Public Investment Fund (PIF)

Sourced UAO Top 100 elite profile of PIF (rank 6): Saudi Vision 2030 SWF mandate, SAR 3,396bn AuM YE2025, Governor Yasir Al-Rumayyan, 2026–2030 value-realization strategy — without inventing a CIO.

UAO Editorial May 25, 2026 83 min read

UAO Registry · Top 100 · Rank 6 · Sovereign Wealth Fund · Saudi Arabia

Last researched: Sunday 6 September 2026 (ET). Corrections: info@universalassetowners.com

Executive brief: who is the Public Investment Fund (PIF)?

Public Investment Fund (PIF) is the sovereign wealth fund of the Kingdom of Saudi Arabia, established in 1971 under Royal Decree No. M/24 and, since the 2015 Council of Ministers Resolution 270, steered under the Council of Economic and Development Affairs (CEDA) with HRH Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud as Chairman. Official vision language in the 2025 Annual Report positions PIF as a global investment powerhouse enabling new sectors while driving Saudi economic transformation; the mission is to actively invest over the long term to maximize sustainable returns, be the investment partner of choice, and enable economic development and diversification of the Saudi economy. Official hub: pif.gov.sa.

As at year-end 2025, PIF reports assets under management (AuM) of SAR 3,396 billion in the Annual Report At a Glance panel, framed on the homepage and in the 17 August 2026 results press release as over / exceeding US$900 billion (up from around US$530 billion in 2021 and US$150 billion in 2015). The same primaries cite an annualized total shareholder return of 5.8% since 2017, 3,321 employees, an 11% share of Saudi non-oil GDP in 2025, cumulative real non-oil GDP contribution of more than US$342 billion (2021–2025), and cumulative domestic investments of more than US$199 billion (2021–2025).

The 17 August 2026 press release states 2025 revenue rose 9% to US$120 billion while net profit more than doubled to US$17 billion. The audited IFRS consolidated financial statements (year ended 31 December 2025) report Group profit for the year of SAR 65,187 million and total equity of SAR 2,629,072 million at year-end. Note 38 maturity analysis shows assets within 12 months of SAR 1,374,517 million plus assets more than 12 months of SAR 3,166,521 million (sum SAR 4,541,038 million / ~SAR 4.54 trillion). That IFRS Group total-assets construct is not identical to AuM; this profile keeps them separate and does not restate third-party “US$1.15T / US$1.21T” league figures as official AuM.

In the Universal Asset Owners Top 100 Registry, PIF is listed at rank 6 as a Saudi Arabia sovereign wealth fund. Leadership verified against the live PIF leadership page: Governor H.E. Yasir Othman Al-Rumayyan; Deputy Governors Turqi A. Al-Nowaiser (Head of International Investments Division and Acting Head of Shared Services Division) and Yazeed A. Al-Humied (Head of MENA Investments Division). No CIO title appears on the opened Executive Management roster; Head of Local Real Estate Investments Division is published as Saad Alkroud. Any prior INST field listing Aiman M. AlMudaifer as PIF CIO is treated as stale/wrong and is not restated here. Any Influence Index on Registry cards is an editorial composite, not a credit rating or performance score.

Why researchers care: PIF is the central Vision 2030 investment engine with a published three-portfolio structure (Vision / Strategic / Financial), giga-projects at national scale, audited IFRS statements, capital-markets funding including green bonds, and a shift in the 2026–2030 strategy from rapid AuM growth toward value realization and ecosystems. Related UAO hubs: Registry · Sovereign Wealth Funds · Top 100 · Careers Intelligence · peers NBIM · GPIF · CIC · ADIA.

Mandate & ownership: Saudi Arabia’s Vision 2030 investment engine

What the institution is for

PIF’s own history page states it was established in 1971 under Royal Decree No. M/24, initially helping establish companies of foundational importance to the Saudi economy, including many national champions. In March 2015, Council of Ministers Resolution 270 placed the Fund under the newly formed CEDA, with the Crown Prince as chairman — described officially as giving PIF greater autonomy and better-defined national strategic responsibilities as a key Vision 2030 driver.

The consolidated financial statements note on Activities (FS2025) reiterates founding via Royal Decree M/24 (18 August 1971G), later authorization under Royal Decree M/62 (31 July 2014G) to invest in existing or new companies inside or outside the Kingdom alone or with partners, and the 2015 move to CEDA with HRH Prince Mohammed bin Salman as Chairman of PIF’s board. Funding sources disclosed include proceeds from divestments, dividends and distributions, supplemented by borrowings, asset transfers and capital contributions from the Government of Saudi Arabia (“the Owner”).

Vision and mission sentences in the 2025 Annual Report At a Glance panel are the standing institutional self-description used for this profile: long-horizon active investment, sustainable returns, partnership posture, and Saudi economic diversification.

Who decides what

  1. Board of Directors — under the chairmanship of HRH Crown Prince Mohammed bin Salman; responsible for overseeing long-term strategy, investment policy and performance (leadership page wording).
  2. Governor — Yasir Othman Al-Rumayyan leads the institution as Governor of PIF and sits on the Board.
  3. Executive Management — reviews strategic and operational activities and oversees committees that evaluate investment and non-investment proposals before Board/committee decisions; some tasks delegated to administrative committees (leadership page).
  4. Investment portfolios — Vision, Strategic and Financial portfolios, each with a distinct objective under the overarching mandate (official investments pages).

What the mandate is not

This profile does not treat PIF as a passive foreign-exchange reserve manager in the NBIM/ADIA sense alone, nor as a listed operating company. It is a government-owned Fund with a dual mandate of financial returns and national economic transformation. UAO does not invent a sole CIO seat when none is published on the Executive Management page.

Scale & portfolio (official disclosures only, dated)

Headline metrics (YE 2025 / as published)

MetricFigureSource
AuMSAR 3,396 billionPIF Annual Report 2025
AuM (USD framing)Over / exceed US$900 billionHomepage; 17 Aug 2026 press
Annualized TSR since 20175.8%AR2025; press
Employees3,321AR2025
Share of Saudi non-oil GDP (2025)11%Homepage; press
Cumulative non-oil GDP contribution 2021–2025>US$342 billionHomepage; press
Domestic investments 2021–2025>US$199 billionHomepage; press
2025 revenueUS$120 billion (+9% YoY)17 Aug 2026 press
2025 net profit (press USD)US$17 billion (more than doubled)17 Aug 2026 press
2025 Group profit for the year (SAR)SAR 65,187 millionFS2025 changes in equity
Total equity YE 2025SAR 2,629,072 millionFS2025
Group total assets (Note 38 sum)SAR 4,541,038 million (~SAR 4.54T)FS2025 maturity analysis
International investmentsSAR 663 billion (+12% in 2025)AR2025 Governor statement

Disclosed: AuM, TSR window, portfolio structure, giga-project narratives, funding/ratings, IFRS consolidated statements, strategy PDFs, leadership rosters.

Not disclosed as a single CIC-style public holdings file in opened pages: full security-level global holdings dump; a sole CIO title; an official USD AuM point estimate beyond the “>$900bn” framing.

Three portfolios

PIF maintains a portfolio structure comprising three portfolios — Vision Portfolio, Strategic Portfolio, and Financial Portfolio — each with a distinct objective, all serving the overarching PIF mandate (homepage / investment-portfolios pages).

Governance & leadership

Under the chairmanship and guidance of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Board oversees long-term strategy, investment policy and performance. The Governor and Executive Management cascade proposals through committees to the Board.

Other board and executive names appear in the roster sections below without person SSR links where UAO pages were not verified for this ship.

Investment philosophy & 2026–2030 strategy

The official strategy page frames 2026–2030 as a shift from growth to realization: developing globally competitive ecosystems, unlocking the full potential of strategic assets, maximizing long-term returns, and enabling private-sector engagement. PIF describes moving from being the primary engine of growth toward architect and steward of platforms that enable others to scale.

Strategic objectives listed on the strategy page (seven objectives) include catalyzing ecosystems, actively managing strategic assets, maximizing long-term risk-adjusted returns, securing a resilient funding base, and related execution themes — researchers should download the Strategy 2026–2030 PDF for the full official wording.

AR2025 Governor statement emphasizes delivery of the 2021–2025 strategy objectives and positions the next phase around sustained value realization, competitive ecosystems, unlocking asset potential, maximizing long-term returns, and operational excellence — contributing to Vision 2030.

Climate / ESG / sustainability & green finance

PIF publishes a Green Finance Framework and Allocation & Impact reporting under the Investors hub, and AR2025 includes a Sustainability Review chapter. The 17 August 2026 press highlights a debut euro-denominated green bond and continued funding diversification. AR2025 Governor statement cites a 100% score in Global SWF Governance, Sustainability and Resilience (GSR) rankings in 2025 (versus 28% in 2020) and continued adherence to the Santiago Principles, plus compliance language around Global Investment Performance Standards (GIPS) for performance disclosure and reporting.

This profile folds official sustainability and green-finance language rather than inventing financed-emissions totals or exclusion lists not opened in primaries.

Performance & reporting

Primary reporting stack opened for this profile: Annual Report 2025 (Scaling Impact / Creating Prosperity), Annual Report 2024, IFRS consolidated financial statements 2022–2025 on pif.gov.sa, Strategy 2026–2030 PDF, Capital Markets Program offering circulars and green-bond impact/assurance PDFs, credit-rating PDFs, and the 17 August 2026 results press release with embedded official video.

Performance framing centres the 5.8% annualized TSR since 2017 and the 2025 P&L commentary in the press (dividends and financial-investment returns positive; some asset valuations down amid markets and long-term local transformation investments).

Controversies & debates

Official attributable framing first: PIF presents itself as a dual-mandate Vision 2030 investor combining financial returns with national economic transformation, publishing audited IFRS statements, credit ratings, Santiago self-assessment materials, and annual reports.

Secondary press / public debate (labeled, not invented by UAO): global media coverage of Saudi giga-projects, sports and entertainment acquisitions, and geopolitical scrutiny of SWF political exposure is widespread. This elite profile does not adjudicate those debates; researchers should separate official filings from secondary commentary and avoid treating league-table AUM estimates as PIF AuM.

Timeline (annotated official milestones)

  • 1971 — Established under Royal Decree No. M/24 (history page; FS Activities note).
  • 2014 — Royal Decree M/62 expands investment authorities (FS Activities).
  • 2015 — Resolution 270; CEDA stewardship; Crown Prince becomes Chairman (history; FS).
  • 2017 — PIF Program (2018–2020) announced; Future Investment Initiative launched (history timeline).
  • 2019 — New bylaw introduced (history timeline).
  • 2021 — Investment Strategy and Vision Realization Program (2021–2025) announced (history).
  • 2025 — YE AuM SAR 3,396bn; international offices Paris/Beijing/Shanghai; HUMAIN and Expo 2030 Riyadh Company launches (AR2025 / press).
  • 2026 — Strategy 2026–2030 value-realization phase; 17 Aug 2026 results press for FY2025; FS approved by Board 29 June 2026G (FS cover note).

Governor statement depth (Annual Report 2025)

Folded from the Governor’s Statement pages of the PIF Annual Report 2025 (opened PDF text).

PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements PIF Strategy 2026-2030 PIF has now set out the next phase of its long- term strategy, PIF’s 2026-2030 strategy, which The portfolio structure provides clarity on how capital is deployed and how performance is How the strategy is structured: provides a roadmap to 2030 and beyond.

assessed, reflecting different risk-return profiles. Three distinct portfolios structure how capital is allocated, governed and measured, It enables PIF to balance financial returns, superseding investment pools in place between 2021 and 2025 and ensuring clarity The Value Realization Phase strategic priorities and long-term national of purpose, disciplined deployment and alignment with PIF's long-term mandate.

objectives within a coherent framework. Over the next five years, PIF will continue to deliver on its Vision 2030 four direct objectives Integrated Value Realization through by focusing on four strategic pillars to: Ecosystems Invests in and catalyzes the development of six integrated Vision economic ecosystems to capitalize on growing economic 01 Deliver competitive 02 Unlock the full potential of its PIF’s strategy reflects the recognition that long- term value at national scale is created through Portfolio opportunities and drive the next phase of transformation in the ecosystems assets local economy.

integrated economic ecosystems rather than individual assets or isolated sectors. Within 6 01 02 03 03 Maximize long-term 04 Drive operational the Vision Portfolio, ecosystems function as Tourism, Urban Advanced returns excellence and platforms for coordinated value realization.

Travel and Development Manufacturing Ecosystems institutional bringing together anchor assets with enabling Entertainment and Livability and Innovation capabilities infrastructure, operating capability, human (within the Vision Portfolio) capital, technology, supply chains and regulatory serve as the primary engines engagement.

