Saudi Arabia’s Public Investment Fund has put its 2025 financial performance under the spotlight of global markets, publishing its audited consolidated financial statements on the London Stock Exchange in a move that reinforces its role as a driver of economic transformation and a global investor across continents.
The figures revealed an exceptional year for the fund. Net profit surged 152% to $17.36 billion, or 65.1 billion riyals, while total assets rose 5% to nearly $1.21 trillion, or 4.54 trillion riyals.
The jump was not simply the result of market swings. It reflected a flexible expansion strategy that balanced investment in future sectors, such as artificial intelligence through the launch of HUMAIN, with major domestic development projects, including Riyadh Expo 2030.
It also came alongside innovative green financing tools that strengthened foreign investor confidence in the fund’s financial position and long-term sustainability.
Operational efficiency drives record profit
The consolidated financial statements showed a sharp year-on-year improvement in profitability, mainly driven by stronger earnings from associates and a 9% drop in the fund’s administrative expenses. The decline pointed to higher operating efficiency and tight spending discipline.
Operating profit climbed to $20.8 billion, or 77.9 billion riyals, from $9.2 billion, or 34.6 billion riyals, in 2024, marking growth of more than 120%.
The gains were supported by a 9% increase in total revenue to $119.73 billion, or 449 billion riyals, from 413 billion riyals a year earlier, reflecting continued portfolio growth and stronger returns.
That performance fed directly into net profit for 2025, which jumped 152% to $17.36 billion, or 65.1 billion riyals, from 25.8 billion riyals in 2024. The result was more than double the previous year’s level.
The fund also maintained a high level of cash and cash equivalents, exceeding $93.33 billion, or more than 350 billion riyals, underscoring its ability to keep executing its investment strategy.
Asset growth and 2030 ambitions
The strong results come as the fund continues to expand its asset and investment base at speed. Assets have risen from about 720 billion riyals in 2017 to 4.54 trillion riyals, or $1.21 trillion, by the end of last year. The fund is targeting 10 trillion riyals by 2030, according to the Saudi Vision 2030 annual report.
The growth aligns with the fund’s new 2026-2030 strategy, announced at the start of this year. The strategy aims to shift from building strategic sectors to integrating economic ecosystems and accelerating growth. It places the private sector as a partner in creating value, not merely an implementer of projects, in line with the third phase of Vision 2030 and the push for deeper long-term investment partnerships.
PIF Governor Yasir Al-Rumayyan said the new strategy marked “a natural progression” from a phase of growth and expansion to a new phase focused on sustainable value, greater impact and higher investment efficiency.
He said the fund would transform the 13 strategic sectors in earlier plans into six integrated economic ecosystems built around companies with clear objectives. The focus would be on strengthening financial returns, maintaining investment efficiency, and continuously assessing the performance of investments and projects.
Under this vision, the fund’s investments are spread across three main portfolios: the Vision Portfolio, the Strategic Investments Portfolio and the Financial Investments Portfolio.
Backing future sectors
In future sectors, the fund moved in 2025 to accelerate artificial intelligence and advanced technologies through the launch of HUMAIN. The company invests across the AI value chain, including infrastructure, data centers, cloud capabilities, advanced models and applications.
To deepen that push, the fund signed a non-binding term sheet with Saudi Aramco under which Aramco would acquire a significant minority stake in HUMAIN, while PIF would retain the majority stake. The aim is to combine key assets and expand the company’s technical capabilities.
In future mobility and sustainability, Lucid Group, majority-owned by the fund, reported a 55% year-on-year rise in vehicle deliveries to 15,841 vehicles in 2025. The increase coincided with the launch of the Driving Force program in partnership with Formula E to expand science, technology, engineering and mathematics education, with a target of reaching more than 50,000 students in Saudi Arabia, the United States and the United Kingdom by the end of 2025.
Tourism and entertainment gain pace
On the domestic development front, the fund accelerated support for major local development and tourism projects while strengthening the wider economic ecosystem.
It launched Riyadh Expo 2030 Company to develop and operate the facilities of the first World Expo to be hosted by Saudi Arabia and to invest in those facilities over the long term. The project is expected to support sustainable tourism, create new opportunities for the private sector and boost its contribution to gross domestic product during construction, operation and beyond.
The year also brought major milestones in entertainment and luxury tourism. Qiddiya City announced the opening of the first Six Flags theme park outside North America, creating a distinctive destination in the kingdom. Red Sea Global also announced the official opening of AMAALA, its luxury coastal destination.
Alongside these major construction and development projects, the financial statements showed that the fund’s investment properties rose to $21.46 billion from $17.46 billion in 2024.
Green financing enters a new phase
The fund’s investment securities, valued at $576.4 billion, show a disciplined approach to diversifying risk by geography and currency to secure sustainable returns.
The Middle East and North Africa remained the largest exposure at $344.2 billion, followed by North American markets at $145.9 billion, European markets at $44.7 billion and Asian markets at $41.6 billion.
To support capital markets, the fund signed memorandums of understanding with global financial institutions, including Goldman Sachs Asset Management and Franklin Templeton, to develop innovative investment strategies focused on the region.
In financing, the fund marked a new milestone with its first euro-denominated green bond issue, worth 1.65 billion euros. Demand was strong, with orders exceeding the amount offered by more than six times. The fund also launched its first commercial paper program as a short-term financing channel.
Private sector and local content
As part of its commitment to the domestic economy, the fund held the third edition of the PIF Private Sector Forum, bringing together portfolio companies and government entities to review opportunities in major projects.
The fund’s initiatives also continued to support localization, develop local suppliers and increase the private sector’s share in emerging projects. The aim is to ensure that the fund’s historic financial growth feeds directly into the structure of Saudi Arabia’s broader, more sustainable economy in the years ahead.
