Saudi Arabia’s PIF reports $17 billion profit as assets exceed $900 billion

Saudi Arabia’s Public Investment Fund (PIF) reported a 9% increase in revenue to $120 billion in 2025, while net profit more than doubled to $17 billion, supported by higher contributions from maturing portfolio companies.

The sovereign wealth fund’s assets under management exceeded $900 billion at the end of 2025, up from around $530 billion in 2021 and $150 billion in 2015. PIF also recorded an annualized total shareholder return of 5.8% since 2017.

The results come as PIF moves into a new phase of its investment strategy, focused on developing competitive domestic ecosystems, unlocking value from strategic assets and generating long-term returns. In January, the Sovereign Wealth Fund Institute ranked PIF as the world’s fifth-largest sovereign wealth fund.

The fund maintained a strong domestic focus, with 80% of its assets allocated within Saudi Arabia and 55% invested in alternative assets. PIF said it contributed 11% of the Kingdom’s non-oil GDP in 2025 and more than $342 billion cumulatively between 2021 and 2025.

Maram Al-Johani, chief of staff and secretary general to the board at PIF, said the fund continued to support Saudi Arabia’s economic diversification through long-term investments and the launch of strategic companies.

PIF also expanded its international presence in 2025, opening subsidiary offices in Europe and Asia and increasing its international investments by 12%. Al-Johani said the fund’s growth was supported by strengthened governance and its transition toward a “fully digital-native, AI-enabled investment institution.”

PIF said its 2025 shareholder returns were supported by higher portfolio company dividends and gains from financial investments, partly offset by lower asset valuations amid broader market conditions.

Yasir Al-Salman, PIF’s chief financial officer, described 2025 as “another defining year,” citing higher profitability and more than $900 billion in assets under management.

The fund deployed more than $199 billion domestically between 2021 and 2025 while expanding international partnerships. It also diversified its funding through its first euro-denominated green bond and a commercial paper program, while maintaining strong credit ratings from Moody’s, Fitch and S&P.

PIF launched several strategic companies in 2025, including Humain, focused on advancing Saudi Arabia’s AI capabilities, and Expo 2030 Riyadh Co., which will develop and operate facilities for the Riyadh Expo 2030.

The fund continued investing in priority sectors and expanding private-sector participation, with more than $199 billion deployed domestically between 2021 and 2025.

Internationally, PIF invested across infrastructure, technology, advanced manufacturing and financial services, while signing partnerships with institutions including Goldman Sachs Asset Management, Macquarie Asset Management and SACE.

It also expanded its global footprint with new offices in Paris, Beijing and Shanghai, alongside its existing presence in London, New York and Hong Kong. The fund launched 100 digital applications and 43 AI-enabled solutions to strengthen its operations.

“Over the next strategic phase, PIF is evolving toward six interconnected domestic ecosystems to drive sustainable value, while investing internationally in high-conviction opportunities in long-term global trends,” Al-Johani said.