Saudi Arabia's sovereign wealth fund, the Public Investment Fund, reported Monday a profit of 138.1 billion riyals ($36.81 billion) in 2023, compared with a loss of $15.6 billion a year earlier.
The fund said in a statement that its total revenues more than doubled to $88.3 billion last year, compared to $44 billion in 2022.
The increase in revenues was due to factors including improved investment and non-investment activities in sectors such as banking, telecommunications and gaming, as well as increased dividend distributions.
The fund, which manages assets worth about $925 billion, is the main tool used by the Saudi government to diversify the economy and reduce the Saudi economy's dependence on oil revenues.
As part of Vision 2030, the Kingdom is pumping hundreds of billions of dollars through the fund into projects including NEOM, a massive urban and industrial development project that the Kingdom will build on the Red Sea coast and extend over an area roughly equivalent to Belgium.
The fund's investment portfolio includes projects from date farms to multinational corporations, but its sources of funding come from investment profits, capital injected by the government, government assets transferred to the fund, loans and debt instruments.
