Saudi Arabia's sovereign wealth fund PIF has delivered solid results for the FY2025 more than doubling its net profit to $17 billion in 2025, helped by stronger contributions from maturing portfolio companies, while assets under management remained above $900 billion.
Announcing its 2025 annual results, PIF said its revenue rose 9% to $120 billion, while PIF's annualised total shareholder return since 2017 reached 5.8%.
Total shareholder return in 2025 benefited from higher dividends from portfolio companies and returns from financial investments, partly offset by declines in the valuations of some assets amid broader market conditions.
PIF invested more than $199 billion domestically between 2021 and 2025 as it continued to support Saudi Arabia's economic diversification. The fund contributed 11% of the kingdom's total non-oil gross domestic product in 2025 and more than $342 billion cumulatively between 2021 and 2025.
The fund also increased its international investments by 12% in 2025, expanding its presence in key markets and opening subsidiary offices in Paris, Beijing and Shanghai, in addition to existing offices in London, New York and Hong Kong.
Funding and international expansion
PIF said it maintained access to diversified sources of funding during the year, including its first euro-denominated green bond and the establishment of a commercial paper programme.
It retained long-term credit ratings of Aa3 with a stable outlook from Moody's and A+ with a stable outlook from Fitch, while S&P awarded the fund an inaugural A-1 short-term rating.
The fund signed agreements with global financial institutions including Goldman Sachs Asset Management, Macquarie Asset Management and SACE, as it sought to mobilise capital and attract investment into Saudi Arabia.
PIF said it continued to invest internationally in sectors including infrastructure, technology, advanced manufacturing and financial services, while bringing capital, expertise and knowledge into the kingdom.
AI, new companies top priority
PIF launched several companies in 2025, including Humain, focused on developing artificial intelligence capabilities, and Expo 2030 Riyadh Company, which will develop and operate facilities for the global event.
The fund also expanded its use of artificial intelligence and digital technologies, launching 100 digital applications and deploying 43 AI-enabled solutions during the year.
Maram Aljohani, Chief of Staff and Secretary General to the Board, 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," stated Aljohani.
"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," he added.
Focus on six interconnected domestic ecosystems
PIF's next strategic phase, covering 2026-2030, will focus on six interconnected domestic ecosystems, alongside international investments in areas including AI, energy transition, advanced manufacturing, sports and entertainment, the fund said.
Yasir Alsalman, the 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 and 2025, while deepening strategic international partnerships, including signing multiple agreements with the world’s leading asset managers, in 2025," he stated.
"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," he added.
PIF was ranked by Brand Finance as the world's most valuable and fastest-growin-TradeArabia News Serviceg sovereign wealth fund brand for a second consecutive year, receiving an A+ rating, according to the report.
The 2025 report marks the end of PIF's 2021-2025 strategy and the start of its 2026-2030 strategic phase, which aims to strengthen competitive ecosystems, maximise the value of strategic assets and generate long-term returns.-TradeArabia News Service