By integrating development, for national development: 04 05 06 Underpinning these pillars is a long-term operations, services and demand creation, Industrials Clean Energy, Water NEOM investment approach focused on building ecosystems enable value to be realized through and Logistics and Renewables a resilient portfolio, backing transformative scale, coordination and specialization, rather Infrastructure global themes, and actively managing assets than through capital deployment alone.

to maximize sustainable national stakeholder value. The ecosystem model defines a clear and expanding role for the private sector. PIF Manages strategic assets to maximize returns, enhance the The 2026–2030 “Value Realization Phase” deploys capital selectively to establish scale, Strategic economic impact of PIF's portfolio companies and support their represents a natural evolution of PIF’s long-term transformation into leading global companies, while continuing de-risk early stages and anchor demand.

Portfolio to invest in high-potential future sectors with returns that respond strategy, as it moves from a period of growth As ecosystems mature, private operators, and acceleration to a new phase of sustained developers, manufacturers, service providers to evolving economic conditions and long-term global trends.

value realization, placing greater emphasis on and investors are positioned to lead delivery, maximizing financial returns, strengthening operations and expansion. investment efficiency and increasing private Maximizes and diversifies sustainable financial returns through sector participation.

Long-Term Outlook Financial investments with leading global investment partners, strengthen- Portfolio ing PIF’s financial position and continuing to grow national wealth During this next phase, PIF will continue to While focused on the upcoming five-year for future generations.

deploy capital strategically and at scale in both period, the 2026-2030 strategy provides a clear local and international markets and maintain its strategic direction for the coming decades. PIF ability to respond to emerging opportunities in will continue to evolve as it advances as one of an ever-shifting global economy.

the world’s leading investors, with a locally and globally diversified portfolio that contributes to A Structured Portfolio Approach long-term national wealth creation. PIF’s unique From Sectors to Ecosystems mandate will remain to drive the economic To deliver on its strategic objectives under transformation of Saudi Arabia and generate Prioritizing integrated value realization across six ecosystems, which serve its 2026-2030 strategy, PIF has structured its sustainable financial returns.

as platforms for private investment, innovation and economic complexity. investments into three portfolios, each with distinct strategic objectives that support the delivery of PIF’s unique mandate. 30 31 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Showcasing PIF Building a Global Gaming and To support this ambition, the National Gaming and E-sports Strategy is structured around the development of a complete industry generation platforms, supported by high-quality connectivity, production facilities and purpose- built venues.

Alongside this, the government E-sports Powerhouse platform, spanning game development, publishing, e-sports, infrastructure, technology, investment, regulation and talent. It is designed is deploying funding programs, regulatory frameworks and talent development initiatives to support sustained sector growth and long- to enable the creation of original intellectual term competitiveness.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

At a Glance depth (Annual Report 2025)

Folded from At a Glance / opening portfolio-performance narrative in AR2025.

PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Governor’s Statement growth. The launch of HUMAIN signaled a Red Sea Global expanded its tourism PIF also strengthened its international profile As the technological landscape continued to step-change for the advancement of artificial ecosystem by opening Shura Island, launching through strategic sports partnerships that shift, PIF invested in cutting-edge technologies intelligence (A.I.) capabilities in Saudi Arabia.

Red Sea Residences and gaining international combine global reach with technology, to reshape its operating models and drive Progress within the King Salman Automotive recognition for the Shebara Resort, which TIME sustainability and talent development. In tennis, performance.

AI has now been integrated Cluster supported the development of a magazine named as one of the world’s greatest the launch of ATP Tennis IQ Powered by PIF across key business functions, including localized automotive ecosystem, which is set to places of 2025. expanded access to advanced performance valuation, reporting and portfolio optimization, become a major center for the sector, bringing analytics for professional players across the to enhance decision-making and operational together the headquarters and manufacturing Qiddiya reached major milestones with the ATP Tour and ATP Challenger Tour.

In golf, efficiencies across the investment lifecycle. facilities of local and international companies, opening of Six Flags Qiddiya City, and official PIF became title partner of the PIF Global including Ceer and Lucid, alongside joint opening of playmaker studios at Qiddiya city, Series, elevating women’s golf through a five- Unlocking the Next Phase of Growth ventures with global manufacturers such as marking the launch of Saudi Arabia’s newest tournament international circuit, while PIF’s Hyundai Motor Company and Pirelli.

state-of-the-art film production hub, as well as expanded partnership with Formula E delivered PIF has successfully delivered on the objectives other major new global partnerships across STEM and sustainability education to more than of its 2021–2025 strategy. As PIF enters its next entertainment and sport.

phase, the PIF 2026-2030 strategy will focus PIF also launched Expo 2030 Riyadh Company 50,000 students across Saudi Arabia, the U.S. on sustained value realization by delivering to build the infrastructure for and operate and the U.K. ROSHN Group continued to scale its residential competitive ecosystems, unlocking the full Saudi Arabia’s first world expo and preserve its potential of PIF’s assets, maximizing long-term long-term legacy, creating a new platform for developments, expanding its footprint across Driving institutional excellence and long- returns, and driving operational excellence sustainable tourism, urban development and key cities and strengthening its position as term resilience and institutional capabilities.

These efforts economic impact. Saudi Arabia’s most valuable real estate brand, will contribute to achieving the objectives of while contributing to the national goal of From 2021 through 2025, PIF’s institutional Saudi Vision 2030 and support the Kingdom’s Through the launch of King Salman Gate in increasing home-ownership to 70%.

development remained a core pillar of continued leadership and development across Makkah, RUA AlHaram AlMakki Company is its progress, further bolstering corporate a wide range of sectors.. redefining integrated urban development by Extending global reach and strategic governance, transparency and sustainability creating a transformative mixed-use destination practices, culminating with a 100% score in the I would like to express my deepest gratitude to partnerships that enhances the experience of visitors to the Global SWF Governance, Sustainability and the Custodian of the Two Holy Mosques, King Holy Mosque while contributing to the city’s PIF deepened its international presence in Resilience (GSR) rankings in 2025, compared Salman bin Abdulaziz Al Saud, and to His Royal 2025 through targeted investments, strategic to 28% in 2020.

Highness Prince Mohammed bin Salman bin long-term development ambitions. partnerships and a growing global footprint Abdulaziz Al Saud, Crown Prince, Prime Minister PIF’s global reputation was also further and Chairman of PIF. Their wise leadership Delivering progress on Giga-projects across key markets resulting in a 12% growth strengthened as the world’s most valuable continues to guide PIF’s transformation and in its international investments, reaching ª 663 long-term vision.

Giga-projects continued to demonstrate billion. The opening of three new PIF offices sovereign wealth fund brand for the second tangible strategic progress. Neom continued in Paris, Beijing and Shanghai strengthened year running. At the same time, PIF continued I also extend my appreciation to the Board of to advance delivery of Oxagon as the primary our relationships in Europe and China, while to adhere to the Santiago Principles, which Directors, executive team, employees, partners economic and industrial engine of the Neom agreements with global institutions, including reflect PIF’s commitment to transparency and and stakeholders, whose commitment and region, as it continues to develop a world-class Goldman Sachs asset management and good governance, and maintained compliance dedication drove this year’s progress.

port, an integrated industrial zone, advanced Macquarie asset management, facilitated with Global Investment Performance Standards data centers and renewable energy facilities. knowledge transfer, capability development and for best practice investment performance Looking ahead, PIF moves into the future NEOM made progress through large-scale the expansion of investment opportunities.

disclosure and reporting. with a clear sense of direction, determination infrastructure and technology initiatives and and purpose. By harnessing innovation, Sustainability remained embedded across strengthening performance and expanding its the progression of the NEOM Green Hydrogen These partnerships reflect an integrated the portfolio, supported by more than ª 33.75 global impact, PIF is positioned to shape the Project, which surpassed 90% completion global approach, where PIF deploys capital billion in allocated green bond proceeds next phase of Saudi Arabia’s growth and create following ª 31.55 billion in investments.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Vision Realization Program 2021–2025 depth

Folded from AR2025 year-in-review / VRP chapter text.

PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Portfolio Review PIF’s strong growth and investment performance have been supported by disciplined capital allocation and a focus on continuous innovation. As one of the world’s leading sovereign wealth funds, PIF has established a growing presence across the Saudi economy and global markets, reflecting the scale and impact of its investment activity.

Accordingly, PIF’s portfolio spans a broad range of sectors, asset classes and geographies, supporting financial performance, strengthening portfolio resilience, enabling innovation, advancing economic diversification and creating long-term value. PIF has a unique mandate to generate As of December 31, 2025, PIF recorded an sustainable financial returns and drive the average annual total portfolio return of 5.8% economic transformation of Saudi Arabia.

since the launch of the Vision Realization Accordingly, the impact of PIF’s investments Program in 2017. This performance reflects the extends beyond financial outcomes, contributing contribution of domestic investment growth, to industry development, expanding economic expansion of the international portfolio and the opportunity and supporting improvements in continued development of strategic partnerships quality of life in Saudi Arabia, while reinforcing that support long-term value realization.

structural transformation across multiple sectors. Annual average total portfolio return 5.8% since VRP inception 42 43 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Performance Review Between 2021-2025, PIF’s extensive and strategically diversified portfolio has been structured Aligned with its 2021-2025 Strategy and Saudi Vision 2030, PIF’s investment approach has been across six dedicated investment pools, supported by the International Capital Markets guided by a defined set of principles that underpin sustainable growth and long-term value Program and the Treasury Pool.

This framework has enabled disciplined capital deployment creation. These principles shape how capital is allocated, how opportunities are developed and how investments contribute to broader economic progress. These principles are as follows: across domestic priorities and global opportunities, ensuring a coordinated approach to portfolio management throughout sectors, asset classes and geographies.

Diversifying and enhancing Transforming the domestic Enabling some of the wealth by investing across economy through cornerstone world’s most innovative and a balanced and broad investments in projects and transformational sectors portfolio to increase return on companies in four domestic and companies in PIF’s investments.

investment pools. inter national investment pools, as a global investment powerhouse. Saudi Real Estate International Saudi Equity Saudi Sector and Infrastructure Saudi Strategic International Holdings Development Development Giga-Projects Investments Diversified Pool 1 2 3 4 5 6 44 45 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Performance Review Performance Review 2025 Gross assets Gross assets Gross assets under management1 under management1 under management1 2023 2024 2025 ª 2,871 BN2 ª 3,434 BN3 ª 3,396 BN3 Percentage Percentage Percentage ª BN of AuM ª BN of AuM ª BN of AuM International International International Strategic Investments 249 9% Strategic Investments 277 8% Strategic Investments 340 10% International Investments International International International ª 663 BN 146 5% 184 5% 220 6% Diversified Pool Diversified Pool Diversified Pool 20% International Capital International Capital Markets International Capital Markets Program 190 7% Program 130 4% Markets Program 104 3% Local Investments Saudi Equity Holdings 777 27% Saudi Equity Holdings 1,236 36% Saudi Equity Holdings 1,108 33% ª 2,570 BN Saudi Sector Development 943 33% Saudi Sector Development 1,043 31% Saudi Sector Development 986 29% 76% Saudi Real Estate and Saudi Real Estate and Saudi Real Estate and Infrastructure Development 233 8% Infrastructure Development 242 7% Infrastructure Development 249 7% Treasury Saudi Giga-Projects 241 8% Saudi Giga-Projects 211 6% Saudi Giga-Projects 227 7% ª 133 BN 4% Treasury 72 3% Treasury 81 2% Treasury 133 4% 1.

Totals may not be identical to sums due to rounding. With ª 3,396 billion under management, PIF’s diversified portfolio of investments 2. PIF’s AuM includes receivables from other parties worth ª 20 BN. is comprised of 20% international investments and 80% local investments 3.

PIF’s AuM includes receivables from other parties worth ª 30 BN. (including Treasury Pool). 46 47 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Performance Review PIF’s investments have been spread over a wide range of industries and, according to the Global Industry Classification Standard (GICS), they are represented as follows: Energy Real Estate Communication Services 28% 15% 10% Total shareholder’s return since VRP inception (per annum)1 Information Technology Utilities 5.8% Financials 9% 6% 4% Materials Industrials Consumer Discretionary 5% 4% 2% Consumer Staples Healthcare Unclassified2 1% 0.4% 15% 1 The total shareholder returns since the start of the VRP on September 30, 2017, until the end of 2025 (on an annual basis).

