PIF Delivers Strong Revenue and Profit Growth in 2025

(PIF)
(PIF)
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PIF Delivers Strong Revenue and Profit Growth in 2025

(PIF)
(PIF)

The Public Investment Fund (PIF) 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.

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, SPA reported.

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, driven by broader market conditions, while 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.

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.

Chief of Staff and Secretary General to the Board at PIF Maram Aljohani 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.”

Chief Financial Officer and Acting Head of Global Capital Finance Division at PIF Yasir Alsalman 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 and 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.”

PIF continued to deploy capital internationally across strategic sectors, including infrastructure, technology, advanced manufacturing, and financial services, while bringing 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 by opening new subsidiary offices in Paris, Beijing and Shanghai, adding to its existing footprint in London, New York and Hong Kong.

According to SPA, throughout 2025, PIF continued to drive institutional development, embedding advanced data, analytics and AI across its operating model. Throughout the year, PIF launched 100 new digital applications and activated 43 high-impact AI-enabled solutions, while strengthening secure infrastructure and expanding centralized digital platforms that enhance investment insight, operational efficiency, and institutional agility.

Brand Finance, the world’s leading independent brand valuation company, ranked PIF as the most valuable and fastest-growing brand in the world among all sovereign wealth funds, with an A+ rating, for the second consecutive year.

2025 marked the last year of PIF’s 2021-2025 strategy. PIF has now moved into the next phase of its long-term strategy - PIF’s 2026-2030 strategy - focused on delivering competitive ecosystems, unlocking the full potential of strategic assets and maximizing long-term returns.

In this next phase, PIF will continue to deploy capital strategically and at scale to drive long-term value realization, including in domestic ecosystems and high-conviction international opportunities across global themes such as AI, energy transition, advanced manufacturing, and sports and entertainment.



Oil Rises After 4 Sessions of Decline... Brent Above $101

FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS
FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS
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Oil Rises After 4 Sessions of Decline... Brent Above $101

FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS
FILE PHOTO: Flames and smoke rise from the Greek-flagged oil tanker Sounion, which has been on fire since August 23, after an attack by Houthi militants, on the Red Sea, September 12, 2024 in this handout image. EUNAVFOR ASPIDES/Handout via REUTERS

Oil prices gained on Tuesday after declining for four consecutive sessions as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.

The Brent crude futures November contract rose $1.29, or 1.29%, to $101.63 a barrel at 0758 GMT. The WTI October contract, which expires on Tuesday, climbed 92 cents, or 0.96%, to $96.70 a barrel, Reuters reported.

The more actively traded November contract was up 80 cents, or 0.87%, at $93.17 a barrel.

Tehran and Washington exchanged threats on Sunday, though US President Donald Trump said he would be open to ⁠meeting Iranian President Masoud ⁠Pezeshkian, who is expected to be in New York this week for the UN meeting.

The rebound in crude suggests traders need fresh developments on supply risks or diplomatic efforts before pushing prices materially lower, said Ole Hansen, head of commodity strategy at Saxo Bank.

Over the weekend, Iran also reportedly conveyed its conditions to mediators for re-engaging in negotiations.

"Oil exports from the Middle East have recovered but remain well below pre-conflict averages," said UBS analyst Giovanni Staunovo.

Hansen said he does not see much further downside in oil prices until there is increased supply through the Strait of Hormuz, particularly refined products, where the real crunch remains.

Separately, an armed group closed valve seven on Libya's Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, Libya's National Oil Corporation said in a statement.

Production at the field has fallen by around 200,000 barrels per day and is currently between 100,000 and 105,000 bpd, two engineers at the field told Reuters.


Binance Reportedly Under US Scrutiny Over Possible Iran Sanctions Violations

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Binance Reportedly Under US Scrutiny Over Possible Iran Sanctions Violations

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

US federal prosecutors are investigating whether Binance violated sanctions on Iran by failing to prevent certain trading activity on its platform, Bloomberg News reported on Monday, citing people familiar with the matter.

Here are a few details:

The probe is being led by the Manhattan US attorney's office, with the Justice Department's criminal division in Washington ⁠also involved, Bloomberg News ⁠reported, adding that authorities are examining whether Binance knowingly allowed the trading.

