Saudi Arabia’s Public Investment Fund (PIF) recorded an increase of 13 percent in profits amounting to SR85.7 billion during the year 2021 compared to profits of SR76.1 billion for the year 2020. The revenues of PIF soared 27 percent reaching SR228.2 billion in one year and the value of operating profits rose to SR85.5 billion while the value of profits from associate companies amounted to SR8.6 billion, registering an increase of 75 percent. The sovereign wealth fund’s other operating incomes soared by 204 percent, reaching SR7.6 billion while the costs of financing income rose 87 percent, reaching SR4.5 billion. The PIF’s fixed assets jumped by 43 percent, reaching SR292.8 billion while the value of investments in the Fund’s associate companies amounted to SR118.5 billion, an increase of two percent. The PIF’s investments in securities classified as assets increased by 29 percent to reach SR535.3 billion. The Fund’s total assets amounted to about SR2.54 trillion, posting an increase of 23 percent. The PIF owns shares in 22 locally listed companies, and its ownership value in the listed companies is about SR896.17 billion. These companies include Saudi Telecom Co. (STC), Ma’aden, Saudi National Bank (Al-Ahli), Saudi Electricity Co., ACWA Power, Riyad Bank, Saudi Tadawul, Elm, Alinma Bank, Kingdom Holding Co., Southern Cement, Emaar, Bahri, Al Akaria, Qassim Cement, Yanbu Cement, Saudi Gas, Eastern Cement, Door, SAPTCO, Ceramics, in addition to owning four percent in Saudi Aramco. The PIF’s ownership is about 21.03 billion shares distributed in the listed companies. The PIF launched the Local Content Development Program, which aims to raise the contribution of the Fund and its subsidiaries in the local content to 60 percent by the end of 2025, as well as to support and empower the private sector, and stimulate the competitive and innovative advantages of national industries.