RIYADH — Saudi Arabia’s Public Investment Fund (PIF) reported strong financial growth in 2025, with revenue rising 9% year on year to $120 billion and net profit more than doubling to $17 billion, according to its annual report released Monday.PIF maintained more than $900 billion in assets under management (AUM), compared with around $530 billion in 2021 and $150 billion in 2015, underscoring the fund’s rapid expansion over the past decade.The sovereign wealth fund said its cumulative domestic investments exceeded $199 billion between 2021 and 2025, while its contribution to Saudi Arabia’s real non-oil GDP surpassed $342 billion over the same period.In 2025 alone, PIF contributed 11% of the Kingdom’s total non-oil GDP, highlighting its expanding role in Saudi Arabia’s economic diversification under Vision 2030.Revenue and profit climbPIF said its 9% revenue growth and sharp increase in net profit were supported by stronger contributions from maturing portfolio companies.The fund achieved an annualized total shareholder return of 5.8% since 2017.Total shareholder return in 2025 benefited from higher dividends from portfolio companies and returns from financial investments. However, performance was also affected by lower valuations of some assets amid wider market conditions and PIF’s continued long-term domestic investments aimed at driving economic transformation.PIF continued to diversify its funding sources during the year, including through its first euro-denominated green bond and the establishment of a commercial paper program to provide flexible short-term financing.The fund maintained long-term credit ratings of Aa3 with a stable outlook from Moody’s and A+ with a stable outlook from Fitch. It also secured an inaugural A-1 short-term rating from S&P.More than $199 billion invested in Saudi ArabiaPIF said it invested more than $199 billion domestically between 2021 and 2025 as it continued developing priority sectors and increasing private-sector participation.Among the major companies launched in 2025 were HUMAIN, established to advance Saudi Arabia’s artificial intelligence capabilities, and Expo 2030 Riyadh Company, which will develop and operate facilities for the global event.Maram Aljohani, PIF’s chief of staff and secretary general to the board, said the fund continued to drive the Kingdom’s economic development and diversification through long-term investments and the establishment of strategic companies.“PIF contributed 11% of Saudi Arabia’s total non-oil GDP in 2025 and contributed more than $342 billion cumulatively from 2021-2025,” Aljohani said.PIF’s international investments grew by 12% in 2025 as the fund expanded its global presence and pursued targeted investments in key markets.The fund opened new subsidiary company offices in Paris, Beijing and Shanghai, adding to its existing presence in London, New York and Hong Kong.It also signed agreements with major international financial institutions, including Goldman Sachs Asset Management, Macquarie Asset Management and SACE, aimed at mobilizing capital, attracting investment into Saudi Arabia and expanding strategic partnerships.PIF enters new 2026-2030 strategyYasir Alsalman, PIF’s chief financial officer and acting head of the Global Capital Finance Division, said 2025 marked another defining year for the fund.“In 2025, PIF more than doubled net profit year on year and maintained its strong financial position with over $900 billion in assets under management,” Alsalman said.He said PIF would focus in its next five-year investment strategy on sustained value creation, portfolio maturity and stronger financial performance.The fund said 2025 marked the final year of its 2021-2025 strategy and that it has now entered its 2026-2030 strategic phase.The new strategy will focus on six interconnected domestic ecosystems, unlocking the potential of strategic assets and maximizing long-term returns while pursuing high-conviction international opportunities.Priority global themes include artificial intelligence, the energy transition, advanced manufacturing, and sports and entertainment.PIF also accelerated its digital transformation during 2025, launching 100 digital applications and activating 43 high-impact AI-enabled solutions.Brand Finance ranked PIF as the world’s most valuable and fastest-growing sovereign wealth fund brand for the second consecutive year, with an A+ rating.
