The value of the Public Investment Fund’s assets under management shrank $10 billion last year to around $900 billion, according to its 2025 annual report. While little more than a rounding error in the big-spending world of sovereign wealth, it marked the first such drop this decade.
PIF portfolio companies’ performances are central to the government’s aim to chart a future beyond oil, and the sovereign wealth fund said they accounted for 11% of the kingdom’s non-oil GDP last year. However, the value of the fund’s domestic equity investments fell in 2025 and PIF has retreated from projects like The Line and PGA challenger LIV Golf. PIF attributed its performance to “wider market conditions” and said it continued to make “long-term local investments to drive economic transformation.”
PIF expects to return to international debt markets at the start of next year — following a blockbuster issuance in May — and prepare more portfolio companies for Tadawul listings, its head of finance Yasir bin Abdullah Al-Salman told Asharq Bloomberg.