✍️ Riyadh – BETH News Agency

The valuation of Saudi Arabia’s mineral wealth surged to SAR 9.4 trillion during the first quarter of this year, up from a previous estimate of SAR 4.9 trillion, according to an economic report released in celebration of the National Day. The report highlighted the Kingdom’s key achievements since the launch of Vision 2030.

In parallel, the Public Investment Fund (PIF) continued to strengthen its financial position, with assets under management reaching SAR 2.87 trillion, reflecting the strong investment momentum witnessed across Saudi Arabia.

Major Economic Achievements

The report pointed to the establishment of mega projects such as:

NEOM

Qiddiya

The Red Sea Project

Roshn Company

Diriyah Project

Riyadh Air

Additionally, new companies were founded across strategic sectors including entertainment, tourism, military industries, renewable energy, and mortgage refinancing.

Key economic milestones include:

The 2019 IPO of 1.5% of Aramco shares, marking the largest listing in both Saudi and global market history.

An additional secondary offering this year comprising 1.545 billion shares (approximately 0.64% of the company’s issued shares).

Global Leadership

The report also highlighted the Kingdom’s role in founding OPEC+, which achieved the largest oil production cut in history in 2020, helping to stabilize global markets during the COVID-19 pandemic.

Defining Strategies

Several pivotal policies were introduced during the same period, including:

Launch of the five-year PIF Strategy.

A new requirement for foreign companies to establish their regional headquarters in Saudi Arabia starting from 2024.

Transfer of 8% of Aramco shares to investment funds (4% to PIF and 4% to Sanabil Investments).

Launch of the National Development Fund Strategy.

Expansion of the King Salman Scholarship Program.

Landmark Projects

Saudi Arabia also launched a series of major initiatives, most notably:

Launch of the Events Investment Fund.

Establishment of New Murabba Development Company to build the world’s largest modern downtown in Riyadh.

Inauguration of four special economic zones.

Privatization of sports clubs program.

Allocation of $7.8 billion for Expo 2030 preparations.

Launch of the master plan for logistics centers.