Five decades in brief
The Public Investment Fund was established by Royal Decree in 1971 as an entity attached to the Ministry of Finance. In 2015 its oversight moved to the Council of Economic and Development Affairs, and in 2019 the PIF Law widened its powers.
Crown Prince Mohammed bin Salman chairs its board. The fund is headquartered in Riyadh, with offices in Hong Kong, London and New York. Its assets under management stood at SAR 570 billion in 2015 and SAR 1.98 trillion at the end of 2021.
The 2021–2025 strategy
Approved on 24 January 2021, the strategy aims to inject at least SAR 150 billion a year into the local economy, to pass SAR 4 trillion in assets by the end of 2025 and SAR 7.5 trillion by the end of 2030, and to create 1.8 million direct and indirect jobs.
Between 2017 and 2024 the fund established 93 companies across 13 strategic sectors. Its giga-projects include NEOM, The Red Sea, Qiddiya, ROSHN and Diriyah.