Saudi Wealth Fund PIF Reports Doubled Profits as Revenue Climbs to $120 Billion

The Saudi Arabia Public Investment Fund reported that its profit more than doubled last year, driven by higher revenue from strong contributions of maturing portfolio companies. The kingdom’s sovereign wealth fund announced on Monday that profit for the 12-month period ending December 30 climbed to $17 billion. Total revenue for the period experienced a 9 per cent year-on-year increase, reaching $120 billion.

The PIF maintained more than $900 billion in assets under management, accompanied by a 4.2 per cent decline in total shareholder return in 2025. However, the fund noted that its annualised total shareholder return since the inception of the Vision Realisation Programme stood at 5.8 per cent. Local investments accounted for 76 per cent of total assets under management last year, while international investments and treasury accounted for 20 per cent and 4 per cent, respectively.

“Throughout 2025, PIF continued to drive Saudi Arabia’s economic development and diversification through long-term investments and the launch of strategic companies,” stated Maram Al Johani, chief of staff and secretary general to the board at PIF. She added that the fund 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.

In 2025, the investment fund expanded its international footprint by opening new subsidiary company offices in Europe and Asia, alongside targeted investments in key markets that led to a 12 per cent growth in international investments. The PIF is spearheading Saudi Arabia's Vision 2030 initiative, which seeks to diversify the kingdom's economy away from oil by driving investments across sectors such as finance, health care, sport, renewables, technology, automotive, property, aerospace, defence, entertainment, leisure, retail, and mining.

Domestic holdings of the fund include Saudi mining and mineral giant Maaden, petrochemicals major Sabic, and the kingdom's largest lender, Saudi National Bank. Additionally, the fund launched Riyadh Air—Saudi Arabia’s new national airline scheduled to begin flying this year—alongside the Electric Vehicle Infrastructure Company and Lifera, a pharmaceutical investment company.

Throughout 2025, the PIF formed agreements with partners including Goldman Sachs Asset Management, Macquarie Asset Management, and SACE to stimulate capital mobilisation and inward investment. Expanding its global presence, the PIF opened new subsidiary company offices in Paris, Beijing, and Shanghai, complementing existing offices in London, New York, and Hong Kong. Earlier this month, a PIF-led consortium finalized a $55 billion acquisition of Electronic Arts, marking the kingdom's largest push into the global gaming industry. Furthermore, the fund signed a $15 billion agreement with the US Export-Import Bank last month to facilitate long-term financing for eligible portfolio companies acquiring US goods and services, reinforcing the United States as its largest international market with $65 billion in procurement since 2017.