Saudi Arabia’s Public Investment Fund (PIF) Governor Yasir Al-Rumayyan announced that the fund is on track to reach $1tn in assets by the end of this year, marking a defining milestone in its transformation into one of the world’s most influential sovereign wealth funds.
Speaking at the ninth annual Future Investment Initiative (FII9), held at the King Abdulaziz International Conference Center (KAICC) in Riyadh under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth,” Al-Rumayyan reviewed the PIF’s evolution since its establishment in 1971 and its pivotal role in Saudi Arabia’s economic development.
Al-Rumayyan, who also chairs Aramco’s board of directors and the board of trustees of the FII Institute, said the fund was created with a comprehensive developmental vision to support the national economy and strengthen the foundations of sustainable growth.
PIF history
He noted that, in its early years, the PIF helped establish major national companies such as Saudi Basic Industries Corporation (SABIC) and Saudi Arabia Railways (SAR), while also supporting the banking sector and providing loans to industrial complexes that powered the Kingdom’s economic expansion.
Al-Rumayyan identified 2015 as the fund’s turning point, when Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, launched a vision to transform the PIF from a traditional development fund into the Kingdom’s main economic engine.
At that time, the fund’s assets were valued at around $150bn. Since then, its assets have soared to a figure approaching $1tn.
The transformation required a comprehensive institutional restructuring, attracting qualified talent, enhancing systems and processes, and establishing robust governance frameworks.
The PIF also benchmarked its performance against leading sovereign wealth funds and adopted global best practices to define its long-term position within the international economic landscape.
The fund’s workforce has expanded from fewer than 40 employees in 2015 to more than 3,000 today, reflecting a remarkable structural and capability transformation.
Global expansion
Al-Rumayyan highlighted the PIF’s growing international presence, with offices now in
- New York
- London
- Paris
- Beijing
- Shanghai
- Hong Kong
- Egypt
- Jordan
- Oman
- Bahrain
He said this global expansion relies on a comprehensive ecosystem that brings together talent, governance, and strong institutional processes.
He emphasised that the fund’s work culture has been shaped by the Crown Prince’s vision, focusing on efficiency, agility, and rapid achievement — a model now reflected across various Saudi governmental and executive sectors.
Al-Rumayyan also revealed that the PIF is finalising its new strategy for the 2026–2030 period, which aims to strengthen its investment role, expand assets, and diversify financial statements by 2040 — further cementing its position as one of the main drivers of Saudi Vision 2030.
Saudi strategic milestones since 2017
According to Al-Rumayyan, the fund’s true phase of institutional development began with its restructuring to align with strategic goals.
Its first strategy, launched in 2017 during the inaugural FII, focused on stimulating dormant or non-existent sectors through targeted investments and the creation of new companies to close developmental gaps.
The first strategic phase spanned 2017 to 2020, followed by the second phase beginning in 2021 and continuing through the end of this year.
He added that the PIF has set clear key performance indicators (KPIs) and strategic goals within the Vision 2030 framework, developed collaboratively with experts from ministries and public and private institutions to ensure alignment with the Kingdom’s national objectives.
Foundation to future
Al-Rumayyan reaffirmed that the PIF’s growth trajectory reflects both long-term strategic planning and rapid institutional evolution, transforming it from a national fund supporting industrial growth into a global investment powerhouse central to Saudi Arabia’s diversification goals.
With its expanded workforce, global offices, and multi-decade investment outlook, the PIF continues to play a defining role in unlocking new frontiers of growth, in line with the Kingdom’s ambition to establish one of the most dynamic and diversified economies in the world.
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