The Board of Directors of the Public Investment Fund, chaired by His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister, has approved the fund’s 2026-2030 strategy. The plan marks a deliberate shift in focus, from the aggressive expansion that characterised the previous cycle to a more measured pursuit of long-term value, governance and institutional strength.
At its core, the strategy aims to deepen Saudi Arabia’s domestic economy by building competitive ecosystems across key sectors, while continuing to grow the fund’s presence in international markets. The approach reflects a broader recognition that the groundwork laid over the past decade now requires consolidation and efficient capital deployment, rather than further acceleration.
The announcement builds on a period of substantial achievement. Since 2015, the fund has grown its assets under management from $150 billion to more than $900 billion, invested over $199 billion in new domestic projects between 2021 and 2025, and contributed more than $243 billion to Saudi Arabia’s real non-oil GDP over the same period, equivalent to approximately 10% of total non-oil GDP in 2024.
A three-portfolio structure for the next phase
The new strategy organises the fund’s investments into three distinct portfolios, each with a specific mandate. The Vision Portfolio is designed to catalyse the development of six domestic ecosystems, integrating the fund’s existing holdings to maximise synergies and unlock new opportunities for the local private sector as an investor, partner and supplier.
The six ecosystems identified under this portfolio span Tourism, Travel and Entertainment; Urban Development and Livability; Advanced Manufacturing and Innovation; Industrials and Logistics; Clean Energy, Water and Renewables Infrastructure; and NEOM. Together, they are intended to reduce Saudi Arabia’s reliance on oil revenues by building competitive industries that can attract global capital and partners over the long term.
Managing strategic assets and global capital
The Strategic Portfolio will focus on actively managing the fund’s key holdings to maximise both financial returns and broader economic impact. This includes supporting portfolio companies in their efforts to attract outside investment and develop into global players in their respective sectors, while the fund continues to take positions aligned with long-term structural trends in the world economy.
The Financial Portfolio, meanwhile, will concentrate on generating sustainable returns through the fund’s direct and indirect investments in global markets. Its objective is to build a more diversified and resilient asset base, while strengthening the international partnerships that provide access to high-quality investment opportunities. Together, the three portfolios are designed to give the fund a more disciplined and transparent framework for capital allocation.
Building on a decade of results
The outgoing strategy delivered results that provide a firm foundation for the next phase. Since 2017, the fund has achieved an annualised total shareholder return of over 7%. Between 2021 and 2024, combined spending with private sector partners exceeded $157 billion, a figure that underlines the scale of the fund’s footprint within the domestic economy. The fund has also expanded its international presence through subsidiary offices in North America, Europe and Asia.
Credit ratings from all three of the world’s leading agencies further reflect the fund’s institutional standing. Moody’s has rated it Aa3 with a stable outlook, while Fitch has assigned a rating of A+, also with a stable outlook. These ratings carry significance for a fund of this scale, providing access to international capital markets on favourable terms and signalling the governance standards that underpin the wider strategy.
Governor Yasir Al-Rumayyan on the road ahead
Yasir Al-Rumayyan, Governor of the fund, described the new strategy as a natural continuation of progress already made. “PIF’s strategy continues to deliver results as we grow domestically and internationally,” he said. “In less than a decade, we have launched unprecedented projects, including giga-projects and major real estate developments, in addition to unique investments in strategic sectors such as artificial intelligence, gaming and esports, and renewable energy.”
“The 2026-2030 strategy is a natural next step in PIF’s growth journey,” he added. “It offers our partners more opportunities to invest in high-quality assets and ecosystems, alongside PIF. In the next five years, we will continue to build on our great achievements and strengthen our global leadership to deliver success for PIF and Saudi Arabia.”
Agility, governance and the role of artificial intelligence
Looking ahead, the fund intends to maintain the operational agility that has allowed it to respond quickly to emerging opportunities in both domestic and international markets. A stated priority is to apply the highest standards of governance, transparency and institutional practice, as the fund moves into a phase where efficiency and value realisation carry greater weight than raw growth metrics.
Innovation and data-driven decision-making will also feature prominently in the next cycle, with the advanced utilisation of artificial intelligence highlighted as a tool for improving investment outcomes across portfolios. The fund’s mandate, as defined since its transformation under Vision 2030, remains unchanged: to drive the economic diversification of Saudi Arabia and generate sustainable financial returns that grow national wealth for future generations.
