Saudi Arabia Public Investment Fund disclosed growth metrics in its 2025 annual report, highlighting continued capital deployment into regional AI initiatives including the HUMAIN Saudi platform.
According to its latest annual report, Saudi Arabia’s Public Investment Fund (PIF) recorded a sharp increase in profitability in 2025, alongside expanded assets, domestic investments, and contributions to the Kingdom’s non-oil economy. Revenue rose 9% to $120 billion, while net profit more than doubled to $17 billion. These figures reflect broad portfolio growth and the increasing maturity of investments aligned with the fund’s long-term strategy.
Covering the final year of PIF’s 2021–2025 strategy, the report highlights how the sovereign wealth fund has grown into one of the world’s largest investors while serving as a central driver of Saudi Arabia’s economic diversification under Vision 2030. PIF’s assets under management surpassed $900 billion in 2025, up from approximately $530 billion in 2021 and $150 billion in 2015. This represents a roughly sixfold increase over the past decade, driven by expansion across Saudi and international markets and the establishment of companies spanning tourism, entertainment, technology, mobility, and gaming. Since 2017, PIF has delivered an annualized total shareholder return of 5.8%, a key metric for evaluating its long-term investment performance. The fund consistently emphasizes that its investment horizon spans decades rather than quarters, requiring assessment over extended periods as major projects and portfolio companies mature.
Cumulative domestic investments in priority sectors reached $199 billion since 2021. These capital allocations target strategically vital areas for the Kingdom’s economic transformation, including tourism, entertainment, technology, artificial intelligence, mobility, manufacturing, and infrastructure. Between 2021 and 2025, PIF’s activities contributed over $342 billion to Saudi Arabia’s real non-oil GDP. This underscores the fund’s broader mandate beyond financial returns: fostering new economic sectors and systematically reducing the Kingdom’s reliance on oil revenues.
Artificial intelligence emerged as a primary expansion focus in 2025. PIF launched HUMAIN, a wholly owned entity designed to operate and invest across the AI value chain, encompassing data centers, infrastructure, cloud computing, advanced AI models, and applications. Initial terms were also agreed upon with Aramco for the energy giant to acquire a significant minority stake in HUMAIN, with PIF retaining majority ownership. This initiative aligns with Saudi Arabia’s strategic push to develop domestic computing infrastructure and position the Kingdom as a leading participant in the global AI economy. Additionally, PIF established the Expo 2030 Riyadh Company to oversee the construction and operation of facilities for Saudi Arabia’s inaugural World Expo, as well as to manage the site’s long-term post-event legacy.
Several flagship developments achieved significant milestones in 2025. The NEOM Green Hydrogen Project surpassed 90% completion, marking progress on one of the Kingdom’s largest clean-energy initiatives. Qiddiya City opened Six Flags Qiddiya City, the first Six Flags theme park outside North America, while Red Sea Global advanced its tourism portfolio through developments at Shura Island and the launch of AMAALA. Meanwhile, Diriyah secured SR6 billion in financing to support one of the nation’s largest heritage and urban development projects. Collectively, these milestones signal a portfolio-wide transition from planning and construction toward active operations and revenue generation.
Internationally, PIF deepened its investment relationships throughout 2025, executing agreements and memoranda of understanding with major global financial institutions, including Goldman Sachs Asset Management, Franklin Templeton, Macquarie Asset Management, and SACE. These collaborations aim to channel international capital and investment expertise into Saudi Arabia while broadening the domestic investment product landscape. To support these efforts, PIF expanded its overseas footprint by opening new subsidiary offices in Paris, Beijing, and Shanghai.
Capital sourcing strategies were further diversified to reduce reliance on any single funding channel. In 2025, PIF priced its first euro-denominated green bond, raising €1.65 billion, with demand exceeding the offering size by more than sixfold. The fund also introduced its first commercial paper program, supplementing its existing mix of bonds, sukuk, and loans with short-term financing. This diversified capital structure enhances PIF’s flexibility in funding investments and managing the capital demands of its large-scale, long-term project portfolio.
Expanding private-sector participation remains a core strategic pillar. During 2025, PIF hosted its third Private Sector Forum, convening government entities, businesses, and over 100 portfolio companies. These initiatives are structured to generate opportunities for Saudi suppliers, accelerate localization, and incentivize corporate participation in projects and emerging industries across the fund’s portfolio. This shift is critical as PIF transitions from directly establishing new sectors to cultivating ecosystems that attract sustained private investment.
The 2025 report concludes a pivotal chapter, marking the end of PIF’s 2021–2025 strategy. The fund has now transitioned to its 2026–2030 strategy, redirecting focus toward developing competitive economic ecosystems, unlocking value from strategic assets, and maximizing long-term investment returns. Following a decade of rapid expansion that grew assets from approximately $150 billion in 2015 to over $900 billion, the next phase will be evaluated by the translation of these investments into sustainable returns, mature industries, robust private-sector engagement, and enduring contributions to Saudi Arabia’s non-oil economy.