Overview

• The fund wrote down $8 billion on state-backed gigaprojects at the end of 2024, driving their value down 12.4 percent to 211 billion riyal.
• Assets under management climbed to about $913 billion by mid-2025, positioning the PIF among the world’s fastest-growing sovereign wealth funds.
• Gigaprojects were reduced to 6 percent of the portfolio from 8 percent the previous year while international investments fell to 17 percent from 20 percent.
• The PIF broadened its financing mix by issuing nearly $10 billion in public debt alongside $7 billion in private debt.
• NEOM and other Vision 2030 developments are under PIF-led audits with leadership changes, proposed workforce cuts and scaled-back plans.