The Saudi Public Investment Fund (PIF) announced that its assets under management (AUM) have jumped 12.8 percent to SR2.23 trillion ($594 billion) by the end of 2022, compared to the end of 2021, when it amounted to SR1.98 trillion. The Saudi sovereign wealth fund disclosed this in its annual report for 2022 released on Sunday. The increase in the value of mega projects such as NEOM, Red Sea, Qiddiya, and Roshn by about 245.7 percent to SR121 billion from SR34 billion, and the growth of the investment portfolio in Saudi companies by 49 percent to SR718 billion from SR483 billion has contributed tremendously for the PIF to achieve this remarkable jump in its assets, according to a report. PIF is the chosen vehicle of Crown Prince and Prime Minister Mohammed bin Salman to drive an economic agenda aimed at cutting reliance on oil and exploring new sources of income. The sovereign wealth fund is considered as the backbone of the Saudi Vision 2030 program towards accelerating the pace of economic diversification. According to the fund’s annual report for 2022, local investment portfolios dominated the fund’s activity last year, amounting to SR1.72 trillion, or 23 percent of the total assets under management, compared to SR512 billion for global investments that make up 77 percent. The PIF said it generated a total shareholders’ return of eight percent and established 25 companies in 2022, and locally deployed SR120 billion in that year in strategic sectors. The PIF said 23 percent of its AUM were international investments, while 68 percent were local investments and the remainder were treasury. The PIF is involved in several investments for the Kingdom in diverse key sectors such as sports, sustainability and future infrastructure. The sovereign wealth fund announced on Monday the establishment of a female-centered health and well-being company with Princess Reema bint Bandar as its head. The PIF has also established a new sports investment company, titled SRJ Sports Investments Co. in its bid to accelerate the growth of the sports sector in Saudi Arabia and the Middle East and North Africa region. The company will focus on acquiring and developing intellectual property, commercializing notable competitions and organizing major global events in the Kingdom.