Introduction: The Public Investment Fund and the Journey of Economic Transformation
is The Public Investment Fund ( the primary driver of economic transformation in the Kingdom of Saudi Arabia and a cornerstone for achieving the goals of Saudi Vision 2030. Since its restructuring under the leadership of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, the PIF has become one of the world's largest and most influential sovereign wealth funds. The Fund aims to diversify the Kingdom's sources of income and reduce its reliance on oil by developing new sectors, enhancing infrastructure, and creating hundreds of thousands of direct and indirect jobs, thereby strengthening the Kingdom's position as a leading investment powerhouse both regionally and internationally.
750 billion riyals injected into local projects
In a move that underscores the Fund's commitment to developing the national economy, His Excellency the Governor of the Public Investment Fund (PIF), Mr. Yasser Al-Rumayyan, revealed that the Fund has injected nearly SAR 750 billion into new domestic projects between 2021 and 2025. This substantial figure represents approximately 70% of the Fund's total investments, reflecting its strategic focus on Saudi Arabia. Mr. Al-Rumayyan emphasized that the Fund has successfully achieved sustainable returns, recording an average annual return to shareholders exceeding 7% since 2017. This announcement was made during a government press conference held to mark the adoption of the Fund's 2026-2030 strategy.
Supporting the non-oil economy and attracting foreign investment
The Fund’s investments played a pivotal role in supporting the GDP, contributing to one-third of the Kingdom’s real non-oil GDP growth between 2021 and 2024. Its contribution more than doubled from 4% to 10%, reaching a cumulative total of SAR 910 billion. The local content ratio in the Fund’s projects and its subsidiaries also increased from 46% in 2020 to 57% by the end of 2024. Internationally, strategic partnerships with leading global asset managers contributed to attracting over SAR 75 billion in foreign investments to the Saudi market, in addition to SAR 57 billion in foreign direct investment.
Leading in tourism, sports, and entertainment
The fund has revolutionized the entertainment and sports sectors, launching the Safi Group for gaming and esports, which contributed to the Kingdom hosting the Esports World Cup with the participation of more than 3,500 professional players. In the tourism sector, the fund aims to develop more than 100,000 hotel rooms and prepare three stadiums to host the 2034 FIFA World Cup. It also supports mega-projects such as the Red Sea Project, Qiddiya, Riyadh Aviation, and King Salman International Airport, which aims to accommodate 96 million passengers, in line with the goal of attracting 150 million tourists by 2030.
Advanced industries, mining, and clean energy
The fund's impact extends to strategic industries, where it has contributed to transforming Bahri into a global leader with a fleet exceeding 100 vessels and raising Ma'aden's market capitalization to SAR 247 billion. In advanced industries, the fund aims to produce 285,000 electric vehicles, develop data centers with a capacity of 1,800 megawatts, and invest SAR 7 billion in the pharmaceutical industry. To ensure a sustainable future, the fund is leading the transition to clean energy, targeting the development of renewable energy projects with a capacity of 44.5 gigawatts, thus solidifying the Kingdom's position as a global leader in the sustainable energy sector.
Empowering small and medium enterprises and the real estate sector
The fund has not overlooked the role of small and medium-sized enterprises (SMEs) in supporting the economy. Its subsidiary, Jada Investment Company, has allocated SAR 3.5 billion through 46 venture capital and private equity funds. Sanabil Investment Company is also leading major investment rounds for startups, with investments approaching SAR 1.5 billion. In the real estate sector, the fund is contributing to raising the rate of homeownership among Saudis to 70% by developing 190,000 housing units by 2030, reflecting the comprehensive economic and social impact of the fund's investments.
