DUBAI (Reuters) - Saudi Arabia's Public Investment Fund on Sunday released its annual report for 2022, which said its assets under management (AUM) surpassed 2.23 trillion riyals ($594.43 billion).

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021.

The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors.

The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury.

The fund said 17% of its assets were externally managed, while 83% were internally managed.

PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil.

PIF said the ongoing expansion of its three subsidiary offices in London, New York and Hong Kong would support the fund's continued growth and "positioning PIF as the partner of choice for global investors".