PIF reports doubling in profits and slash in state funding

• Borrowing increased by a third in 2025
• Assets under management up by 5%
• 90% fall in new government capital injections

Saudi Arabia’s Public Investment Fund reported a doubling of profits and a slashing of government funding in 2025, according to its annual financial disclosure to the London Stock Exchange.

The sovereign wealth fund’s net assets hit SAR4.5 trillion ($1.2 trillion) last year, up from SAR4.3 trillion ($1.15 trillion) the previous year.

Profit after tax increased from SAR26 billion ($6.93 billion) to SAR65 billion ($17.33 billion).

According to the Saudi Vision 2030 development strategy, PIF aims to be the world’s largest sovereign wealth fund. Last year its governor Yasir Al-Rummayan said it could control assets worth $3 trillion by the end of the decade.

The report also shows a shift away from government cash injections and towards debt issuance as a means of funding this expansion.

Additional capital contribution to PIF fell by more than 90 percent, from SAR645 billion ($172 billion) in 2024 to SAR54 billion ($14.4 billion).

The drop followed a board meeting reported by AGBI last year where PIF decided to slash budgets across its portfolio companies and lay off staff.

Meanwhile loans and borrowing increased by almost a third from SAR570 billion ($152 billion) to SAR725 billion ($193.33 billion).

Further reading:

• PIF sets new five-year strategy to drive returns
• Saudi PIF raises record $7bn in debt
• PIF: Giga-projects and some unanswered questions

PIF stepped up its debt sales last year, issuing its first ever murabaha credit facility and first euro green bond.

The sovereign wealth fund, which is overseeing swathes of the kingdom’s Vision 2030, has indicated that it intends to focus more on sustainable investments with a pathway to profitability.

In recent announcements, officials have spoken increasingly about their desire to bring in outside investors and increase the involvement of the private sector.