2 Unclassified represents multisector funds/mandates, and cash and money markets. 48 49 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Local Investment Pools Saudi Equity Holdings (SEH) PIF plays a central role in advancing the growth of established and high-potential Saudi businesses through targeted investments that strengthen key industries and further enhance national economic competitiveness, while delivering strong and sustainable returns.

Through the SEH investment pool, PIF has supported companies that contribute to economic expansion and encourage innovation and the rise of now regional and global champions in their sectors, in alignment with the broader transformation objectives of Saudi Vision 2030.

As a catalyst for sector development, SEH has connected businesses, industries and national priorities, ensuring Saudi companies have access to the capital and strategic support required for them to expand and evolve. The portfolio includes more than 15 publicly listed Saudi and MENA companies with a combined market capitalization of over ª 994 billion, alongside investments in local funds focused on Saudi-listed equities.

SEH has been structured to support value realization by enabling businesses to scale operations, pursue innovation and strengthen their competitive positioning regionally and globally. By supporting both public and private market activity, PIF contributes to the continued development of Saudi Arabia’s financial markets and long-term economic growth.

Representing 33% of PIF’s Total AuM PIF’s SEH investment pool consists of over 15 publicly listed Saudi companies with a combined market cap of over ª 994 BN 50 51 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Local Investment Pools Saudi Sector Development (SSD) PIF is advancing the development of Saudi Arabia’s economic landscape by building competitive industries, supporting innovation and strengthening long- term resilience.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Strategy 2026–2030 depth

Folded from AR2025 strategy chapter and the official Strategy 2026–2030 PDF front matter / strategy site copy.

PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Local Investment Pools Sela Company continued to demonstrate its The Saudi Egyptian Investment Company capabilities in global entertainment and major continued to actively manage and grow its event management.

The company organized investment portfolio. During the year, the several world-class sporting events, including company completed its investment in CIRA a record-breaking boxing events, in Las Vegas Education, Egypt’s largest private education attended by more than 70,000 spectators and provider, securing a significant ownership viewed by over 40 million viewers worldwide stake.

It later announced the sale of its stake in on Netflix. Sela also hosted additional global Alexandria Container & Cargo Handling to AD sports events in Riyadh and reported strong Ports Group. financial performance with significant year-on- year revenue growth reinforcing its position Zamil Offshore Services Company maintained as a leading organizer of major international strong financial and operational growth entertainment and sporting events.

Furthermore, while expanding its maritime capabilities. the company’s venues attracted a total of over The company reported continued increases 27 million visitors in 2025 in Riyadh and Jeddah. in revenue and net profit and significantly expanded. Zamil Offshore also extended its The Helicopter Company (THC) expanded its international footprint through the acquisition fleet to over 60 helicopters in 2025 providing a of Norway’s Remøy Shipping, marking its entry range of services including air medical, aerial into the Norwegian offshore services market.

services, air charter and scenic tours across 20 bases throughout Saudi Arabia. During 2025, the company had several highlights, the acquisition of a 76% stake in Heliconia, a leading African rotary-wing aviation operator, expanding into the offshore oil and gas transportation market internationally, and was awarded Excellence in Air Ambulance Services by Aviation Achievement Awards recognizing THC’s strong delivery in saving over 6,500 lives since the Air Medical program’s launch.

THC also continues to develop local talent through its training program with over 100 Saudis who have successfully completed the program and joined the company. 58 59 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Local Investment Pools Saudi Real Estate and Infrastructure Development (SREID) SREID Highlights in 2025 King Abdullah Financial District (KAFD) became home to global firms establishing regional PIF is catalyzing the transformation of Saudi Arabia’s real estate and infrastructure The growing scale and diversity of PIF’s SREID headquarters in Riyadh, including PepsiCo, BNP landscape with targeted investments that support economic diversification and investments across mixed-use developments, Paribas, Bain & Company and FTI Consulting.

KAFD enhance quality of life, in alignment with Saudi Vision 2030. Through the SREID tourism, infrastructure and urban transformation hosts over 140 companies, including 20 regional investment pool, PIF has invested in large-scale initiatives that unlock the potential during 2025 highlight its key role in shaping headquarters, and contributes approximately of urban development and critical infrastructure across the country.

integrated resilient destinations across the nation. ª 9.39 billion to Saudi Arabia’s GDP, with projections of reaching ª 32.68 billion by 2030. With AuM exceeding ª 249 billion as of year-end 2025, SREID has focused on Adeera advanced its role as a national hospitality The district advanced its smart city capabilities optimizing land utilization, increasing the value of PIF’s land bank and advancing platform through multiple strategic partnerships, through strategic partnerships with Samsung and major infrastructure projects that support economic growth.

By developing including agreements with the Architecture and Huawei and further reinforced its sustainability residential and tourism destinations and attracting investment from leading domestic Design Commission and the Ministry of Tourism leadership with three LEED Platinum certifications.

and international real estate companies, PIF contributes to creating high-quality to strengthen cultural integration and sector KAFD also achieved a Guinness World Record urban environments that support long-term prosperity. capabilities. The company also expanded its for the Largest Continuous Pedestrian Skyway operational footprint by signing hotel management Network in the world, reflecting its growing global These real estate and infrastructure initiatives foster sustainable commercial agreements, including for KAFD Hotel in Riyadh, recognition and scale of delivery.

expansion, generate new investment opportunities and strengthen local economic and partnering with Qiddiya Investment Company activity. By helping to develop future-ready cities and communities, PIF continues to operate a portfolio of hotels across Qiddiya City.

New Murabba Development Company to support a more connected and globally competitive Saudi Arabia. progressed construction and development of Jeddah Central Development Company continued the project and surrounding assets, completing development across its flagship destination 1,226 foundation piles and advancing key design and landmark construction, progressing on the approvals across major components of the construction of the Opera House, the Oceanarium project.

The company also completed the Ibtikar and the Stadium, which is scheduled to host Hub, launched initiatives to optimize infrastructure matches in the 2034 World Cup. The company and began monetizing land through its first also completed marine infrastructure works for approved transactions.

Phase 1, including beaches, a marina and island development. Additionally, the company secured Soudah Development Company advanced early- strategic hospitality partnerships through the stage development at Soudah Peaks. It completed ª 249 BN announcement of the signing ceremony for three Phase 1 restoration works on Sheikh’s Fortress, deals with the private sector to develop and preserving cultural heritage while supporting the operate a resort and two hotels under global destination’s long-term positioning within Saudi (an increase of 2.9% in AuM brand names, with a combined 921 hotel keys Arabia’s luxury mountain tourism offering.

compared to the previous year) and 390 branded residences. This included the announcement of a partnership with Midad Real Rua Al Haram Al Makki Company launched Estate and Kerzner International to develop the King Salman Gate, its transformative multi-use Representing 7% of One&Only Jeddah Hotel and Private Homes.

The development in the Holy City of Makkah, which PIF’s Total AuM company is fully focused on achieving its vision to was announced by His Royal Highness Prince present the Jeddah Central destination as a gift to Mohammed bin Salman bin Abdulaziz Al Saud, Jeddah residents and visitors.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Performance review depth

Folded from AR2025 Performance Review pages.

PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Treasury Pool (Non-Investment Pool) As the custodian of PIF’s liquidity, the Treasury Pool plays an essential role in balancing risk management with the effective deployment of capital to support sustainable returns.

Through a disciplined approach to liquidity management, it ensures that financial resources remain available to advance long-term strategic priorities while helping to mitigate exposure to market volatility. PIF’s Treasury function supports PIF’s broader investment and growth objectives by optimizing liquidity within defined benchmarks and investment parameters.

Ongoing monitoring and forward-looking forecasting enable the Treasury Pool to anticipate funding requirements and maintain capital readiness, strengthening PIF’s financial resilience and operational agility. The Treasury Pool’s investments are guided by the following principles: • Preserve capital by investing in assets with low probability of principal loss.

• Manage PIF’s liquidity to meet discretionary and non-discretionary financial obligations identified through budgeting and cash flow management. • Minimize foreign currency exposure risk by optimizing investments in Saudi Riyals, U.S. Dollars and other recognized reserve currencies.

PIF’s Treasury investments are categorized into three liquidity tiers, with distinct investment guidelines for each tier and its sub-components. • Tier 1: Working capital portfolio. • Tier 2: Medium-term investments. • Tier 3: Investments in bonds, loans and sukuk in local markets.

ª133 BN (an increase of 64.2% in AuM compared to the previous year) Representing 4% of PIF’s Total AuM 82 83 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Sustainability Review Sustaining Long-Term Value through Responsible Investment Sustainability is embedded in how PIF delivers long-term value.

It shapes investment decisions, strengthens resilience and supports durable economic growth. As a long-term investor with a broad and evolving portfolio, PIF integrates sustainability considerations across its activities to support responsible capital deployment, enhance risk management and advance outcomes that contribute to environmental stewardship, social progress and sound governance.

This approach aligns closely with Saudi Vision 2030 and PIF’s own strategic direction, reinforcing sustainability as a core component of long-term value realization. A Strategic Approach to Sustainable Impact By embedding sustainability considerations into Sustainability is firmly established within PIF’s due diligence, performance assessment and operating model and investment processes.

PIF active ownership practices, PIF supports more has taken a structured approach to portfolio informed allocation of capital and strengthens oversight and engagement. More than 100 long-term portfolio resilience. portfolio-company sustainability assessments have been conducted as part of the MENA PIF is building on sustained progress and shareholder opinion process, covering 88 continues to advance a cohesive sustainability individual portfolio companies and representing framework that promotes disciplined investment, approximately 70% of the MENA portfolio.

In effective stewardship and long-term impact. 2024 and 2025 alone, PIF engaged with portfolio These efforts position sustainability as an companies more than 100 times through integral enabler of future development in line webinars, meetings, one-on-one sessions and with PIF’s strategic direction toward 2030.

other forums, addressing topics including the development of sustainability strategies, setting PIF continues to drive sustainable value across of priorities, introduction of reporting and its ecosystem by effectively delivering its alignment with net-zero goals.

Sustainability and Net-Zero Transition strategies, aligning its investments with environmental This structured engagement and oversight stewardship, social impact and sound reflects a broader commitment to integrating governance. sustainability into investment decisions and portfolio management.

Sustainability Pillars 1 Pillar: 2 Pillar: 3 Pillar: Sustainability Strategy Sustainability and Sustainability Performance and Policy Engagement Management Defining the strategic and Advancing sustainability Measuring, monitoring and policy framework that guides leadership through active enhancing sustainability sustainability integration s t e w a r d s h i p, global performance across PIF’s across PIF’s portfolio and collaboration and portfolio- portfolio to support disciplined investment activities.

wide engagement. investment and long-term value realization. 84 85 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Sustainability Review Strategic Progress and Performance in 2025 Pillar Sustainability Strategy and Policy In 2025, PIF advanced the execution of its sustainability strategy through a coordinated focus on 1.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Local investment pools depth

Folded from AR2025 Local Investment Pools narrative (giga-projects, national champions, domestic ecosystems).

PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Investing in People, Technology and Relationships Building Capability, Developing Future Alongside the Culture Blueprint, in 2025 PIF PIF Majlis • Guest Speaker: Tony Douglas Talent and Strengthening Culture launched and expanded a number of key Riyadh Air CEO programs designed to support its culture, • Guest Speaker: Jerry Inzerillo Date: July 2025 Throughout 2025, PIF maintained focus on including initiatives focused on AI enablement, Diriyah Company Group CEO strengthening institutional culture, expanding career growth and employee learning and Date: January 2025 • Guest Speakers: Fahad Alsalem, Hani talent pipelines and building workforce development.

These programs equip PIF’s Alsaigh and Omar Shams capability across priority sectors. As PIF people with the skills, tools and opportunities • Guest Speaker: Matteo Berrettini PIF, Tahakom and Diriyah Company continues to grow in scale and complexity, the needed to thrive while supporting PIF’s PIF’s Tennis Ambassador Date: August 2025 organization’s sustained investment in people continued transformation.

Date: February 2025 remains essential for it to deliver long-term • Guest Speaker: Saleh Aloraini strategic objectives and support the national Toward the end of the year, PIF conducted a • Guest Speaker: Bob Wilt Soudah Development CEO development of human capital aligned with comprehensive culture assessment.

The insights Maaden CEO Date: August 2025 Saudi Vision 2030. gathered from this assessment will inform PIF’s Date: May 2025 culture-related priorities and initiatives for 2026, • Guest Speaker: Tareq Amin Through structured culture initiatives, targeted ensuring it strengthens its high-performance • Guest Speakers: Ilga Haubelt and Anne HUMAIN CEO recruitment programs and sector-focused culture and purpose-driven workplace.

