Yasir Al Rumayyan,PIF Governor
“As PIF enters its new phase, we are focused on unlocking value at scale, strengthening performance across our portfolio and further elevating our position as a global, investment powerhouse,” he said in PIF’s 2025 annual report. 
From 2021 through 2025, PIF’s institutional development remained a core pillar of its progress, further bolstering corporate governance, transparency and sustainability practices, the Governor said.
This culminated in a 100% score in the Global SWF Governance, Sustainability and Resilience (GSR) rankings in 2025, up from 28% in 2020, he added.
Al-Rumayyan said PIF’s global reputation was also further strengthened as the world’s most valuable sovereign wealth fund brand for the second year running, Sustainability remained embedded across the portfolio, supported by more than SAR 33.75 billion in allocated green bond proceeds across 146 projects. In addition, the PIF returned to the market in 2025 with a €1.65 billion green bond issuance that was more than six times oversubscribed.
“These investments are expected to contribute to meaningful environmental outcomes, including avoided emissions, improved resource efficiency and expanded renewable energy capacity.”
As the technological landscape continued to shift, the fund invested in cutting-edge technologies to reshape its operating models and drive performance.
AI has now been integrated across key business functions, including valuation, reporting and portfolio optimization, to enhance decision-making and operational efficiencies across the investment lifecycle, he said.
PIF has successfully delivered on the objectives of its 2021–2025 strategy.
As PIF enters its next phase, the PIF 2026-2030 strategy will focus on sustained value realization by delivering competitive ecosystems, unlocking the full potential of PIF’s assets, maximizing long-term returns, and driving operational excellence and institutional capabilities.
These efforts will contribute to achieving the objectives of Saudi Vision 2030 and support the Kingdom’s continued leadership and development across a wide range of sectors, Al-Rumayyan said.
The Governor said over the last five years, PIF consistently delivered on its unique mandate to drive Saudi Arabia’s economic transformation while investing locally and globally to generate sustainable financial returns.
“Today, PIF is expanding its global impact with partners around the world to enable new industries, scale economic ecosystems, collaborate with new partners, and attract global talent and capital to co-invest in the unprecedented opportunities being unlocked across the Saudi economy.”
As the 2021-2025 strategic cycle concludes, the results reflect both the scale of ambition and the discipline of delivery that have defined PIF’s journey, Al-Rumayyan said.
In 2025, PIF drove strong momentum across its investment platform.
PIF’s total assets under management (AuM) totaled SAR 3.39 trillion. PIF’s total number of portfolio companies reached 211, increasing its contribution to 11% of Saudi Arabia’s non-oil GDP and reflecting its growing role in expanding the Kingdom’s non-oil economy.
PIF further strengthened its financial position through a diversified funding strategy and broad access to global capital markets, becoming one of the few sovereign wealth funds with strong credit ratings from the world’s three leading ratings agencies, with long-term credit ratings of Aa3 from Moody’s, A+ from Fitch and an inaugural A-1 short-term rating from SP.
Giga-projects continued to demonstrate tangible strategic progress. NEOM continued to advance delivery of Oxagon as the primary economic and industrial engine of the NEOM region, as it continues to develop a world-class port, an integrated industrial zone, advanced data centers and renewable energy facilities.
NEOM made progress through large-scale infrastructure and technology initiatives and the progression of the NEOM Green Hydrogen Project, which surpassed 90% completion following SAR 31.55 billion in investments.
Diriyah secured SAR 6 billion in financing to support the expansion of Wadi Safar and maintained momentum on major cultural developments, including the Royal Diriyah Opera House and the Misk Heritage Museum “Asaan”.
Red Sea Global expanded its tourism ecosystem by opening Shura Island, launching Red Sea Residences and gaining international recognition for the Shebara Resort, which TIME magazine named as one of the world’s greatest places of 2025 Qiddiya reached major milestones with the opening of Six Flags Qiddiya City, and official opening of playmaker studios at Qiddiya city, marking the launch of Saudi Arabia’s newest state-of-the-art film production hub, as well as other major new global partnerships across entertainment and sport.
ROSHN Group continued to scale its residential developments, expanding its footprint across key cities and strengthening its position as Saudi Arabia’s most valuable real estate brand, while contributing to the national goal of increasing home-ownership to 70%
PIF deepened its international presence in 2025 through targeted investments, strategic partnerships and a growing global footprint across key markets, resulting in 12% growth in its international investments to SAR 663 billion, the Governor said.
The opening of three new PIF offices in Paris, Beijing and Shanghai strengthened our relationships in Europe and China, while agreements with global institutions, including Goldman Sachs Asset Management and Macquarie Asset Management, facilitated knowledge transfer, capability development and the expansion of investment opportunities.
PIF has successfully delivered on the objectives of its 2021–2025 strategy. As PIF enters its next phase, the PIF 2026-2030 strategy will focus on sustained value realization by delivering competitive ecosystems, unlocking the full potential of PIF’s assets, maximizing long-term returns, and driving operational excellence and institutional capabilities.
Looking ahead, PIF moves into the future with a clear sense of direction, determination and purpose. By harnessing innovation, strengthening performance and expanding its global impact, PIF is positioned to shape the next phase of Saudi Arabia’s growth and create lasting value for generations to come, Al-Rumayyan said.
