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The Public Investment Fund’s 2025 annual report highlighted robust financial results amid its ongoing role in Saudi Arabia’s economic diversification, with revenue climbing 9 percent year on year to $120 billion and net profit exceeding double the previous year’s figure at $17 billion. Assets under management stood at more than $900 billion, a substantial increase from $530 billion in 2021 and $150 billion in 2015, the document showed. The fund achieved an annualized total shareholder return of 5.8 percent since 2017, even as 2025 performance reflected higher dividends offset by certain asset valuations and long-term investments.
According to the annual report, PIF’s cumulative domestic investments surpassed $199 billion between 2021 and 2025, generating more than $342 billion in contributions to the kingdom’s real non-oil GDP over the same period. In 2025 alone the fund accounted for 11 percent of Saudi Arabia’s total non-oil GDP. Maram Aljohani, chief of staff and secretary general to the board at PIF, said in the report, “Throughout 2025, PIF continued to drive Saudi Arabia’s economic development and diversification through long-term investments and the launch 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.”
PIF expanded its international footprint during the year with a 12 percent growth in overseas investments, the report indicated. The sovereign wealth vehicle opened new offices in Paris, Beijing and Shanghai while entering agreements with global institutions including Goldman Sachs, Macquarie and SACE. These moves complemented its domestic focus on priority sectors as it concluded its 2021-2025 strategy phase.
Among the new entities established in 2025 were HUMAIN for artificial intelligence initiatives and the Expo 2030 Riyadh Company, as detailed in the annual report. The fund also accelerated its digital transformation by developing 100 applications and 43 artificial intelligence solutions. PIF earned recognition as the world’s most valuable and fastest-growing sovereign wealth fund brand from Brand Finance, which assigned it an A+ rating.
The report outlined how PIF diversified its funding sources by issuing its first euro-denominated green bond and launching a commercial paper program while preserving strong credit ratings of Aa3 from Moody’s with stable outlook, A+ from Fitch with stable outlook and A-1 short-term from S&P. These financial tools supported the execution of its investment mandate balancing returns and national impact. The sovereign wealth fund had reported assets under management of $913 billion at the end of 2024 according to its prior annual disclosure.
In the statement accompanying the report, Yasir Alsalman, PIF’s chief financial officer and acting head of global capital finance division, noted that 2025 marked another defining year built on sustained growth and disciplined investment. “Building on a sustained period of growth and disciplined investment, 2025 marked another defining year for PIF. 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 in the report. The CFO highlighted the transition to the 2026-2030 strategy focused on six interconnected domestic ecosystems along with strategic and financial portfolios aimed at value creation.
The annual report further positioned PIF among leading global sovereign wealth funds in governance, sustainability and resilience rankings compiled by Global SWF. Its performance builds upon the maturing of portfolio companies that contributed to the latest profit surge while the fund maintained a diversified approach across domestic and international opportunities.