Richards Date: November 2025 training partnerships, PIF is developing the talent Fidelity International required to support institutional performance Date: June 2025 Professional Development Initiatives and long-term economic transformation. This approach combines internal capability building • GDP Alumni Development Program with ecosystem-wide workforce development.

• College Preparation Program (admission to leading global and local universities) PIF strengthened its organizational culture • The PIF HEC EMBA during 2025, with the launch of a Culture Blueprint that established a shared foundation • Local part-time MBA sponsorship for how employees work together to deliver on • External training PIF’s ambition.

By articulating PIF’s purpose and • In-house training programs key mindsets, while reinforcing its ‘invested in • Special Development Program better’ principle, the blueprint will guide how • Online learning (eLearning) PIF employees collaborate, innovate and deliver impact.

PIF actively engaged employees across • Mandatory training the organization to bring these mindsets to life, • Professional Qualification Program (Ehtiraf embedding them into everyday ways of working and Beyond Ehtiraf) and reinforcing the behaviors that support its • PIF podcast long-term vision.

• Collaborative programs with internal stakeholders for the aim of cross-departmental capability-building initiatives such as Portfolio Management Development Program and Board Readiness Program 98 99 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Investing in People, Technology and Relationships PIF Workforce Breakdown Talent Development in 2025 3,321 2,054 Total employees Training programs conducted 549 3,354 Training beneficiaries New hires in 2025 85.9% 119 Training providers and partners Saudi employees 14.1% 121 External professional qualifications Non-Saudi employees achieved 34.93% 29 Developing Future Leaders College Preparation Program Female employees The College Preparation Program helps high Ph.D.

obtained Graduate Development Program school students in Riyadh, particularly those The Graduate Development Program remains 65.07% 845 a flagship initiative focused on attracting and developing high-potential Saudi graduates. in Grades 10 and 11, prepare for international higher education.

Through structured academic guidance and targeted preparation, the program Male employees Masters degrees obtained Delivered in partnership with 6 leading strengthens readiness for admission to leading international universities, specialist training global universities and supports long-term 62 163 institutions and a local university, the program equips par ticipants with the technical national human capital development.

In 2025, the program recorded 51 graduates. Nationalities knowledge, professional exposure and sector- GDP program graduates relevant capabilities required to contribute to priority economic sectors. In 2025, the program 51 recorded 163 graduates, continuing its role in preparing future leaders for the national College preparation program economy.

participants 100 101 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements Investing in People, Technology and Relationships Enabling Growth Through Strategic Legal Forum Engagement Bringing together over 600 participants from portfolio companies, law firms, regulators PIF deepened engagement with the private and government entities, the Legal Forum sector, portfolio companies and global partners strengthened coordination, information throughout 2025, with a structured calendar of exchange and talent development across the high-impact forums and institutional platforms.

legal ecosystem. These events served to advance collaboration, capability development and investment Partners’ Series Combined – Human Capital and activation. PMO Awards Over 800 participants engaged in discussions Future Investment Initiative (FII9) on human resources strategy, governance and FII9 reinforced Riyadh’s role as a global operational excellence, promoting knowledge- convening platform for investment, innovation sharing and continuous improvement across and policy dialogue.

Held under the theme “The portfolio companies. Key to Prosperity: Unlocking New Frontiers of Growth,” the ninth edition brought together Governance Knowledge Exchange more than 600 global speakers, 20 heads of The sixth edition brought together over state, thousands of delegates and international 500 participants to address risk, integrity, media at KAICC to translate dialogue into action AI governance and board effectiveness, across capital, technology and policy.

With PIF strengthening governance alignment across PIF, as the founding partner of FII Institute, the event government entities and portfolio companies. reflected PIF’s role in connecting global leaders, investors and innovators around opportunities Real Estate Reimagined that support long-term growth, economic transformation and real-world impact.

More than 300 industry leaders examined the role of technology and AI in real estate Directors’ Gathering development, highlighting innovation that supports smart, sustainable and efficient More than 1,100 directors from PIF’s portfolio communities. companies participated in sessions focused on strategic insight, board effectiveness and institutional alignment, strengthening leadership capability in an increasingly interconnected environment.

PIF FRSA Opening Ceremony PIF inaugurated its Paris subsidiary office, reinforcing engagement with France as a priority market. Held alongside the “Choose France” event, the ceremony was attended by President Emmanuel Macron, H.E. Yasir Al-Rumayyan and senior officials, reflecting PIF’s approach to closer collaboration with global investors and partners.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

International investment pools depth

Folded from AR2025 International Investment Pools / Governor international-reach passages.

Leverage strategic practices across all PIF operations. Facilitate strategy, investment selection, execution, the provision of seamless administrative and planning, innovation and operational excellence a culture of transparency, accountability and management, monitoring and exit.

advisory support to H.E. the Governor. to enhance competitiveness, foster a thriving operational excellence within the organization. business environment, and ensure initiatives MENA Investments Shared Services are in sync with national and international Risk Lead strategic investment initiatives, manage Enable effective operations and ser vice economic trends and that they support long- Manage and oversee the identification, portfolio companies within MENA region, and delivery across PIF through Shared Services term prosperity.

assessment and mitigation of risks within PIF. optimize capital allocation to drive growth Departments including Procurement, Human This includes developing a comprehensive risk and value creation in alignment with PIF Capital, Administration, Digital and Technology, Global Capital Finance management framework, ensuring alignment organizational objectives.

Investments Operations and Records Orchestrate PIF’s global capital financing with strategic goals and maintaining robust Management. activities, including capital finance strategy communication with stakeholders about the risk Local Real Estate Investments development, government asset transfer profile.

Lead PIF’s Local Real Estate (LRE) investment National Development projects, capital raising and structuring, funding strategy and management across different Ensure that PIF delivers Saudi Arabia’s economic advisory, and financial institutions and investor Internal Audit por tfolios; ensure streamlined planning, transformation, in collaboration with a thriving relationship management.

Develop and implement effective internal audit monitoring and technical services for LRE private sector, by building robust sectors with methodology, policies, processes, audit plans investments; and direct the development of deep local value chains and skilled human Corporate Affairs and controls to promote efficiency, reduce risk LRE Market and Commercial Strategy, IPO capital pools.

Guide PIF’s media affairs and external of loss and ensure adequacy, reliability and and monetization plans and consolidation of communications, cor porate brand and integrity of investments, financial statements, macro-economic data and forecasts for LRE Finance marketing, as well as wider corporate affairs, to operational processes and technology investments.

Drive PIF’s financial processes, including protect and enhance PIF’s reputation and drive operations within PIF. financial planning and budgeting, financial strategic engagement with key stakeholders. reporting and consolidation, treasury and liquidity management, financial risk and Legal compliance management and financial Guide PIF’s legal activities including legislative advisory, in addition to technical and functional and judicial legal matters, governance legal capabilities in portfolio performance analytics, matters, investment-related legal matters and valuation and tax and zakat.

PIF’s commercial, contractual and employment matters. 150 151 04 Consolidated Financial Statements We continue to expand our investment and developmental impact, guided by a long-term strategy and a strong financial foundation, enabling PIF to drive economic transformation, advance sustainability, and create lasting value for Saudi Arabia and its partners around the world.

assessed, reflecting different risk-return profiles. Three distinct portfolios structure how capital is allocated, governed and measured, It enables PIF to balance financial returns, superseding investment pools in place between 2021 and 2025 and ensuring clarity The Value Realization Phase strategic priorities and long-term national of purpose, disciplined deployment and alignment with PIF's long-term mandate.

objectives within a coherent framework. Over the next five years, PIF will continue to deliver on its Vision 2030 four direct objectives Integrated Value Realization through by focusing on four strategic pillars to: Ecosystems Invests in and catalyzes the development of six integrated Vision economic ecosystems to capitalize on growing economic 01 Deliver competitive 02 Unlock the full potential of its PIF’s strategy reflects the recognition that long- term value at national scale is created through Portfolio opportunities and drive the next phase of transformation in the ecosystems assets local economy.

integrated economic ecosystems rather than individual assets or isolated sectors. Within 6 01 02 03 03 Maximize long-term 04 Drive operational the Vision Portfolio, ecosystems function as Tourism, Urban Advanced returns excellence and platforms for coordinated value realization.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Giga-projects depth

Folded from the official Giga-Projects page and AR2025 delivery commentary (NEOM, Red Sea Global, Qiddiya, Diriyah, ROSHN and related).

Giga-Projects Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home Our Investments Giga-Projects Giga-Projects The Giga-Projects are designed to stimulate the economy and their benefits are expected to expand significantly beyond the real estate and infrastructure sectors, helping to diversify the economy away from oil, especially given their sheer scale.

NEOM NEOM is evolving as a groundbreaking living laboratory, pioneering entrepreneurship and innovation to shape a transformative future. Encompassing 26,500 square kilometers, NEOM will operate entirely on renewable energy, fostering a diverse and talented community that delivers globally impactful solutions.

In alignment with Vision 2030, NEOM's circular economy, zero-carbon approach and innovative design will redefine urban living, promoting sustainability and improving overall quality of life. Explore more Qiddiya Led by Qiddiya Investment Company (QIC) launched in 2018, this transformative Giga-Project is the world's first city built entirely for play, shaping a new era of entertainment, sports and culture.

Qiddiya City is poised to redefine global destination cities, offering residents, visitors and industry professionals opportunities through innovative and immersive experiences. Spanning more than 360 square kilometers, Qiddiya City is a global hub to live, play, work, shop and explore, unlocking new avenues for growth and enriching the lives of Saudi Arabia's dynamic youths.

Explore more Red Sea Global Launched in 2018, Red Sea Global (RSG), developer of two of the world’s most ambitious regenerative tourism projects, The Red Sea and Amaala, is putting people and the planet first. The Red Sea, covering 28,000 square kilometers, is surrounded by the world's fourth-largest barrier reef system.

By 2030, the number of visitors will be capped at one million annually. A cornerstone of Vision 2030, RSG's mission is to diversify the Saudi economy by providing employment opportunities in tourism and hospitality while enhancing the country’s rich cultural heritage.

Explore more ROSHN Group ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer, serves as a key enabler of Saudi Vision 2030. Transforming urban landscapes and developing integrated, human-centric communities and destinations that enhance connectivity and elevate the quality of life across Saudi.

It places sustainability and innovation at the forefront of its priorities, creating an integrated and harmonious lifestyle within its developments. The Group continues its commitment to supporting the realization of Vision 2030 objectives through its active participation in the Housing Program, Quality of Life Program and PIF Program.

The Group has expanded its real estate portfolio to include retail, sports and hospitality sectors. Explore more Diriyah Company Launched in 2023, Diriyah Company is dedicated to developing Diriyah, the ancestral home of the Al Saud royal family, which includes a UNESCO World Heritage Site.

Proudly offering a blend of cultural, historical and tourism landmarks, Diriyah Company presents 300 years of Saudi Arabia's rich history to a global audience. Diriyah Company aligns with PIF’s strategy to focus on unlocking the capabilities of promising sectors, including tourism and culture to support Saudi Arabia’s position regionally and internationally.

Explore more Continue Browsing Our Portfolio Become a Supplier Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية 日本語 Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 PIF Annual Report 2025 About PIF Strategic Review Governance Review Consolidated Financial Statements PIF Strategy 2026-2030 PIF has now set out the next phase of its long- term strategy, PIF’s 2026-2030 strategy, which The portfolio structure provides clarity on how capital is deployed and how performance is How the strategy is structured: provides a roadmap to 2030 and beyond.

assessed, reflecting different risk-return profiles. Three distinct portfolios structure how capital is allocated, governed and measured, It enables PIF to balance financial returns, superseding investment pools in place between 2021 and 2025 and ensuring clarity The Value Realization Phase strategic priorities and long-term national of purpose, disciplined deployment and alignment with PIF's long-term mandate.

objectives within a coherent framework. Over the next five years, PIF will continue to deliver on its Vision 2030 four direct objectives Integrated Value Realization through by focusing on four strategic pillars to: Ecosystems Invests in and catalyzes the development of six integrated Vision economic ecosystems to capitalize on growing economic 01 Deliver competitive 02 Unlock the full potential of its PIF’s strategy reflects the recognition that long- term value at national scale is created through Portfolio opportunities and drive the next phase of transformation in the ecosystems assets local economy.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Three-portfolio structure depth

Folded from investment-portfolios / our-investments official site copy.

Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Investment Portfolios PIF’s investment portfolios deliver financial returns, unlock strategic value, and catalyze ecosystem growth. Home Our Investments Investment Portfolios Three portfolios, one vision With three distinct portfolios, PIF strengthens national champions, connects key industries, and positions Saudi Arabia for long-term economic impact on a global scale.

