The Saudi Arabia Public Investment Fund’s profit more than doubled last year, as revenue rose on the back of strong contributions from maturing portfolio companies.
Profit for the 12-month period ending December 30 climbed to $17 billion, the kingdom’s sovereign wealth fund said on Monday. Total revenue for the period rose 9 per cent year-on-year to $120 billion.
The PIF retained more than $900 billion in assets under management, with a 4.2 per cent decline in total shareholder return in 2025, it said.
However, its annualised total shareholder return since the inception of the Vision Realisation Programme stood at 5.8 per cent.
Local investments represented 76 per cent of total assets under management last year, while international investments and treasury accounted for the remaining 20 per cent and 4 per cent, respectively, the statement read.
“Throughout 2025, PIF continued to drive Saudi Arabia’s economic development and diversification through long-term investments and the launch of strategic companies,” said Maram Al Johani, chief of staff and secretary general to the board at PIF.
“PIF contributed 11 per cent of Saudi Arabia’s total non-oil gross domestic product in 2025 and contributed more than $342 billion cumulatively from 2021-2025.”
The investment fund 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 per cent growth in its international investments.
The PIF is leading Saudi Arabia's Vision 2030 initiative, which aims to diversify the kingdom's economy from oil. The PIF, along with related organisations, is driving investment in areas such as finance, health care, sport, renewables, technology, automotive, property, aerospace, defence, entertainment, leisure, retail and mining.
The fund's domestic holdings include Saudi mining and mineral giant Maaden, petrochemicals major Sabic and the kingdom's biggest lender, Saudi National Bank. It has also launched Riyadh Air – Saudi Arabia’s new national airline – which is set to begin flying this year, the Electric Vehicle Infrastructure Company and Lifera, a pharmaceutical investment company.
In 2025, the PIF also signed agreements with Goldman Sachs Asset Management, Macquarie Asset Management and SACE, among others, driving capital mobilisation and inward investment into Saudi Arabia.
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.
It has also continued to boost investments globally. Earlier this month, a consortium led by Public Investment Fund has completed its $55 billion acquisition of Electronic Arts, marking the kingdom's biggest push yet into the global gaming industry.
Last month, PIF also signed an agreement with the US Export-Import Bank worth up to $15 billion.
The agreement provides a framework to enable long-term financing for eligible PIF portfolio companies to acquire US goods and services.
It also covers co-operation in advanced technology, space and aviation, infrastructure, future mobility, water and minerals.
The PIF said the US remained its largest international market, with procurement totalling $65 billion since 2017.