Binance said in a statement that it has a zero-tolerance approach to sanctions violations. "We fully cooperate with law enforcement, and ⁠we remain committed to rooting out and shutting down bad actors."

The DOJ declined to comment to Reuters, while the Manhattan US attorney's office could not immediately be reached for a comment outside regular business hours.

Binance has faced US scrutiny in the past. In 2023, Binance's then-chief Changpeng Zhao stepped down and pleaded guilty to breaking US ⁠anti-money ⁠laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange.

The US government earlier this month imposed sanctions on firms and individuals it says are helping Hezbollah and other Iranian proxies in the Middle East, intensifying its campaign to isolate Iran economically.


World Bank, IMF Back Changes to Debt Framework for Poor Countries

01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)
01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)
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World Bank, IMF Back Changes to Debt Framework for Poor Countries

01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)
01 November 2009, US, Washington: The logo of the World Bank is seen at the headquarters in Washington. (dpa)

The World Bank and International Monetary Fund said on Monday that both their executive boards had approved proposed reforms of their joint framework for evaluating the debt of low-income countries to reflect a more complex and riskier environment.

A joint review, the first since 2017, recommended changes in several areas, including beefing up the analysis of domestic debt held by poor countries, and broadening consideration of long-term development challenges, including climate change. It stopped short of calling for a wholesale redesign.

The reforms are intended to refine how the IMF and World Bank measure a country's debt-carrying capacity and provide new tools to better differentiate between countries facing some risk of debt stress and those whose debt is deemed unsustainable.

The World Bank and IMF said they would also work ‌to enhance the tools ‌and stress tests used to ensure the consistency and accuracy of forecasts, while ‌encouraging ⁠countries to improve reporting ⁠and transparency of their debt data. They left the discount rate used in making assessments unchanged at 5%.

"Overall, our goal is a very practical one. It is to help countries identify vulnerabilities earlier and also more precisely, so that they can make better-informed financing choices and better-informed policy choices," said Allison Holland, who worked on the new debt sustainability framework and now serves as deputy director in the IMF's African Department.

Holland said recent shocks had reversed improvements in the debt landscape seen since 2021, taking the number of countries at high risk or already in debt distress back ⁠to pre-pandemic levels.

"Around 14% of low-income countries are in debt distress, and another 33% ‌are at high risk. About 23% of emerging market countries are at ‌high risk of overall sovereign stress," she said.

The revised framework could help inform a debt restructuring requested earlier this month ‌by Senegal in exchange for a $2.2 billion IMF bailout two years after a hidden debt scandal that pushed ‌it into crisis. The IMF has said it will assess Senegal's debt sustainability using the current framework, "while taking into account the implications of the transition" to the new one.

The IMF has not provided details on how the revised framework — with consideration of domestic debt — could affect Senegal's debt restructuring.

TAKING EFFECT IN SECOND HALF OF 2027

The changes, which will become operational in the second half ‌of 2027, should help countries better assess how much they can invest in needed development and climate adaptation measures while containing debt vulnerabilities over the long ⁠term, the IMF and World ⁠Bank said.

A review completed in July confirmed that the debt sustainability framework, first introduced in 2005, had worked well to identify debt distress episodes ahead of time and help countries make informed borrowing and lending decisions.

But it recommended changes to account for higher debt levels in many low-income countries and a shift in financing sources to include more domestic and external borrowing on commercial terms. The IMF and World Bank have a separate framework for assessing the debt sustainability of advanced and emerging market economies that will be reviewed in coming years.

The IMF said near- and medium-term economic projections that feed into the analyses had generally been reliable, but longer-term forecasts of exports and revenues had shown some "optimism bias" and left data gaps, including for state-owned enterprises.

The new framework introduces a long-term module to add granularity to risk assessments, as well as specific thresholds for overall public debt stress.

But IMF board members agreed to temporarily hold off publishing the models used to assess unsustainable debt to give time to adjust to the new methodologies. Stand-alone staff notes would be used to share data with the board for now, it said.