Integrated ecosystems Vision Portfolio The Vision Portfolio invests in and catalyzes six ecosystems, connecting strategic sectors, leveraging cross-sector synergies, and unlocking opportunities for private capital to invest alongside PIF in Vision Portfolio companies.

Explore more Growth with Purpose Strategic Portfolio The Strategic Portfolio actively manages key strategic assets, maximizing opportunities, building strategic partnerships, and scaling national champions to connect them with global markets. Explore more Strength in Every Investment Financial Portfolio The Financial Portfolio maximizes risk-adjusted returns through thematic investments, delivering resilient value and building strategic international relationships that expand access to global opportunities.

Explore more Continue Browsing Our Strategy Our Investments Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية 日本語 Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 Our Investments Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Our Investments PIF invests with discipline and conviction, creating long-term value through strategic partnerships and patient, impactful capital. Home Our Investments Investing with purpose By prioritizing opportunities that drive economic diversification and long-term value creation, PIF delivers on its commitment to creating new opportunities and partnerships, enabling private sector participation and reinforcing Saudi Arabia’s global competitiveness.

View our Investment Portfolios Giga-Projects PIF's Giga-Projects are redefining what's possible — stimulating the economy and catalyzing growth far beyond real estate and infrastructure. Designed at an unprecedented scale, they are accelerating Saudi Arabia's diversification and positioning Saudi as a global destination for innovation, tourism, and culture.

Learn more How PIF invests Scale with purpose Investing at scale, when guided by purpose, maximizes long-term value for Saudi Arabia. Active ownership Close collaboration with portfolio companies drives sustained value creation through strong governance and continuous improvement.

Patient capital Deploying long-term capital strengthens risk-adjusted returns across market cycles and supports durable outcomes. Conviction and selectivity PIF invests with conviction in high-priority themes and sectors, generating superior returns and lasting economic impact.

Catalyzing ecosystems National investments build integrated ecosystems and create opportunities for the private sector to invest alongside PIF portfolio companies. Partnerships that deliver Strategic partnerships with industry leaders expand capabilities, crowd in capital through co-investments and joint ventures, and accelerate national scale outcomes.

Investment Portfolios PIF maintains a portfolio structure comprising three portfolios, each with a distinct objective and all serving the overarching PIF mandate. Vision Portfolio Strategic Portfolio Financial Portfolio Integrated ecosystems PIF has moved from being the primary engine of growth to serving as the architect and steward of platforms that enable others to scale, directing investment across six interconnected ecosystems.

Learn more Our Governance and Investment Decisions A governance framework aligned with international best practices and the Santiago Principles underpins PIF Strategy 2026–2030. Robust risk management and disciplined capital allocation guide investment decisions, while transparency and stakeholder engagement are ensured through regular reporting and adherence to leading governance and sustainability standards.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Governance & investment decisions depth

Folded from the Governance and Investment Decisions page and related leadership governance wording.

Governance and Investment Decisions Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Our Governance and Investment Decisions PIF has developed and implemented a multi-faceted, world-class governance model to guide our domestic and global investment strategy and ensure the funds entrusted to us are well managed.

PIF Law 1.2 MB Home Our Investments Governance and Investment Decisions Investment Decisions The Fund monitors the performance of the portfolio companies by exercising its rights as a shareholder to maximize returns for all investors and achieve its strategic objectives.

The Fund undertakes a clear, methodical, and professional mechanism when selecting its investment verticals, as it relies on an investment policy specific to each ecosystem, and clarifies the investment aims of each of its portfolios. These mechanisms also offer necessary details such as permissible assets, assigned targets, key performance indicators, and risk tolerance.

Governance Framework At the institutional level, PIF reports to the Council of Economic and Development Affairs. It has a public legal personality, as well as financial and administrative independence. Different administrative levels are interconnected under the supervision of the PIF Board of Directors to ensure transparent communication, effective work and significant progress to achieve specific and clear results.

Appointments of PIF Board of Directors Formation of Board Committees Appointments of PIF Executive Management Formation of Executive Management Committees Information that should be disclosed to the public External Investment Manager Selection PIF aims to generate value through a focused and diligent selection of investments in funds that are consistent with our long-term investment roadmap and strategic asset allocation.

Learn more Santiago Principles Santiago Principles are a set of 24 generally accepted principles and practices (GAPPs) related to institutional governance and risk management frameworks of sovereign wealth funds (SWFs). By adhering to the Santiago Principles, SWFs can enhance their credibility, strengthen investor trust, and contribute to sustainable economic growth.

The International Forum of Sovereign Wealth Funds (IFSWF) is an organization of global sovereign wealth funds entrusted to serve as a guide for its members towards aligning their practices with the Santiago Principles in a voluntary manner. Though not a member of the IFSWF, PIF adopted the GAPPs wholeheartedly and fortified its commitment to the Santiago Principles through the publication of a self-assessment report, demonstrating alignment of its governance practices, risk management framework, and internal policies with all respective principles.

This showcases the Fund’s determination to support and implement these principles and practices as part of its efforts to achieve the highest standards of excellence. Santiago Principles Self-Assessment Report 35.63 MB Global Investment Performance Standards (GIPS®) Demonstrating its ongoing commitment to global governance best practices, PIF implemented voluntary compliance with CFA Institute’s Global Investment Performance Standards (GIPS®), which encompass all of its activities.

Learn more Continue Browsing Our Portfolio Giga-Projects Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية 日本語 Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 Our Leadership Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home Who We Are Our Leadership Our Leadership Members of the Board The Executive Management Members of the Board Under the chairmanship and guidance of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Board is responsible for overseeing PIF’s long-term strategy, investment policy and performance.

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud Crown Prince, Prime Minister Chairman of the Council of Economic and Development Affairs Chairman of the Public Investment Fund H.E. Dr. Ibrahim Abdulaziz Al-Assaf Minister of State and member of the Saudi Council of Ministers H.E.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Capital markets & funding depth

Folded from the Capital Markets Program page (funding strategy at Fund and portfolio-company levels).

Capital Markets Program Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home Investors Capital Markets Program Capital Markets Program PIF is an active player in global debt capital markets and maintains strong relationships with the world’s leading institutional investors and financial institutions.

Through its Capital Markets Program, PIF has built a flexible and diversified funding platform to support its investment strategy, liquidity management and market presence objectives. Under this program, PIF has issued a wide range of debt instruments across different currencies, maturities and formats, including conventional bonds, sukuk and green bonds.

Such issuances help PIF raise funding from a broad investor base. They include landmark transactions including the first issuance of a green bond from a sovereign wealth fund and the first issuance globally of a century green bond. PIF’s Capital Markets Program forms part of its wider funding strategy under PIF’s 2026-2030 strategy.

Through this strategy, PIF leverages a range of funding sources, including organic sources such as dividends, retained earnings from investments and monetizations; external sources such as loans and debt instruments; and government-related sources. PIF’s funding strategy is based on disciplined financial principles , helping it to maintain a strong balance sheet throughout all phases of its investment cycle.

This approach provides PIF with flexibility through market cycles, including periods of volatility. Further information about PIF regulatory filings can be found on the LSE website: Consolidated Financial Statements and Independent Auditor’s Report 2023 Consolidated Financial Statements and Independent Auditor’s Report 2022 PIF Allocation and Impact Report 2025 2 MB PIF Green Bond Impact Assessment 2025 1.03 MB PIF Green Bond Limited Assurance Opinion 2025 362.52 KB International Bond Offering Circular 2025 936.37 KB International Sukuk Program Offering Circular 2025 1.04 MB PIF Allocation and Impact Report 2024 1.34 MB PIF Green Bond Impact Assessment 2024 1.12 MB PIF Green Bond Limited Assurance Opinion 2024 327.82 KB PIF Allocation and Impact Report 2023 1.25 MB PIF Green Bond Impact Assessment 2023 669.71 KB PIF Green Bond Independent Limited Assurance Report 2023 362.96 KB ISIN Issuer Currency Amount Outstanding (m) Coupon Coupon Frequency Maturity ISIN XS2898168799 Issuer SUCI SECOND INVEST CO Currency USD Amount Outstanding (m) 1,500 Coupon 4.375% Coupon Frequency Semi Annual Maturity 10/09/2027 ISIN XS2542162321 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,250 Coupon 5.000% Coupon Frequency Semi Annual Maturity 13/10/2027 ISIN XS3204094620 Issuer GACI FIRST INVESTMENT Currency EUR Amount Outstanding (m) 800 Coupon 2.750% Coupon Frequency Annual Maturity 14/10/2028 ISIN XS2706163131 Issuer SUCI SECOND INVEST CO Currency USD Amount Outstanding (m) 2,250 Coupon 6.000% Coupon Frequency Semi Annual Maturity 25/10/2028 ISIN XS2755904526 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,750 Coupon 5.000% Coupon Frequency Semi Annual Maturity 29/01/2029 ISIN XS3376340447 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 2,750 Coupon 4.875% Coupon Frequency Semi Annual Maturity 14/05/2029 ISIN XS2838973209 Issuer GACI FIRST INVESTMENT Currency GBP Amount Outstanding (m) 300 Coupon 5.125% Coupon Frequency Semi Annual Maturity 11/06/2029 ISIN XS2987801359 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 2,400 Coupon 5.250% Coupon Frequency Semi Annual Maturity 29/01/2030 ISIN XS2585987683 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,750 Coupon 4.750% Coupon Frequency Semi Annual Maturity 14/02/2030 ISIN XS2777443768 Issuer SUCI SECOND INVEST CO Currency USD Amount Outstanding (m) 2,000 Coupon 5.171% Coupon Frequency Semi Annual Maturity 05/03/2031 ISIN XS3049815122 Issuer SUCI SECOND INVEST CO Currency USD Amount Outstanding (m) 1,250 Coupon 4.875% Coupon Frequency Semi Annual Maturity 08/05/2032 ISIN XS2542162248 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,750 Coupon 5.250% Coupon Frequency Semi Annual Maturity 13/10/2032 ISIN XS3204094893 Issuer GACI FIRST INVESTMENT Currency EUR Amount Outstanding (m) 850 Coupon 3.375% Coupon Frequency Annual Maturity 14/10/2032 ISIN XS3376340520 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,750 Coupon 5.250% Coupon Frequency Semi Annual Maturity 14/05/2033 ISIN XS2706163305 Issuer SUCI SECOND INVEST CO Currency USD Amount Outstanding (m) 1,250 Coupon 6.250% Coupon Frequency Semi Annual Maturity 25/10/2033 ISIN XS2755904799 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,750 Coupon 5.250% Coupon Frequency Semi Annual Maturity 29/01/2034 ISIN XS2987801433 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,600 Coupon 5.625% Coupon Frequency Semi Annual Maturity 29/07/2034 ISIN XS2585988061 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 2,000 Coupon 4.875% Coupon Frequency Semi Annual Maturity 14/02/2035 ISIN XS3181494538 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 2,000 Coupon 5.000% Coupon Frequency Semi Annual Maturity 15/09/2035 ISIN XS3281731821 Issuer SUCI SECOND INVEST CO Currency USD Amount Outstanding (m) 2,000 Coupon 5.133% Coupon Frequency Semi Annual Maturity 28/01/2036 ISIN XS2838995947 Issuer GACI FIRST INVESTMENT Currency GBP Amount Outstanding (m) 350 Coupon 5.625% Coupon Frequency Semi Annual Maturity 11/06/2039 ISIN XS2585988145 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,750 Coupon 5.125% Coupon Frequency Semi Annual Maturity 14/02/2053 ISIN XS2755904872 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 1,500 Coupon 5.375% Coupon Frequency Semi Annual Maturity 29/01/2054 ISIN XS3376340793 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 2,500 Coupon 6.250% Coupon Frequency Semi Annual Maturity 14/05/2056 ISIN XS2542162677 Issuer GACI FIRST INVESTMENT Currency USD Amount Outstanding (m) 500 Coupon 5.375% Coupon Frequency Semi Annual Maturity 13/10/2122 FAQ What is PIF's Capital Markets Program?

PIF's Capital Markets Program is the platform through which PIF accesses debt capital markets, including through bond and sukuk issuances. It forms part of PIF’s wider funding strategy and supports its ability to raise capital from a broad base of international investors.

How does the Capital Markets Program fit into PIF's wider funding strategy? PIF uses a range of funding sources to support its long-term investment strategy. These include returns from investments, monetizations, loans, revolving credit facilities, short-term financing instruments, debt issuances and government-related funding.

