PIF’s next 5 years: turning scale into lasting value

Since the Public Investment Fund was redefined with a clear mandate to drive Saudi Arabia’s economic transformation while generating sustainable financial returns, the scale and pace of its achievements have been remarkable.

PIF has evolved into a globally integrated investor, with assets under management reaching more than $900 billion. Around 75 percent of those assets are invested in Saudi Arabia, where PIF has built an ecosystem of portfolio companies, established national, regional and global champions and seeded new sectors, all helping to drive economic diversification. 

On the international stage, PIF is a global investment leader, expanding its impact through strategic investments and partnerships, while maintaining a disciplined focus on long-term returns.

This success has laid the foundation for the next phase of PIF’s evolution. 

As its 2025 annual report states, PIF is building on a sustained period of growth and disciplined investment with a focus on maximizing value realization, strengthening investment efficiency and deepening private sector participation.

PIF’s 2026-2030 strategy will develop competitive ecosystems, unlock the full potential of its assets and maximize financial returns through its newly established Vision, Strategic and Financial Portfolios.

PIF is evolving toward six interconnected ecosystems to drive domestic economic transformation, while remaining firmly committed to its international investments, which are set to continue growing in absolute terms.

The next five years will be about converting scale into greater value: capitalizing on new investment opportunities, expanding strong partnerships that bring capital and capability into Saudi Arabia and accelerating long-term growth. This is how PIF will strengthen returns while delivering lasting national stakeholder value.

For this next phase, PIF will continue to rely on its funding resilience, at the heart of which is its strong credit profile and global investor confidence.

Throughout 2025, PIF maintained strong ratings from the world’s leading credit rating agencies, including “Aa3” from Moody’s, “A+” from Fitch and an inaugural “A-1” short-term rating from S&P.  

During the year, PIF successfully tapped into international capital markets through US dollar-denominated bond and sukuk issuances, as well as its inaugural euro-denominated green bond issuance.

These issuances further broadened PIF’s global investor base, diversifying its funding sources and reinforcing its funding resilience in the face of uncertain markets.

PIF’s credit ratings and strong investor demand reflect the strength of its liquidity, governance and financial management, while underscoring investor confidence in its long-term strategy.

More broadly, they speak to the positive fundamentals underpinning Saudi Arabia’s growth story: a nation increasingly distinguished by its scale of investment opportunity, policy stability, long-term planning horizon and ability to deploy capital at pace.

PIF has continued to expand strategic partnerships with global investors and leading financial institutions, signing agreements with Goldman Sachs, Macquarie Asset Management, SACE and BlackRock, among others, over the past year.

Together, these partnerships are expected to mobilize billions of dollars of investment into Saudi Arabia, helping to drive innovation, talent development and growth.

Over the last 12 months, PIF expanded its international footprint, opening new subsidiary company offices in Paris, Beijing and Shanghai.

Building on its established presence in London, New York and Hong Kong, the expansion strengthens PIF’s ability to connect Saudi Arabia’s opportunities with international capital, expertise and strategic partnerships.

The next strategic evolution for PIF demands discipline and robust governance. As its portfolio matures, financial performance and national economic impact are not competing objectives — they are mutually reinforcing.

A more competitive Saudi economy attracts more investment, drives productivity and delivers stronger returns. Stronger returns enable PIF to capitalize on more opportunities to generate long-term wealth.

PIF has delivered tangible impact across Saudi Arabia and gained recognition around the world. The next five years will be defined by performance, partnership and further impact, leveraging the strength of PIF’s foundations to capture emerging opportunities across Saudi Arabia and globally, including in AI, the energy transition, advanced manufacturing and sports and entertainment.

Everything we do at PIF is ultimately for the people of Saudi Arabia.

The last phase was about building scale. The next will be about realizing its full value.

First, we took Saudi Arabia to the world. Now, we are bringing the world to Saudi Arabia.

• Yasir A. Al-Salman is chief financial officer and acting head of Global Capital Finance Division, PIF.