Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, reported a 4.2% decline in total shareholder return in 2025, according to its annual report published on Monday.
Total shareholder return last year was impacted by a decrease in the valuations of some assets, “as a result of wider market conditions, and as PIF continued to make long-term local investments to drive economic transformation,” the fund said in a separate statement.
The return was also “positively driven” by higher dividends from portfolio companies and returns from financial investments, it said.
PIF is the vehicle spearheading the kingdom’s economic agenda to cut reliance on hydrocarbon revenues.
Under the Vision 2030 economic transformation plan, it has been investing in sectors including logistics, tourism, mining and technology.
Revenue rose 9% to $120 billion in January-December 2025, while net profit more than doubled to $17 billion.
Gross assets under management (AUM) totalled 3.396 trillion riyals ($904.54 billion) in 2025 compared to 3.434 trillion riyals the previous year.
Local Investments represented 76% of total AUM last year, while international investments and treasury accounted for the remaining 20% and 4%, respectively.
PIF’s annualised total shareholder return since the inception of the Vision Realization Program, in September 2017, stood at 5.8%.
PIF recently shifted strategy, moving away from some investments, including scaling back so-called infrastructure giga-projects in the kingdom.
Reuters