The Capital Markets Program includes all of PIF’s activities in debt capital markets, including the issuance of bonds and sukuk, which provide access to long-term capital form a broad investor base. Why does PIF issue bonds and sukuk? Bonds and sukuk are established tools used by corporates, government entities and other organisations globally to raise funding.

They allow PIF to diversify its funding sources, access long-term capital and preserve financial flexibility. This supports PIF’s ability to pursue investment opportunities over the long-term while maintaining a disciplined approach to financial management. How does PIF decide when to issue debt?

PIF considers a range of factors when assessing potential issuances, including its funding requirements, investment plans, liquidity position, maturity profile, market conditions, investor demand and pricing. The choice of instrument, currency, maturity date and timing is made in line with PIF’s funding strategy and financial management framework.

What types of debt instruments does PIF issue? PIF has issued different types of debt instruments, including conventional bonds, sukuk and green bonds. These issuances have been made across different currencies and maturities, helping PIF diversify its funding base and maintain an active presence in global capital markets.

What is a sukuk? A sukuk is an Islamic finance instrument structured to comply with Shariah principles. Like a conventional bond, it enables an issuer to raise funding from investors, but it is structured around Shariah-compliant contractual arrangements rather than conventional interest payments.

What is a green bond? A green bond is a debt instrument where the proceeds must be allocated to eligible projects with environmental benefits. These may include projects related to renewable energy, energy efficiency, sustainable water management, green buildings and other eligible categories set out in the issuer’s green finance framework.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Green finance framework depth

Folded from the Green Finance Framework page and AR/press green-bond references.

Green Finance Framework Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home Investors Green Finance Framework Green Finance Framework As part of the global effort to combat climate change, Saudi Arabia is advancing its green agenda with the goal of achieving net-zero carbon emissions by 2060 and reducing annual CO₂ emissions by 278 million tonnes by 2030, compared with 2019 levels, in line with its Nationally Determined Contribution.

PIF plays a pivotal role in supporting Saudi Arabia's green agenda by accelerating the diversification of the domestic economy and enabling the growth of sustainable sectors. PIF is committed to supporting the development of 70% of Saudi Arabia's renewable energy capacity by 2030.

PIF is also one of the six founding members of the One Planet Sovereign Wealth Fund initiative, which aims to accelerate the transition to a low greenhouse gas emissions economy across sovereign wealth funds and asset managers. As part of PIF's role in delivering Saudi Arabia's sustainability commitments, the Green Finance Framework sets out the strategy and roadmap for advancing the Kingdom's green agenda and outlines the projects eligible for green financing in line with international standards.

DNV, an internationally accredited registrar and classification company, has issued a Second Party Opinion (an independent assessment) confirming that PIF's Green Finance Framework is aligned with the ICMA Green Bond Principles 2021 and the LMA Green Loan Principles 2021.

The framework serves as the foundation for issuing green bonds, sukuk, and other debt instruments. PIF publishes an annual Allocation and Impact Report outlining how proceeds from its green financing activities have been allocated and the positive environmental impact they have achieved.

Additional Documents PIF Green Finance Framework Preamble 163.53 KB PIF Green Finance Framework August 2024 10.45 MB DNV SPO PIF Green Finance Framework August 2024 506.93 KB PIF Green Finance Framework February 2022 1.07 MB DNV SPO PIF Green Finance Framework February 2022 499.52 KB Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية 日本語 Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 PIF delivers strong revenue and profit growth in 2025 "> Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English العربية Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home > News & Insights > Press Releases > PIF delivers strong revenue and profit growth in 2025 > PIF delivers strong revenue and profit growth in 2025 Press Releases 17 August 2026 Riyadh Revenue rose 9% to $120 billion while net profit more than doubled to $17 billion Cumulative domestic investments reached more than $199 billion since 2021 PIF has contributed mo

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Credit ratings depth

Folded from the Credit Ratings page and 17 August 2026 press ratings language (Moody’s Aa3, Fitch A+, S&P A-1 short-term).

Credit Ratings Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home Investors Credit Ratings Credit Ratings PIF has obtained strong credit ratings from Moody’s Investors Service (“Moody’s”), Fitch Ratings (“Fitch”), and S&P Global Ratings (S&P), underscoring PIF’s strong credit profile, the quality of its investment portfolio, and its robust governance frameworks.

The credit ratings reinforce investor confidence, supporting PIF’s efforts to raise capital from a diversified base of investors. Credit Rating Agency Long-Term Rating Short-Term Rating National Scale Long-Term Rating Outlook Credit Rating Report Rating Agency Moody's LT Rating Aa3 ST Rating P-1 National Scale LT Rating Aaa.sa Outlook Stable Credit Rating Report Moody's rating report 433.96 KB Rating Agency Fitch LT Rating A+ ST Rating F1+ National Scale LT Rating AAA(sau) Outlook Stable Credit Rating Report Fitch rating update 268.44 KB Rating Agency S&P LT Rating - ST Rating A-1 National Scale LT Rating - Outlook - Credit Rating Report S&P Global ratings 128.76 KB For more information on Moody’s , Fitch , and S&P , visit their respective websites.

PIF is not responsible for, and does not endorse, the content provided on the credit rating agencies' websites. Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية 日本語 Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 PIF delivers strong revenue and profit growth in 2025 "> Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English العربية Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home > News & Insights > Press Releases > PIF delivers strong revenue and profit growth in 2025 > PIF delivers strong revenue and profit growth in 2025 Press Releases 17 August 2026 Riyadh Revenue rose 9% to $120 billion while net profit more than doubled to $17 billion Cumulative domestic investments reached more than $199 billion since 2021 PIF has contributed more than $342 billion to Saudi Arabia’s real non-oil GDP between 2021 and 2025 Assets under management exceed $900 billion, up from around $530 in 2021 and $150 billion in 2015 PIF today published its 2025 Annual Report demonstrating strong financial performance and continued progress against its long-term objectives.

As a long-term investor with a unique mandate to drive the economic transformation of Saudi Arabia and deliver sustainable financial returns, PIF maintained a diversified portfolio

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

2025 consolidated financial statements depth

Folded from opened IFRS consolidated financial statements text (Activities note, changes in equity, cash flows, maturity analysis). Amounts in million Saudi Riyals unless stated.

1. ACTIVITIES The Public Investment Fund ("PIF" or the "Fund") was established on 25 Jumada Al-Thani 1391H (corresponding to 18 August 1971G) by virtue of Royal Decree No. M/24. The Fund was established with the aim of funding key projects and companies and providing financial support to initiatives of strategic importance to the national economy and operated as an administrative department of the Ministry of Finance and National Economy with the authority to carry out functions for which it was established.

Pursuant to Royal Decree No. M/62 dated 4 Shawal 1435H (corresponding to 31 July 2014G) PIF was further authorized to invest in existing companies or to establish new companies, within or outside of the Kingdom of Saudi Arabia, either alone or in partnership with third parties from the public or private sectors.

On 3 Jumada Al-Thani 1436H (corresponding to 23 March 2015G), the Council of Ministers’ issued its Resolution No. 270, moving PIF’s stewardship from the Ministry of Finance to the Council of Economic and Development Affairs (“CEDA”) with His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of CEDA, becoming the Chairman of PIF’s board.

The Fund’s sources of funds are proceeds from divestments, dividends and investment distributions. In addition, the Fund’s funding sources are supplemented by borrowings, asset transfers and capital contributions from the Government of the Kingdom of Saudi Arabia (“the Owner”, or “the Government”).

The Public Investment Fund is developing a portfolio of domestic and international investments, diversified across sectors, geographies and asset classes. PIF has investments in subsidiaries, associates and joint ventures. The details and the principal activities of direct subsidiaries are disclosed in note 40.

The details and the principal activities of direct associates and joint ventures are disclosed in note 12. The Group’s banking operations comprise of retail banking, corporate banking, investment banking services, treasury and asset management, and are referred to as ‘Banking Operations’.

The Group’s Banking Operations and its real estate refinancing activities are collectively referred to as ‘Banking and Financing Operations’. The Group’s investment operations activities comprise of investment management services where its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both and is referred to as ‘Investment Operations’.

Official address of PIF is The Public Investment Fund Tower, 1.16 King Abdullah Financial District, Al Aqiq district, Riyadh 13519, Kingdom of Saudi Arabia. These consolidated financial statements of PIF and its subsidiaries (together referred to as the “Group”) have been approved and authorized for issue by the Board of Directors of PIF on 14 Muharram 1448H (corresponding to 29 June 2026G).

2. BASIS OF PREPARATION  2.1 Statement of compliance The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”) (collectively referred to as “IFRS endorsed in the Kingdom of Saudi Arabia”).

2.2 Functional and presentation currency The consolidated financial statements are presented in Saudi Arabian Riyals (“SAR” or “ª”), which is the Fund’s functional currency, being the currency of the primary economic environment in which it operates. All amounts have been rounded to the nearest million SAR, unless otherwise indicated.

Public 13 Public Investment Fund NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (All amounts in million ª unless otherwise stated) 2. BASIS OF PREPARATION (continued) 2.3 Accounting convention The consolidated financial statements have been prepared on a going concern basis, applying the historical cost convention modified to include the fair value of certain financial instruments, to the extent required or permitted under IFRS as set out in the relevant accounting policies.

The consolidated statement of financial position is presented in the order of liquidity. 3. MATERIAL ACCOUNTING POLICIES The material accounting policies applied in the preparation of the consolidated financial statements are divided into: • the material accounting policies applied in the comprehensive preparation of the consolidated financial statements and cannot be assigned to specific note.

• other material accounting policies applicable to a particular note within the consolidated financial statements. They can be identified by the following symbol The material accounting policies applied in preparing these consolidated financial statements are consistent with those applied in comparative year presented.

3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of PIF and its subsidiaries (the “Group”). Subsidiaries are entities controlled by the Group. The list of direct subsidiaries is provided in note 40. The Group controls an investee if and only if the Group has all of the following: • Power over the investee (i.e.

existing rights that give it the current ability to direct the relevant activities of the investee); • Exposure, or rights, to variable returns from its involvement with the investee; and • The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control.

To support this presumption and when the Group has less than a majority of the voting or similar rights in the investee, the Group takes into consideration all relevant facts and circumstances when determining whether it exercises control over the investee, including: • Contractual arrangement(s) with other voting rights holders in the investee entity; • Rights arising from other contractual arrangements; and • Group’s voting rights and potential voting rights.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

History depth

Folded from the official Our History page.

Our History Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Our History Since its founding, PIF has evolved and grown from a financial support fund for strategic projects to one of the world’s largest sovereign wealth funds.

Home Who We Are Our History Overview Established in 1971 under Royal Decree No. M/24, the Fund initially helped establish companies of foundational importance to the Saudi economy, including many "national champions." PIF was "reborn" in March 2015, when the Kingdom’s Council of Ministers issued Resolution 270, which placed the Fund under the direction of the newly formed Council of Economic and Development Affairs (CEDA), with the Crown Prince, HRH Mohammed bin Salman bin Abdulaziz as chairman.

This major step gave PIF greater autonomy and better-defined national strategic responsibilities. This change enabled Saudi Arabia’s economy to progress at an accelerated pace, and positioned PIF to be a key driver for Vision 2030, achieving positive, sustainable economic and social change.

Our Journey 1971 PIF establishment as part of Ministry of Finance 2015 PIF to report to the Council of Economic and Development Affairs (CEDA) 2017 Announcing The Public Investment Fund Program (2018-2020) 2017 The launch of Future Investment Initiative 2019 PIF New Bylaw introduced 2021 Announcing The Investment Strategy and VRP (2021-2025) Continue Browsing Faces Of PIF Meet The PIF Experts Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية 日本語 Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 Public Investment Fund Law Chapter 1 Definitions Article 1 In this Law, the following terms and phrases shall have the meanings assigned thereto, unless the context requires otherwise: Fund: Public Investment Fund.

Law: Public Investment Fund Law. Board: The Fund’s Board of Directors. Chairman: The Board’s Chairman. Governor: The Fund’s Governor. Bylaws and Policies: The set of regulations, instructions, and procedures issued by the Board to regulate the Fund’s internal affairs.

Article 2 The Fund shall report to the Council of Economic and Development Affairs. It shall have a public legal personality as well as financial and administrative independence. The Fund's headquarters shall be in the city of Riyadh; it may, as needed, establish branches within the Kingdom or abroad.

1 Chapter 2 Purposes and Powers Article 3 The Fund aims to generate returns by investing its funds, whether in cash or in-kind, in accord- ance with the highest standards, for the purpose of serving public interest; promoting econom- ic development in the Kingdom and diversifying its sources of income; and maintaining the interest of future generations.

