Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), has said the sovereign wealth fund is preparing to unveil a new long-term strategy within two months, with assets expected to surpass $1.075 trillion by the end of 2025. He added that the goal is to reach at least $2 trillion by 2030, with potential to exceed $3 trillion.
Speaking at the Economic Club in Washington on Monday, Al-Rumayyan said that PIF currently manages between $925 billion and $945 billion in assets. He noted that the new strategy will build on the current Vision 2030 roadmap but extend to 2040 and beyond.
His remarks came as PIF completed a $2 billion, 10-year bond sale, priced at 95 basis points over US Treasuries, tighter than initial guidance. Sources told Reuters and Bloomberg that investor demand topped $5.5 billion, underscoring strong appetite for the fund’s debt.
Al-Rumayyan emphasized that PIF continues to focus on domestic investment, aiming to develop new industries, create jobs, and expand reliance on local products.
“In 2015, we had about 30 employees in a small office,” he said. “Today, we have nearly 3,000 staff, our headquarters in Riyadh, and offices in New York, London, Hong Kong, Paris, and Beijing, with regional offices planned in Cairo, Amman, Manama, and Muscat.”
He also pointed to Saudi Aramco’s competitive advantage, noting the company produces around 10 million barrels per day at one of the world’s lowest costs – between $3 and $3.5 per barrel – thanks to advanced technologies and artificial intelligence.
Beyond energy, PIF is investing in logistics, infrastructure, technology, semiconductors, renewable energy, and transportation. Its investment in US electric carmaker Lucid has already led to a new factory in King Abdullah Economic City. Deals with Boeing and Airbus, Al-Rumayyan added, are tied to relocating maintenance and manufacturing operations to the Kingdom to strengthen local content and job creation.
On tourism, he said Saudi Arabia welcomed 25 million visitors in the first quarter of 2025, adding: “The Vision 2030 target was 100 million tourists annually, and we achieved that last year.”
He continued that the Kingdom is pressing ahead with flagship projects such as King Salman International Airport, in preparation for Expo 2030 and the 2034 FIFA World Cup.
Since 2015, PIF’s internal rate of return has climbed to about 7.2 percent, up from less than 2 percent previously. Al-Rumayyan stressed that investment choices are guided not only by financial returns but also by their role in driving GDP growth, job creation, and economic diversification.
