RIYADH — Saudi Arabia’s Public Funding Fund (PIF) recorded a pointy improve in profitability in 2025 whereas increasing its property, home investments and contribution to the Kingdom’s non-oil economic system, in line with its newest annual report.
Income rose 9% to $120 billion, whereas web revenue greater than doubled to $17 billion, reflecting progress throughout PIF’s portfolio and the rising maturity of investments made as a part of its long-term technique.
The report covers the ultimate 12 months of PIF’s 2021-2025 technique and gives a snapshot of how the sovereign wealth fund has grown into one of many world’s largest traders whereas changing into a central driver of Saudi Arabia’s financial diversification beneath Imaginative and prescient 2030.
Listed here are the important thing numbers and what they imply.
How giant is PIF now?
PIF’s property beneath administration have surpassed $900 billion, in contrast with round $530 billion in 2021 and $150 billion in 2015.
Which means its property have elevated roughly sixfold over the previous decade because the fund expanded throughout Saudi and worldwide markets and established firms in sectors starting from tourism and leisure to know-how, mobility and gaming.
PIF reported an annualized complete shareholder return of 5.8% since 2017, an necessary measure of its efficiency as a long-term investor.
The fund has repeatedly emphasised that its funding horizon is measured in many years moderately than quarters, which means its efficiency is meant to be assessed over longer intervals as main tasks and firms mature.
What occurred to income and revenue in 2025?
PIF generated $120 billion in income in 2025, a rise of 9% from the earlier 12 months.
Extra considerably, web revenue greater than doubled to $17 billion.
The figures point out rising contributions from PIF’s diversified portfolio as investments and firms established or expanded throughout earlier years transfer additional into their operational phases.
How a lot has PIF invested in Saudi Arabia?
PIF’s cumulative funding in home precedence sectors reached $199 billion since 2021.
These investments span sectors recognized as strategically necessary to the Kingdom’s financial transformation, together with tourism, leisure, know-how, synthetic intelligence, mobility, manufacturing and infrastructure.
PIF stated its actions contributed greater than $342 billion to Saudi Arabia’s actual non-oil GDP between 2021 and 2025.
The determine illustrates the fund’s broader mandate past producing funding returns: serving to create new financial sectors and decreasing Saudi Arabia’s reliance on oil revenues.
What have been PIF’s largest strikes in 2025?
Synthetic intelligence emerged as one among PIF’s main areas of growth in the course of the 12 months.
The fund launched HUMAIN, a PIF-owned firm designed to function and make investments throughout the AI worth chain, together with information facilities, infrastructure, cloud computing, superior AI fashions and functions.
PIF and Aramco additionally agreed on preliminary phrases for the power large to accumulate a major minority stake in HUMAIN, whereas PIF would retain majority possession.
The transfer displays Saudi Arabia’s push to construct home computing infrastructure and set up the Kingdom as a serious participant within the quickly increasing world AI economic system.
PIF additionally launched the Expo 2030 Riyadh Firm, which is accountable for constructing and working services for Saudi Arabia’s first World Expo and growing the positioning’s long-term legacy after the occasion.
The place do the giga-projects stand?
A number of of PIF’s flagship developments reached main milestones throughout 2025.
The NEOM Inexperienced Hydrogen Challenge surpassed 90% completion, advancing one of many Kingdom’s largest clean-energy initiatives.
Qiddiya Metropolis opened Six Flags Qiddiya Metropolis, the primary Six Flags theme park exterior North America, whereas Crimson Sea World continued increasing its tourism portfolio, together with growth at Shura Island and the opening of AMAALA.
Diriyah additionally secured SR6 billion in financing, offering extra funding for one of many Kingdom’s largest heritage and concrete growth tasks.
Collectively, these developments exhibit a shift in elements of PIF’s portfolio from planning and building towards operations and income technology.
How is PIF attracting worldwide capital?
PIF continued increasing its worldwide funding relationships throughout 2025, together with partnerships with main world monetary establishments.
The fund signed agreements and memoranda of understanding involving Goldman Sachs Asset Administration, Franklin Templeton, Macquarie Asset Administration and SACE, amongst others.
These partnerships are meant to convey worldwide capital and funding experience into Saudi Arabia whereas increasing the vary of funding merchandise obtainable within the Kingdom.
PIF additionally strengthened its abroad presence by means of new subsidiary firm workplaces in Paris, Beijing and Shanghai.
How is PIF financing its growth?
The fund continued diversifying its sources of capital moderately than counting on a single funding channel.
PIF priced its first euro-denominated inexperienced bond in 2025, elevating €1.65 billion. Demand exceeded the dimensions of the providing by greater than six instances.
It additionally launched its first business paper program, including short-term financing to a funding combine that already contains bonds, sukuk and loans.
Diversifying funding sources offers PIF better flexibility in financing investments whereas managing capital necessities throughout a portfolio of huge and long-term tasks.
What function does the non-public sector play?
Rising private-sector participation stays an necessary a part of PIF’s technique.
The fund held its third Non-public Sector Discussion board throughout 2025, bringing collectively authorities entities, companies and greater than 100 PIF portfolio firms.
PIF’s private-sector packages are designed to create alternatives for Saudi suppliers and companies, improve localization and encourage firms to take part in tasks and rising industries being developed throughout the fund’s portfolio.
That is notably necessary as PIF strikes from instantly establishing new sectors towards constructing ecosystems able to attracting better non-public funding.
What comes subsequent for PIF?
The annual report closes an necessary chapter for the fund, with 2025 marking the ultimate 12 months of its 2021-2025 technique.
PIF has now entered its 2026-2030 technique, shifting its focus towards growing aggressive financial ecosystems, unlocking extra worth from strategic property and maximizing long-term funding returns.
The transition comes after a decade of fast growth that noticed PIF’s property rise from round $150 billion in 2015 to greater than $900 billion.
The following part will subsequently be measured by how these investments translate into sustainable returns, mature industries, private-sector participation and lasting contributions to Saudi Arabia’s non-oil economic system.