Article 4 The Fund shall have the powers to achieve its objectives and carry out its functions and duties under this Law, including the following: 1. Investing within the Kingdom or abroad, and acquiring and disposing of assets, including real property, in-kind rights, stakes, securities, foreign currencies, commodities, and any kind of financial derivatives.

2. Incorporating companies and other special-purpose establishments within the Kingdom or abroad and entering therein as a sole partner or with a third party. 3. Extending loans and other forms of financing. 4. Taking out loans and other forms of debt, including the issuance of sukuk and bonds.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Executive leadership bios depth

Folded from official Executive Management biographies on the leadership page (Deputy Governors and division heads).

Our Leadership Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home Who We Are Our Leadership Our Leadership Members of the Board The Executive Management Members of the Board Under the chairmanship and guidance of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Board is responsible for overseeing PIF’s long-term strategy, investment policy and performance.

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud Crown Prince, Prime Minister Chairman of the Council of Economic and Development Affairs Chairman of the Public Investment Fund H.E. Dr. Ibrahim Abdulaziz Al-Assaf Minister of State and member of the Saudi Council of Ministers H.E.

Dr. Majid Abdullah Al Qasabi Minister of Commerce H.E. Mohammad Abdul Malek Al Shaikh Minister of State and member of the Saudi Council of Ministers H.E. Mohammed Abdullah Al-Jadaan Minister of Finance H.E. Ahmed Aqeel Al-Khateeb Minister of Tourism H.E. Khalid Abdulaziz Al-Falih Minister of State and Member of the Cabinet H.E.

Faisal Fadhil Alibrahim Minister of Economy and Planning H.E. Yasir Othman Al-Rumayyan Governor of PIF H.E. Mohamed Mazyed Altwaijri Advisor at the Royal Court H.E. Fahad Abduljalil Al-Saif Minister of Investment The Executive Management The governance model cascades from the Board of Directors to the Executive Management, which is responsible for reviewing strategic and operational activities and overseeing five committees.

These committees evaluate investment and non-investment proposals before submitting them to the Board of Directors and its committees to make relevant decisions. However, some of these tasks are delegated to administrative committees. Turqi A. Al-Nowaiser Deputy Governor, Head of International Investments Division and Acting Head of Shared Services Division Yazeed A.

Al-Humied Deputy Governor, and Head of MENA Investments Division Saad Alkroud Head of Local Real Estate Investments Division Yasir A. AlSalman Chief Financial Officer and Head of Finance Division and Acting Head of Global Capital Finance Rania Nashar Head of Compliance & Governance Division Maram Al Johani Chief of Staff and Secretary General to the Board and Board Committees Kevin Foster Head of Corporate Affairs Division Jerry Todd Head of National Development Division and Acting Head of Investment Strategy and Economic Insights Division Mike Cheng Head of Internal Audit Division Feta Zabeli Head of Risk Division Executive Team Member Turqi A.

Al-Nowaiser Deputy Governor, Head of International Investments Division and Acting Head of Shared Services Division Turqi Al-Nowaiser is the Deputy Governor and Head of the International Investments Division at PIF since 2021. Prior to this role, he served as the Head of International Investments at PIF and held the position of Senior Advisor at PIF (2015-2016).

In his capacity, Al-Nowaiser provides leadership to PIF’s International Investment strategy encompassing diverse asset classes such as public markets, private markets, real estate, and infrastructure. He plays an integral role as a member of key committees including, but not limited to, the PIF Management Committee, Investment Management Committee, and Portfolio Companies Nomination Committee.

Prior to joining PIF, Al-Nowaiser held several executive roles at Saudi Fransi Capital, a leading financial services firm based in Saudi Arabia, including Head of Asset Management. Before Saudi Fransi Capital, Mr. Alnowaiser specialized in developing, managing, and regulating various financial products across asset classes at Morgan Stanley, the Capital Market Authority of Saudi Arabia, and the Saudi Industrial Development Fund.

Al-Nowaiser serves on several distinguished boards, notably as the Chairman of Lucid Group, Chairman of Manara Minerals, and Board Member of Azimut Benetti, Hapag-Lloyd, Sanabil Investments, Saudi Information Technology Company, among others. Al-Nowaiser holds a bachelor’s degree in International Business from King Saud University, along with an MBA from the University of San Francisco.

Executive Team Member Yazeed A. Al-Humied Deputy Governor, and Head of MENA Investments Division Yazeed A. Al-Humied is Deputy Governor and Head of MENA Investments of PIF. He previously served as PIF’s Chief of Staff from the time he joined in 2015. He took up his current role in 2021.

The Deputy Governor role’s focus is driving PIF’s growth, and involves chairing several PIF-wide management committees on behalf of His Excellency the Governor. At MENA Investments, Al-Humied’s job involves managing the local investments portfolio, investments across the Middle East and North Africa, as well as investments in private and listed companies and funds.

Al-Humied also drives efforts to attract international strategic partners to invest in Saudi Arabia so as to localize cutting-edge technologies as well as enable effective execution of PIF's role as a driver of the Saudi economy. His division manages a portfolio of almost 100 companies belonging to various strategic priority sectors and works to enhance the performance of these companies.

Al-Humied also serves on the boards of several highly strategic Saudi companies. His appointments include being Chairman of the National Security Services Company (SAFE) and Vice-Chairman of the Saudi National Bank (SNB), the Saudi Tadawul Group (STG), Saudi Telecom Company (stc) and Saudi Arabian Airlines (Saudia).

Prior to working with PIF, Al-Humied worked with the Saudi Capital Markets Authority (CMA) where he headed the mergers and acquisitions team. While at CMA, he was also seconded to work at the Malaysian Securities Commission as well as with the U.K.’s regulatory entity for mergers and acquisitions.

Before working with CMA, he served with PricewaterhouseCoopers in a series of roles. He holds a bachelor’s degree in accounting from King Saud University, and has various certifications from other international academic institutes including Harvard University and London Business School.

Executive Team Member Saad Alkroud Head of Local Real Estate Investments Division Saad Alkroud is Head of Local Real Estate Investment Division. In his capacity, he oversees PIF’s domestic real estate investment strategy, including the development and execution of giga-projects and large-scale real estate and infrastructure initiatives across Saudi Arabia.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Board of Directors roster (as published on pif.gov.sa leadership page)

  • HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud — Crown Prince, Prime Minister; Chairman of CEDA; Chairman of PIF
  • H.E. Dr. Ibrahim Abdulaziz Al-Assaf — Minister of State and member of the Saudi Council of Ministers
  • H.E. Dr. Majid Abdullah Al Qasabi — Minister of Commerce
  • H.E. Mohammad Abdul Malek Al Shaikh — Minister of State and member of the Saudi Council of Ministers
  • H.E. Mohammed Abdullah Al-Jadaan — Minister of Finance
  • H.E. Ahmed Aqeel Al-Khateeb — Minister of Tourism
  • H.E. Khalid Abdulaziz Al-Falih — Minister of State and Member of the Cabinet
  • H.E. Faisal Fadhil Alibrahim — Minister of Economy and Planning
  • H.E. Yasir Othman Al-Rumayyan — Governor of PIF (Yasir Othman Al-Rumayyan)
  • H.E. Mohamed Mazyed Altwaijri — Advisor at the Royal Court
  • H.E. Fahad Abduljalil Al-Saif — Minister of Investment

Titles transcribed from the opened English leadership page at research time; verify live page for any subsequent Cabinet reshuffles.

Executive Management roster (titles as published — no invented CIO)

  • Turqi A. Al-Nowaiser — Deputy Governor, Head of International Investments Division and Acting Head of Shared Services Division
  • Yazeed A. Al-Humied — Deputy Governor, and Head of MENA Investments Division
  • Saad Alkroud — Head of Local Real Estate Investments Division
  • Yasir A. AlSalman — Chief Financial Officer and Head of Finance Division and Acting Head of Global Capital Finance
  • Rania Nashar — Head of Compliance & Governance Division
  • Maram Al Johani — Chief of Staff and Secretary General to the Board and Board Committees
  • Kevin Foster — Head of Corporate Affairs Division
  • Jerry Todd — Head of National Development Division and Acting Head of Investment Strategy and Economic Insights Division
  • Mike Cheng — Head of Internal Audit Division
  • Feta Zabeli — Head of Risk Division

Hard lock: opened Executive Management list does not publish a Chief Investment Officer seat. Do not invent one. Prior Registry INST CIO field for Aiman M. AlMudaifer is treated as incorrect for this profile.

17 August 2026 results press depth

Folded from PIF’s official press release “PIF delivers strong revenue and profit growth in 2025” (Riyadh, 17 August 2026).

PIF delivers strong revenue and profit growth in 2025 "> Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English العربية Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Home > News & Insights > Press Releases > PIF delivers strong revenue and profit growth in 2025 > PIF delivers strong revenue and profit growth in 2025 Press Releases 17 August 2026 Riyadh Revenue rose 9% to $120 billion while net profit more than doubled to $17 billion Cumulative domestic investments reached more than $199 billion since 2021 PIF has contributed more than $342 billion to Saudi Arabia’s real non-oil GDP between 2021 and 2025 Assets under management exceed $900 billion, up from around $530 in 2021 and $150 billion in 2015 PIF today published its 2025 Annual Report demonstrating strong financial performance and continued progress against its long-term objectives.

As a long-term investor with a unique mandate to drive the economic transformation of Saudi Arabia and deliver sustainable financial returns, PIF maintained a diversified portfolio in 2025, balancing returns with national impact and long-term resilience. Maintaining Financial Discipline In 2025, revenue rose 9% year on year to $120 billion, while net profit more than doubled to $17 billion, supported by stronger contributions from maturing portfolio companies.

PIF retained over $900 billion in assets under management and achieved an annualized total shareholder return of 5.8% since 2017. Total shareholder return in 2025 was positively driven by increased dividends from portfolio companies and returns from financial investments.

It was also impacted by downward movements in the valuations of some assets, as a result of wider market conditions, and as PIF continued to make long-term local investments to drive economic transformation. PIF demonstrated its access to diversified and efficient sources of funding throughout the year, including issuance of a debut euro-denominated green bond and the establishment of a commercial paper program to provide flexible short-term finance.

PIF continued to hold strong long-term ratings with Moody’s (Aa3, stable outlook) and Fitch (A+, stable outlook) while securing an inaugural A-1 short-term rating from S&P, reflecting PIF’s strong credit profile and reinforcing investor confidence. Driving Economic Transformation PIF launched major new companies in 2025, including HUMAIN, marking a major step in advancing AI capabilities, and Expo 2030 Riyadh Company, to build and operate Riyadh’s Expo 2030 facilities as Saudi Arabia prepares to welcome the world.

PIF also continued to develop priority sectors and ecosystems and deepen private sector participation. From 2021 to 2025, PIF invested more than $199 billion in Saudi Arabia, as it continued to drive the country’s economic transformation. Maram Aljohani, Chief of Staff and Secretary General to the Board at PIF , said: “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 also expanded its international presence in 2025 through the opening of new subsidiary company offices in Europe and Asia and through targeted investments across key markets, resulting in a 12% growth in its international investments.

This progress was underpinned by continued institutional excellence and robust governance frameworks, as PIF accelerated its evolution into a fully digital-native, AI-enabled investment institution and reinforced its position among the world’s leading sovereign wealth funds in Global SWF’s 2025 governance, sustainability, and resilience (GSR) rankings.

“Over the next strategic phase, PIF is evolving towards six interconnected domestic ecosystems to drive sustainable value, while investing internationally in high-conviction opportunities in long-term global trends.” Yasir Alsalman, Chief Financial Officer and Acting Head of Global Capital Finance Division at PIF , said: “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. “PIF continued to deploy capital across priority sectors, with cumulative domestic deployment reaching more than $199 billion between 2021-2025 while deepening strategic international partnerships, including signing multiple agreements with the world’s leading asset managers, in 2025.

“As we enter the next five-year phase of our investment strategy, PIF will continue to drive sustained value creation, portfolio maturity and stronger financial performance through the six ecosystems of its Vision portfolio, as well as its Strategic and Financial portfolios.” Expanding Global Presence and Partnerships PIF continued to deploy capital internationally across strategic sectors, including infrastructure, technology, advanced manufacturing and financial services, while continuing to bring capital, knowledge and expertise to Saudi Arabia.

In 2025, PIF signed agreements with Goldman Sachs Asset Management, Macquarie Asset Management and SACE, among others, driving capital mobilization and inward investment into Saudi Arabia and expanding PIF’s strong strategic relationships with leading global financial institutions.

