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Saudi wealth fund’s returns hit 25% in 2021 as markets recover

By Pramod Kumar
The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion Reuters/Ahmed Yosri
The kingdom is currently in talks with more banks as it aims to get advisers on board for Aramco's upcoming IPO

The Public Investment Fund (PIF), the Saudi sovereign wealth fund, offered 25 percent returns to shareholders last year as global stock markets rebounded, Bloomberg reported, citing the fund’s prospectus for its debt green bond sale.

Investor returns more than doubled from an annual average of 12 percent between 2017 and 2020.

However, 2021 returns matched the S&P 500 Index, which rallied 27 percent higher last year.

PIF’s shareholders’ profit declined to SAR 81.8 billion ($21.75 billion) in 2021 from SAR 212.7 billion a year earlier due to discontinued operations.

Revenue grew to SAR 228.2 billion from SAR 179 billion a year earlier.

According to the report, PIF made a one-off gain in 2022 from its stake sale in Saudi-listed Saudi Basic Industries Corporation (Sabic) for nearly $70 billion.

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