Saudi Arabia's Public Investment Fund has raised its target for assets under management by 2030 to $2.67 trillion, up nearly 43 per cent from its original target of $1.87 trillion, after exceeding its goal for last year.
PIF assets reached $941.3 billion last year, exceeding its target of $880 billion and representing a 390 per cent increase since 2016, according to the annual report released by the Saudi government's Vision 2030 initiative.
The sovereign wealth fund's "strong performance" has been driven by a "proactive, diversified investment strategy", a portfolio with 40 per cent exposure to Saudi companies, including giga-projects and "strategic international investments in promising global sectors", the report said.
Saudi megaprojects – in pictures
The PIF is leading Saudi Arabia's Vision 2030 initiative, which aims to diversify its economy away from oil.
It lost its position as the world's most active sovereign wealth fund last year, with Abu Dhabi's Mubadala emerging as the top spender, a report by industry specialist Global SWF found.
The Saudi fund's investment spending dropped by 37 per cent to $19.9 billion last year, from $31.6 billion in 2023, the report said.
The PIF saw its US equity portfolio decline by 24 per cent last year. At the start of 2024, the fund sold shares in 18 companies, valued at about $13 billion, including from gaming major Activision Blizzard, cruise company Carnival and entertainment company Live Nation, the report said.
The fund plans to cut its foreign portfolio by about a third as “there is a big paradigm shift in how PIF is deploying investments”, its governor Yasir Al Rumayyan said in October. It plans to focus heavily on the local market, he said at the time.
The fund's domestic holdings include Saudi mining and mineral giant Maaden, petrochemicals major Sabic and the kingdom's biggest lender, Saudi National Bank. It has also launched Riyadh Air – Saudi Arabia’s new national carrier – which is set to begin flying this year, the Electric Vehicle Infrastructure Company (EVIQ) and Lifera, a pharmaceutical investment company.
It has also continued making some key international investments. In December, the PIF and Ardian completed a €4 billion ($4.2 billion) deal to buy a combined 37.62 per cent stake in Heathrow from Spanish construction firm Ferrovial and other shareholders of FGP Topco, the parent company of Heathrow Airport Holdings.
The PIF has four main sources of funding: capital injections from the government, government asset transfers, retained earnings from investments, and loans and debt instruments.
The fund, which received 8 per cent more of Aramco shares from the government last year, also secured $15 billion in syndicated credit facilities as part of efforts to increase its liquidity and financial flexibility.
Meanwhile, private investments across PIF projects between 2021 and the third quarter of 2024 reached $37.3 billion, the latest Vision 2030 report found.
The fund has helped create 1.1 million jobs and set up 93 new companies in the kingdom as of 2024, up from 77,700 jobs and 45 companies in 2021, it said.
The number of asset managers has grown from five in 2019 to 36 last year.
"Through strategic investment and regulatory enablement, PIF has helped expand Saudi Arabia’s asset management industry, growing both the number of licensed managers and the value of managed assets," the report said.
Vision 2030 progress
Launched in 2016, Vision 2030 is aimed at shifting the kingdom's economy away from its heavy reliance on oil and gas revenue with a focus on sectors such as tourism, culture, renewable energy and mining.
"By the close of 2024, many performance indicators had already surpassed their 2030 targets – particularly in areas linked to economic diversification, social development, and institutional efficiency," the report said.
While some indicators have faced "technical or economic" headwinds, "corrective actions are being implemented to accelerate delivery and realign initiatives and indicators, ensuring that Vision 2030 objectives remain within reach", it added.
The Vision 2030 initiative enters its third and final phase of delivery in 2026, when the focus will shift towards ensuring the sustainability of the private sector, the report said.
This includes reducing reliance on government support while continuing to enable opportunity through regulation, infrastructure, and strategic investment.
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
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Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Price, as tested: Dh84,000
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Specs
Engine: 51.5kW electric motor
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
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Read part one: how cars came to the UAE
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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