Yasir Al Rumayyan,PIF Governor
“As PIF enters its new phase, we are focused on unlocking value at scale, strengthening performance across our portfolio and further elevating our position as a global, investment powerhouse,” he said in PIF’s 2025 annual report.
From 2021 through 2025, PIF’s institutional development remained a core pillar of its progress, further bolstering corporate governance, transparency and sustainability practices, the Governor said.
This culminated in a 100% score in the Global SWF Governance, Sustainability and Resilience (GSR) rankings in 2025, up from 28% in 2020, he added.
Al-Rumayyan said PIF’s global reputation was also further strengthened as the world’s most valuable sovereign wealth fund brand for the second year running, Sustainability remained embedded across the portfolio, supported by more than SAR 33.75 billion in allocated green bond proceeds across 146 projects. In addition, the PIF returned to the market in 2025 with a €1.65 billion green bond issuance that was more than six times oversubscribed.
“These investments are expected to contribute to meaningful environmental outcomes, including avoided emissions, improved resource efficiency and expanded renewable energy capacity.”
As the technological landscape continued to shift, the fund invested in cutting-edge technologies to reshape its operating models and drive performance.
AI has now been integrated across key business functions, including valuation, reporting and portfolio optimization, to enhance decision-making and operational efficiencies across the investment lifecycle, he said.
PIF has successfully delivered on the objectives of its 2021–2025 strategy.
As PIF enters its next phase, the PIF 2026-2030 strategy will focus on sustained value realization by delivering competitive ecosystems, unlocking the full potential of PIF’s assets, maximizing long-term returns, and driving operational excellence and institutional capabilities.
These efforts will contribute to achieving the objectives of Saudi Vision 2030 and support the Kingdom’s continued leadership and development across a wide range of sectors, Al-Rumayyan said.
The Governor said over the last five years, PIF consistently delivered on its unique mandate to drive Saudi Arabia’s economic transformation while investing locally and globally to generate sustainable financial returns.
“Today, PIF is expanding its global impact with partners around the world to enable new industries, scale economic ecosystems, collaborate with new partners, and attract global talent and capital to co-invest in the unprecedented opportunities being unlocked across the Saudi economy.”
As the 2021-2025 strategic cycle concludes, the results reflect both the scale of ambition and the discipline of delivery that have defined PIF’s journey, Al-Rumayyan said.
In 2025, PIF drove strong momentum across its investment platform.
PIF’s total assets under management (AuM) totaled SAR 3.39 trillion. PIF’s total number of portfolio companies reached 211, increasing its contribution to 11% of Saudi Arabia’s non-oil GDP and reflecting its growing role in expanding the Kingdom’s non-oil economy.
PIF further strengthened its financial position through a diversified funding strategy and broad access to global capital markets, becoming one of the few sovereign wealth funds with strong credit ratings from the world’s three leading ratings agencies, with long-term credit ratings of Aa3 from Moody’s, A+ from Fitch and an inaugural A-1 short-term rating from SP.
Giga-projects continued to demonstrate tangible strategic progress. NEOM continued to advance delivery of Oxagon as the primary economic and industrial engine of the NEOM region, as it continues to develop a world-class port, an integrated industrial zone, advanced data centers and renewable energy facilities.
NEOM made progress through large-scale infrastructure and technology initiatives and the progression of the NEOM Green Hydrogen Project, which surpassed 90% completion following SAR 31.55 billion in investments.
Diriyah secured SAR 6 billion in financing to support the expansion of Wadi Safar and maintained momentum on major cultural developments, including the Royal Diriyah Opera House and the Misk Heritage Museum “Asaan”.
Red Sea Global expanded its tourism ecosystem by opening Shura Island, launching Red Sea Residences and gaining international recognition for the Shebara Resort, which TIME magazine named as one of the world’s greatest places of 2025 Qiddiya reached major milestones with the opening of Six Flags Qiddiya City, and official opening of playmaker studios at Qiddiya city, marking the launch of Saudi Arabia’s newest state-of-the-art film production hub, as well as other major new global partnerships across entertainment and sport.
ROSHN Group continued to scale its residential developments, expanding its footprint across key cities and strengthening its position as Saudi Arabia’s most valuable real estate brand, while contributing to the national goal of increasing home-ownership to 70%
PIF deepened its international presence in 2025 through targeted investments, strategic partnerships and a growing global footprint across key markets, resulting in 12% growth in its international investments to SAR 663 billion, the Governor said.
The opening of three new PIF offices in Paris, Beijing and Shanghai strengthened our relationships in Europe and China, while agreements with global institutions, including Goldman Sachs Asset Management and Macquarie Asset Management, facilitated knowledge transfer, capability development and the expansion of investment opportunities.
PIF has successfully delivered on the objectives of its 2021–2025 strategy. As PIF enters its next phase, the PIF 2026-2030 strategy will focus on sustained value realization by delivering competitive ecosystems, unlocking the full potential of PIF’s assets, maximizing long-term returns, and driving operational excellence and institutional capabilities.
Looking ahead, PIF moves into the future with a clear sense of direction, determination and purpose. By harnessing innovation, strengthening performance and expanding its global impact, PIF is positioned to shape the next phase of Saudi Arabia’s growth and create lasting value for generations to come, Al-Rumayyan said.
