Saudi Arabia's Public Investment Fund has closed its 2021-2025 strategy with more than 3.4 trillion riyals ($907 billion) in assets under management, while consolidated net profit more than doubled in 2025.

PIF reported consolidated net profit of 65.1 billion riyals ($17.4 billion) for 2025, up 152% from 25.8 billion riyals a year earlier, according to its consolidated financial statements. Revenue rose about 9% to 449 billion riyals.

The figures underline the expansion of the Saudi sovereign wealth fund, which has become one of the main vehicles for Crown Prince Mohammed bin Salman's Vision 2030 economic diversification programme.

PIF says assets under management have increased from 500 billion riyals in 2015 to more than 3.4 trillion riyals by the end of 2025 — roughly a sixfold rise in a decade.

The figure should be distinguished from PIF's consolidated total assets, which reached about 4.54 trillion riyals ($1.21 trillion) at the end of 2025. The two measures are calculated differently and are not interchangeable.

PIF's official 2026-2030 strategy announcement also says the fund has generated an annualised total shareholder return of more than 7% since 2017.

The expansion has been driven heavily by domestic investment. PIF said it deployed more than 750 billion riyals ($200 billion) in Saudi Arabia between 2021 and 2025, as it financed new companies, infrastructure and industries intended to reduce the kingdom's reliance on oil.

The fund's next phase will place greater emphasis on extracting value from the assets and businesses built during that expansion.

PIF's board, chaired by Crown Prince Mohammed bin Salman, approved its 2026-2030 strategy in April. The fund describes the transition as a shift from rapid growth towards “value realization”, with greater emphasis on investment efficiency, long-term risk-adjusted returns and attracting private capital.

Investments are now organised across three main portfolios: the Vision Portfolio, Strategic Portfolio and Financial Portfolio.

The Vision Portfolio will focus on six interconnected domestic economic ecosystems, while the fund says it will seek to unlock more value from strategic assets rather than relying primarily on continued expansion.

Artificial intelligence is also becoming more prominent in PIF's investment strategy and internal operations. The fund launched Humain in 2025 as an AI company spanning data centres, cloud infrastructure, advanced models and applications.

The fund has continued to pursue international financing and partnerships alongside its domestic investment programme. In July, PIF signed a memorandum of understanding with the Export-Import Bank of the United States that could provide up to $15 billion in long-term financing for eligible portfolio companies purchasing US goods and services.

PIF said procurement from the United States by the fund and its portfolio companies has totalled $65 billion since 2017.

Its global partnerships are also being used to draw external capital into Saudi investments. Brookfield announced in July the first close of a PIF-anchored Middle East private equity fund at approximately $2 billion.

PIF remains central to Saudi Arabia's effort to build industries outside oil, but the new strategy places greater weight on financial performance and the operational strength of companies already within its portfolio.

Under its 2026-2030 plan, the fund says it will concentrate on maximising long-term returns, strengthening its funding base and improving portfolio performance while continuing to finance the kingdom's economic transformation.