in diversifying the Saudi economy beyond oil, fostering economic growth and driving investment in Saudi Arabia’s future.”
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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Agnes Poirer, Bloomsbury
Saturday's results
West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
More coverage from the Future Forum
How%20champions%20are%20made
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
Women's Prize for Fiction shortlist
The Silence of the Girls by Pat Barker
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
PAKISTAN v SRI LANKA
Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore
Tickets are available at www.q-tickets.com
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Zayed Sustainability Prize
Zayed Sustainability Prize
The%20specs
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
