Governor of the Public Investment Fund (PIF), Yasir Al-Rumayyan, reviewed the fund’s progress and key achievements during a government press conference held yesterday, marking the approval of PIF’s 2026–2030 strategy by the Board of Directors, chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
Strategic Direction and Vision
Al-Rumayyan said the new strategy builds on PIF’s central role in driving Saudi Arabia’s economic diversification and development agenda, in line with Saudi Vision 2030. He emphasized the Kingdom’s strong fiscal position, strategic location, advanced infrastructure, and global connectivity as key enablers for attracting diversified investment.
He noted that between 2021 and 2025, PIF invested around SAR750 billion in domestic projects, representing approximately 70% of total investments, while achieving an average annual portfolio return exceeding 7% since 2017.
PIF’s Evolution and Transformation
Al-Rumayyan highlighted PIF’s establishment in 1971 and its early role in building national champions such as SABIC, Saudi Telecom Company, and Saudi Arabia Railways.
A major transformation took place in 2015 under the leadership of the Crown Prince, aligning PIF more closely with national economic priorities, expanding global investments, and strengthening domestic development.
With the launch of Vision 2030, PIF accelerated its role as a key economic driver, launching giga-projects including NEOM, the Red Sea Project, Qiddiya, and Roshn.
Global Platform and International Reach
He also highlighted the Future Investment Initiative (FII), which has become a leading global investment platform, convening thousands of global leaders and facilitating deals worth $250 billion. PIF has also expanded internationally through offices and regional hubs across Asia, Europe, the United States, and the Middle East.
Economic Impact (2021–2025)
During this period, PIF significantly expanded its asset base and invested across 13 strategic sectors, contributing to non-oil economic growth and job creation.
Key highlights include:
- Supporting housing development through Roshn and increasing homeownership
- Advancing gaming and esports via Savvy Games Group, including the Esports World Cup
- Launching HUMAIN to advance artificial intelligence capabilities
- Enabling renewable energy development through ACWA Power
PIF also contributed approximately one-third of Saudi Arabia’s non-oil GDP growth between 2021 and 2024, with a total economic impact of SAR910 billion.
Sectoral Achievements
- Energy & Utilities: ACWA Power advancing 70% of Saudi renewable energy targets
- Mining & Industry: Ma’aden’s market value increased from SAR60 billion to SAR247 billion
- Shipping & Logistics: Bahri expanded into a global fleet operator
- Tourism & Real Estate: Development of 3,600+ hotel rooms and 19 international hotels
- Local Content: Increased from 46% (2020) to 57% (2024), reaching SAR207 billion in spending
Foreign Investment and Partnerships
Between 2021 and 2025:
- SAR57 billion in direct foreign investment attracted into PIF companies
- SAR75 billion in additional foreign capital through global partnerships
- Expansion of international asset managers’ presence in Saudi Arabia
- Strengthening of local financial markets and talent development
SME and Private Sector Development
PIF launched multiple initiatives to strengthen private sector participation, including MUSAHAMA, Azm, contractor development programs, and manufacturing acceleration initiatives.
Subsidiary contributions include:
- Jada: SAR3.5 billion invested across 46 funds
- Sanabil: SAR1.5 billion supporting 165 startups
- 12,000 private-sector real estate opportunities valued at SAR562 billion
Financial Strength and Governance
PIF’s assets under management grew nearly six-fold since 2015, exceeding SAR3.4 trillion by 2025. It maintains top-tier credit ratings from Moody’s (Aa3), Fitch (A+), and S&P (A-1).
The fund also adheres to strong governance frameworks, including Santiago Principles and GIPS standards, with a focus on transparency, risk management, and performance discipline.
2026–2030 Strategy Framework
The new strategy aims to enhance investment efficiency and long-term value creation by restructuring PIF’s portfolio into three key categories:
- Vision Portfolio: Integrating strategic sectors to strengthen the domestic economy and increase private-sector collaboration
- Strategic Portfolio: Optimizing returns from key national assets and supporting global expansion
- Financial Portfolio: Maximizing long-term financial returns through global market investments and diversification
Ecosystem-Based Development Model
PIF will organize its investments into integrated ecosystems:
- Tourism, Travel & Entertainment: Expanding tourism capacity, airports, stadiums, and destinations such as Qiddiya, Red Sea, and Expo 2030
- Urban Development & Livability: Increasing homeownership to 70% and expanding housing and commercial space
- Advanced Manufacturing & Innovation: Developing AI, automotive, pharma, aviation, and defense industries
- Industrials & Logistics: Strengthening mining, shipping, and logistics infrastructure
- Clean Energy & Water: Expanding renewable energy capacity to 100 GW and advancing sustainability
- NEOM Ecosystem: Operating as an independent integrated economic zone with phased development, focusing initially on Oxagon as the core industrial hub
NEOM Strategy
Al-Rumayyan emphasized NEOM’s role as a fully integrated economy spanning energy, AI, logistics, tourism, education, and smart urban development.
He noted that development will follow a phased, commercially driven approach, with Oxagon serving as the primary industrial and logistics hub, supported by renewable energy, ports, and data infrastructure.
Other NEOM projects will be gradually restructured and rolled out in stages to ensure long-term financial sustainability and execution efficiency.