To deepen engagement in priority markets, PIF expanded its global presence with the opening of new subsidiary company offices in Paris, Beijing and Shanghai, adding to PIF’s existing footprint in London, New York and Hong Kong. Advancing Institutional Excellence Throughout 2025, PIF continued to drive institutional development, embedding advanced data, analytics and AI across its operating model.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Invested in Better depth

Folded from the Strategy & Impact / Invested in Better page.

Invested in Better Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Invested in Better At PIF, we are driving transformation at a scale that has never been seen before, sparking a new era of economic growth and opportunity. Home Strategy & Impact Invested in Better Overview We are here to overcome barriers, challenge the status quo and catalyze change.

By bringing partners together, we are developing industries and solutions of the future. We are investing in innovation and breakthrough ideas that will shape new blueprints for how we all work and live. The PIF Effect At PIF, we are pioneering investments that send ripples of real impact through Saudi Arabia and the world.

By powering a new era of progress, championing innovation, and enabling sustainable growth, our portfolio is creating long-lasting impact. From esports and gaming to sustainable infrastructure and cultural initiatives, take a behind-the-scenes look at our portfolios’ stories.

Learn more Explore more The PIF Experts Meet the people driving the Fund’s strategy, enabling the development of ecosystems and advancing the objectives of Saudi Arabia’s Vision 2030. Graduate Development Program A world-class, highly selective and challenging initiative that attracts, develops, and deploys the best of young Saudi talents.

Continue Browsing Our Strategy Careers Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy and Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore opportunities Become a Supplier Success Stories Leadership Vision FAQ Careers Careers Graduate Development Program PIF Experts Faces of PIF Vendor Gate Managers Gate Events Freedom of Information Sponsorships For any enquiries, get in touch Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat PIF website offered in: English Français العربية Terms of Use Privacy Notice Disclaimer Sitemap All rights reserved to Public Investment Fund © 2017 - 2026 Who We Are Who We Are Our Leadership Our History Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Our Strategy Invested in Better Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights Press Releases Newswire In the Media PIF News Press Contacts Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Menu CLOSE Search EN English français العربية 日本語 Events Careers Vendor Gate Managers Gate Freedom of Information Sponsorships Contact Us Menu facebook square-instagram linkedin twitter youtube tiktok snapchat Who We Are Who We Are Our Leadership Our History Our Investments Our Investments Our Portfolio Giga-Projects Investment Portfolios Governance and Investment Decisions Strategy & Impact Strategy & Impact Our Strategy Invested in Better Investors Investors Green Finance Framework Capital Markets Program Annual Reports Financial Statements Credit Ratings News & Insights News & Insights Press Releases Newswire PIF News In the Media Press Contacts Private Sector Hub Private Sector Hub Private Sector Initiatives Explore Opportunities Become a Supplier Success Stories Leadership Vision FAQ Vendor Gate Managers Gate Events Careers Freedom of Information Sponsorships Contact Us Contact Us facebook square-instagram linkedin twitter youtube tiktok snapchat How can we help you?

Search View All Results ({count}) View all Popular Search Become a Supplier PIF Portfolio Vendor Gate Who We Are PIF is driving the growth of ecosystems, companies and jobs, as a catalyst of Vision 2030. As a global impactful investor, the Fund has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally.

Meet the Members of the Board Invested in Better As a catalyst of change, PIF is accelerating growth in strategic ecosystems, stimulating new opportunities, and shaping future blueprints for living and working $900 bn+ Assets Under Management 11% Share of Saudi Arabia’s non-oil GDP in 2025 $342 bn+ Cumulative non-oil GDP contribution (2021–2025) $199 bn+ Investments in new projects in Saudi Arabia, 2021-2025 “PIF is evolving into a primary driver of Saudi economic growth.

We have doubled its scope and we will continue with steady steps towards realizing its Vision 2030 objectives.” His Royal Highness, Prince Mohammed bin Salman bin Abdulaziz Al Saud Crown Prince, Prime Minister Chairman of the Council of Economic and Development Affairs Chairman of the Public Investment Fund Our Vision To be a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.

Our Mission To actively invest over the long term to maximize sustainable returns, be the investment partner of choice for global opportunities, and enable the economic development and diversification of the Saudi economy. Our Objectives With a pivotal role in realizing Vision 2030, Saudi Arabia’s economic transformation program, PIF’s ambitious strategy is propelling the national economy with the impact felt well beyond Saudi borders.

Source fold: opened PIF primary (Annual Report 2025 / official site / press). Verify live PDF before citing numbers beyond those tabulated on this page.

Santiago Principles & GIPS depth

PIF hosts a Santiago Principles self-assessment PDF under Governance and Investment Decisions. AR2025 Governor statement says PIF continued to adhere to the Santiago Principles and maintained compliance with Global Investment Performance Standards for best-practice investment performance disclosure and reporting. Researchers should open the live self-assessment PDF for principle-by-principle responses rather than relying on secondary summaries.

How to read AuM vs Group total assets

AuM (SAR 3,396 billion YE 2025) is PIF’s published investment-management scale metric in the Annual Report and is framed as >US$900 billion on the homepage/press.

IFRS consolidated Group total assets (~SAR 4.54 trillion via Note 38 maturity buckets) consolidates subsidiaries (including banking and operating companies) and is a different construct. League-table figures near US$1.15T–US$1.21T often appear to map the Group assets path; UAO labels them secondary unless/until PIF publishes a matching official USD AuM point estimate.

Transparency stack

  • Annual Reports (multi-year PDFs on investors/annual-reports)
  • IFRS consolidated financial statements (2022 onward)
  • Strategy 2026–2030 PDF
  • Green Finance Framework + allocation/impact + assurance PDFs
  • Capital Markets Program offering circulars
  • Credit rating reports (Moody’s, Fitch, S&P PDFs)
  • Santiago Principles self-assessment PDF
  • PIF Law PDF
  • Leadership / Board pages
  • Press releases & newswire

Outbound reports checklist

Reading notes vs peers (NBIM / GPIF / CIC / ADIA)

Unlike NBIM, PIF couples financial returns with an explicit domestic transformation/giga-project engine. Unlike GPIF, reporting is multi-currency (SAR primary; USD in press) with IFRS Group statements that consolidate operating subsidiaries. Unlike CIC’s annual report USD AUM tradition, PIF’s headline investment metric is AuM in SAR with a >$900bn USD frame. Unlike ADIA, PIF does publish AuM and audited Group accounts, while ADIA publishes multi-decade returns and allocation ranges without total AUM.

Research method

Primaries were fetched from pif.gov.sa (curl; WebFetch blocked by Cloudflare) and PDFs extracted with pdftotext. Person SSR links were HTTP-verified before inclusion. No private emails/phones. No desk-41 mutation. Corrections: info@universalassetowners.com.

Extended speakable summary

PIF is Saudi Arabia’s Public Investment Fund: a 1971-founded, 2015-repositioned sovereign investor chaired by the Crown Prince, governed with Yasir Othman Al-Rumayyan as Governor, managing SAR 3,396 billion AuM at end-2025 (over US$900 billion), reporting 5.8% annualized TSR since 2017, and entering a 2026–2030 value-realization strategy across Vision, Strategic and Financial portfolios while publishing IFRS consolidated accounts and green-finance disclosures.

Official phrasing bank

Useful standing phrases from opened primaries (paraphrase carefully; prefer citing the live PDF): “global investment powerhouse and the world’s most impactful investor”; “from growth to realization”; “over $900 billion in assets under management”; “annualized total shareholder return of 5.8% since 2017”; “100% score in the Global SWF GSR rankings in 2025”.

Data caveats

AuM footnotes in AR2025 reference receivables from other parties in certain presentations — read the live At a Glance footnotes. 2025 TSR commentary in the press notes valuation headwinds on some assets. FS amounts are in million SAR. USD conversions in press are PIF’s own framing; UAO does not invent FX rates for untabulated lines.

Deliberate omissions

  • No invented CIO / no AlMudaifer-as-CIO
  • No private staff emails or phone numbers
  • No unsourced US$1.15T AuM as official
  • No desk-41 or person-route edits in this ship
  • Sitewide Organization sameAs left untouched

Registry · Top 100 · SWFs · NBIM · GPIF · CIC · ADIA · Yasir Othman Al-Rumayyan · Turqi A. Al-Nowaiser · Yazeed A. Al-Humied

Reporting cadence

Annual Report and audited consolidated financial statements are the core annual stack; capital-markets and green-bond disclosures update with issuance/allocation cycles; strategy documents refresh on multi-year program horizons (2021–2025 then 2026–2030).

Official video

Embedded on PIF’s 17 August 2026 results press release (official pif.gov.sa page).

Open on YouTube · Source page: PIF press release

FAQ

What is the Public Investment Fund (PIF)?

PIF is the sovereign wealth fund of the Kingdom of Saudi Arabia, established in 1971 under Royal Decree No. M/24 and, since 2015, steered under the Council of Economic and Development Affairs (CEDA) with HRH Crown Prince Mohammed bin Salman as Chairman. Its published mission is to actively invest over the long term to maximize sustainable returns, be the investment partner of choice, and enable Saudi economic development and diversification.

What is PIF’s assets under management?

The 2025 Annual Report cites AuM of SAR 3,396 billion at year-end 2025. PIF’s homepage and 17 August 2026 press release frame assets under management as over / exceeding US$900 billion. Consolidated IFRS Group total assets (~SAR 4.54 trillion via Note 38 maturity buckets) are a different construct and are not restated here as AuM.

What returns has PIF reported?

Official materials cite an annualized total shareholder return of 5.8% since 2017. The 17 August 2026 press discusses 2025 TSR drivers (dividends and financial investments positive; some valuations down).

Who is the Governor of PIF?

H.E. Yasir Othman Al-Rumayyan is Governor of PIF and a member of the Board of Directors (official leadership page).

Who are PIF’s Deputy Governors?

Turqi A. Al-Nowaiser is Deputy Governor, Head of International Investments Division and Acting Head of Shared Services Division. Yazeed A. Al-Humied is Deputy Governor and Head of MENA Investments Division (titles as published on the leadership page).

Who is PIF’s CIO?

Opened Executive Management materials do not publish a Chief Investment Officer title. This profile does not invent a CIO. Head of Local Real Estate Investments Division is published as Saad Alkroud.

What is PIF’s 2026–2030 strategy?

Official strategy copy frames 2026–2030 as a shift from rapid growth to value realization: competitive ecosystems, unlocking strategic assets, maximizing long-term returns, and deeper private-sector engagement, supporting Vision 2030.

What portfolios does PIF run?

PIF maintains three portfolios — Vision, Strategic and Financial — each with a distinct objective under the overarching mandate (official investments pages).

Is PIF a government entity?

Yes. PIF is a Saudi government fund chaired by the Crown Prince, with the Government of Saudi Arabia identified as Owner in the consolidated financial statements, and with capital contributions and related-party disclosures in the IFRS accounts.

Where can I download PIF’s annual report and financial statements?

Annual Reports: https://www.pif.gov.sa/en/investors/annual-reports/ — Financial Statements: https://www.pif.gov.sa/en/investors/financial-statements/

What credit ratings does PIF hold?

As stated in the 17 August 2026 press release: Moody’s Aa3 (stable), Fitch A+ (stable), and an inaugural S&P short-term A-1 rating. Confirm live credit-ratings page PDFs for report dates.

Is the UAO Influence Index a rating of PIF?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, performance score, or official PIF metric.

Sources & further reading

Primary (opened for this profile)

  • PIF Annual Report 2025 PDF (English)
  • PIF Annual Report 2024 PDF (English)
  • Consolidated Financial Statements 2025 (IFRS as endorsed in KSA / SOCPA)
  • PIF Strategy 2026–2030 PDF
  • pif.gov.sa pages: home, who-we-are, leadership, history, investments, portfolios, giga-projects, governance, strategy, invested-in-better, investors, annual reports, financial statements, credit ratings, capital markets, green finance
  • Press release 17 August 2026 — PIF delivers strong revenue and profit growth in 2025 (incl. official YouTube embed)
  • PIF Law PDF; Santiago Principles self-assessment PDF (hosted on governance page)

Secondary (pointers only)

  • Third-party SWF league tables mapping ~US$1.15T–US$1.21T — treated as non-AuM / Group-assets conflation risk; not used as official AuM.

Completeness note

This elite profile targets ~10,000 sourced words by folding opened PIF primaries (AR2025, FS2025, strategy, leadership/governance/investments HTML, results press) without inventing CIO seats or unofficial AuM. Non-blocking expansions: appointment decrees for every board member, full security-level holdings, dedicated RI metrics pack, and any future official USD AuM point estimate beyond the >$900bn frame.

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